ZSE Market Commentary 13 May 2024
ZSE advances further in Monday’s trades…
The ZSE market advanced further in Monday’s trades as all the four indices we review closed pointing northwards. The All-Share Index was 0.25% higher at 94.24pts while, the heavy cap Index rose 0.49% to 92.23pts. The Agriculture Index was 0.38% firmer at 89.21pts while, the Mid cap Index added 0.30% to end at 96.17pts.
Fintech company Ecocash that is trading under a cautionary notched up 11.78% to close at $0.2400 while, insurance company First Mutual Holdings was 6.10% up at $1.7400. Tea producer Tanganda closed at $1.8525 following a 2.92% ascent while, hotelier Rainbow Tourism Group jumped 1.17% to $0.2125. Sugar processor Star Africa inched up 1.02% to $0.0099.
Retailer Ok Zimbabwe led the laggards of the day on a 8.96% drop to $0.4907 as scrappy 2,200 shares traded in today’s session. Telecommunications giant Econet eased 2.60% to end at $1.2515 while, beverages group Delta was 0.19% lower at $7.1004.
Packaging company Proplastics shed 0.11% to settle at $0.4495. General Beltings capped the top five worst performers of the day as it lost a negligible 0.001% to $0.0502 as only 300 shares traded in the name.
Activity aggregates were depressed in today’s trades as volumes traded fell by 5.23% to see 2.96m shares worth $4.45m exchange hands. This represented a 13.68% decline in turnover. Econet led the volume drivers of the day as it claimed 87.89% of the total traded.
In the turnover category, activity was mainly seen in Econet and Delta as they claimed a combined 93.20% of the turnover traded. In the ETF category, only two funds registered trades in today’s session as Morgan & Co Made In Zimbabwe was stable at $0.0100 on 14,650 units exchanging hands.
In the same vein, Old Mutual Top 10 ETF was stable at $0.1100 as 2,250 units traded. The Tigere REIT was 5.11% higher at $0.6307 as 14,740 units traded in today’s session.
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