Market Comment - 23.05.2023

Market remains firm, as Delta anchors turnover... The ZSE remained firm in Tuesday’s session as the primary All Share Index rose 3.21% to 87374.15pts while, the Top Ten Index surged 2.56% to 52981.35pts. The Mid-Cap Index shot up 5.46% to 164447.10pts as the ZSE Agriculture Index charged 1.99% to 311.01pts. The quartet of ART, CBZ, National Tyre Services and CFI Holdings led the risers of the day with a similar 15.00% gain closing at $34.5000, $460.0000, $16.1000, and $811.8000 respectively. Bankers ZB Financial Holdings completed the top five risers’ set adding 14.99% to $158.7500. Headlining the losers of the day was First Mutual Properties that dropped 4.62% to $37.0000, followed by Zimplow Holdings which lost 2.64% to end pegged at $92.4900. Tea company Tanganda traded at $730.0488 after declining 2.20% as brick makers Willdale lost 0.82% to finish at $5.0000. Mining house RioZim capped the top five laggards of the day on a 0.39% slip to $253.0000. Activity aggregates were depressed as volumes tumbled 47.77% to 2.60m shares while, value outturn took a 30.64% dip to $1.47bn. Delta claimed a huge 83.06% of the market spend leaving other counters scrambling for the remaining 16.94%. Volume leaders of the day were Star Africa (40.25%), Delta (23.89%) and OKZIM (15.53%). A cumulative 2.03m units worth $15.82m exchanged hands in five ETFs. The MIZ jumped 11.29% to $3.6500, the Old Mutual ETF firmed 10.83% to $18.8799 while, the Morgan & Co MCS climbed 6.88% to $49.1818. The Cass Saddle and Datvest MCS slid 0.69% and 0.01% to close at $2.7837 and $4.7380 respectively.