Market Comment - 01.07.2022

ZSE retreats into month opening trades... The market commenced the month of July in losses as heavies traded mixed. The mainstream All Share Index shed 1.02% to close at 19590.05pts while, the ZSE Top Ten Index let go 0.52% to 12209.39pts. The ZSE Agriculture Index slipped 2.92% to end at 109.87pts while, the Mid Cap Index slid 1.82% to 38151.54pts. Dairibord led the decliners of the day after plunging 15.00% to $30.3500 as construction group Masimba succumbed 14.85% to $51.0891. Tea company Tanganda tumbled 12.82% to settle at $190.0000 while, apparel retailer Edgars dropped 9.60% to $5.2665, reversing prior sessions’ gains. Partially mitigating today’s losses were gains in financial services group ZB that reinforced its previous day’s gains after surging 14.77% to $101.0000. First Mutual holdings trailed on a 12.50% uplift to $27.0000. Turnall improved 9.41% to $5.0000 as Zimbabwe brands successfully acquires 32.55% controlling stake from NSSA. TSL added 8.33% to $130.0000 while, telecoms giant Econet advanced 2.97% to cap the top five winners’ pack at $165.7552. Activity aggregates were mixed in Friday’s session as reflected in volumes that dipped 94.93% to 4.33m while, turnover enhanced 36.74% to $825.37m. Simbisa and Delta were the top volume and value leaders of the day with contributions of 75.79% and 87.21% respectively. Gains amongst the ETFs were in Morgan and Co Made In Zimbabwe and Datvest that added 1.48% and 0.15% to close at $1.2900 and $1.9850 apiece. Morgan and Co multisector trimmed 3.50% to $26.0000 while, Old Mutual ETF went down 1.41% to $9.6276. The VFEX recorded no trades in the session. Elsewhere, African Sun Limited is exiting Kingdom Hotel in the resort town of Victoria Falls, on disagreements pertaining to lease terms with the owners of the property, First Capital Bank (FCB).