Market Comment - 24.01.2023

ZSE in lean gains... The market registered meagre gains in Tuesday’s session as the mainstream All-Share Index gained 0.12% to close at 21861.40pts while, the ZSE Agriculture Index grew 1.43% to 90.05pts.The Mid-Cap Index went up 1.02% to 44359.31pts as the Top Ten Index succumbed to a 0.23% loss to 134614.31pts. Cafca Limited headlined the gainers’ list with a 14.99% jump to $230.1000 followed by seed manufacturer Seed Co Limited that rose 12.59% to $135.1377. Tea company Tanganda surged 3.85% to $135.0000 while; construction group Masimba Holdings rose 3.15% to trade at $99.6955. Hotelier African Sun completed the top five winners of the day after adding 2.66% to $31.3550. Losers were led by Mashonaland holdings which gave up 8.37% to $8.0816 as roofing sheets outfit Turnall weakened 7.41% to $4.0000. Bankers CBZ took a 3.32% knock to $143.1541 while, Star Africa Corporation retreated 3.24% to $1.9831. Ecocash Holdings capped the top five laggards’ group on a 2.14% decline to $52.9540. Market activity improved as seen by volumes that jumped 18.37% to 2.48m shares while, value outturn notched 60.09% to $525.27m. Volume drivers of the day were Econet, Delta, Proplastics and Innscor which claimed a combined 81% of the outturn. Value outturn was anchored by Delta, Innscor and Econet with respective contributions of 34.34%, 31.52% and 26.64%. Foreign inflows ballooned 90.56% to $159.75m while, outflows surged 80.17% to $263.14m leaving the market with a net fund outflow position. On the VFEX market, a cumulative 2,168 shares worth USD$995.04 exchanged hands in two counters. Bindura ticked up 11.11% to USD$0.0240 on 100 shares as Simbisa was stable at USD$0.4800. On the ETFs section, Datvest firmed up 0.77% to $1.5218 as Cass Saddle stepped up 0.08% to $2. 2300.Morgan and Co MCS was flat at $23.2000 while, Old Mutual ETF lost 0.07% to $7.4606. Tigere REIT let go 0.06% to $50.5920 on 5,510 units.