Market Comment - 01.06.2022

Market rally continues into the new month... The market commenced the new month in marginal gains as the All-share Index increased 1.54% to close pegged at 23390.66pts. The Blue-Chip Index advanced 1.54% to 15573.82pts while, the Mid-Cap Index added 0.90% to 37973.59pts. ZSE-Agriculture was the only loser amongst the indices as it lost 0.34% to close at 120.30pts. Ecocash Holdings headlined the winners’ list as it surged 7.33% to trade at $120.0414 while, Masimba Holdings jumped 3.48% to settle at $52.0000. Axia put on 3.21% to $125.1750 as hotelier African sun ticked up 3.11% to $16.4373. OK Zimbabwe rounded up the top five winners of the day as it went up 3.00% to close at $42.3943. Unifreight was the biggest loser of the day after dropping 10.20% to $30.0824, followed by bankers NMB that declined 9.22% to $27.2344. Seed-Co trimmed 2.98% to $230.0000 as Hippo valley let go 0.06% to $325.0024. Fast foods Simbisa was the fifth faller on a 0.04% slump to $222.0049. Turnover retreated 29.29% to $739.49m during the mid-week session while, volumes fell by 35.21% to close at 3,374,862. OKZIM, Simbisa, Econet, Innscor and Delta were the day's top volume drivers claiming a combined contribution of 91.15% of the aggregate. Heavies Innscor, Simbisa, Econet, Delta and National Foods accounted for a shared 89.37% of the outturn. A total of 150,686 units worth $1.20m exchanged hands in the three ETFs. The Datvest ETF added 1.51% to $1.9936, Morgan and Co went up 0.19 % to $23.9535 while, the Old Mutual ETF ticked up 5.83% to $10.6678. Padenga was the only counter to trade on the VFEX market as it gained 0.80% to $0.2273 on 39,100 shares. Local purchases accounted for 99.99% of the days’ turnover while, sales represented 96.96% of the same.