ZSE Market Commentary 13 March 2024
ZSE advances further as demand in selected heavies increase.
The ZSE advanced further in Wednesday’s trades, buoyed by increased demand in selected heavies. The All-Share Index was 2.13% firmer at 548,400.18pts while, the Blue-Chip Index was 1.87% up at ,235.99pts. Trading in the negative was the Mid-Cap Index that shed 0.43% to settle at 2,162,494. 19pts. The duo of Fidelity and Tanganda led the gainers of the day as they charged 15.00% to end at circuit breaker limit of $715 .3000 and $2,242 .5500 apiece. Telecommunications group Econet trailed on a 14.82% jump to trade at a VWAP of $2,270.1067, post announcement of a USO.SS cents dividend, with the last payout having been done in 2021.
Conglomerate Meikles edged up 12.56% to close at $3,940.0000 while, bankers ZB fastened the top five gainers list of the day on a 11.11% gain to $2,000.0000. Partially weighing down the market was NMB that eased 15.00% to $2,422.5000, followed by Mashonaland Holdings that lost 13.04% to settle at $300 .0000 as 600 shares traded in the name. Sugar processor Star Africa reversed prior sessions’ gains as it declined 1.40% to end at a VWAP of $9 .2187 while, General Beltings tumbled 0.66% to $136.0000. Fintech group Ecocash parred off 0.18% to trade at $552.0920.
Activity aggregates faltered fn the session as volume traded fell by 36.79% to 4.33m shares while, turnover declined by 63.23% to end at $6.20bn. The duo of Ecocash and NMB led the volume driver of the day as they claimed a combined 91.31% of the aggregate. In the turnover category, trading was mainly confined in NMB, Ecocash and BAT as they claimed 46.19%, 24.09% and 20.58% respectively. In the ETF category, the Old Mutual Top 10 ETF inched up 1.62% to $92.0000 while, Datvest MCS rose 0.21% to close at a VWAP of $19.9922. The Cass Saddle ETF was 6.64% weaker at $7.2818 as 2.2m units traded. The Tigere REIT edged up 3.63% to $700.4296. Elsewhere, the tobacco auctions opened today and the first bale was sold for $4.92/kg