Market Comment - 02.09.2022

ZSE falters in week-ending session... The mainstream All Share Index slipped further in weekending session to record a 0.84% loss as it settled at 13631.44pts while, the ZSE Top Ten Index shed 1.11% to 8139.72pts. The Mid-Cap Index went down 0.20% to end at 29021.02pts as the ZSE Agriculture Index was the only riser amongst the indices on a 0.19% lift to 75.72pts. The gainers and fallers’ spectrum was equally distributed at four apiece. Apparel retailers Edgars headlined the fallers’ pack after dropping 12.71% to $5.7500. Trailing was Meikles that trimmed 8.30% to $91.7397 as FMP retreated 7.07% to end pegged at $5.2784. Banking group FBC was 6.66% weaker at $54.0000. Completing the top five shakers of the day was telecoms giant Econet that tumbled 3.92% to settle at $106.2850 on waning demand. Partially mitigating todays’ losses were gains in banking group NMB that surged 15.00% to $17.2500 while, General Beltings garnered 14.79% to $1.8529. Mining house RioZim jumped 11.76% to $95.0000 while, Mashonaland Holdings put on 5.92% to $5.5500. Seed manufacturer SeedCo limited added 5.70% to end the day at $74.0000. Volumes ballooned 84.02% to 3.53m shares while, turnover soared 98.26% to $247.66m. Volume drivers of the day were OKZIM, Dairibord and Innscor that claimed a combined 78.26% of the aggregate. Innscor and OKZIM anchored the value aggregate with respective contributions of 51.04% and 25.34%. VFEX recorded no trades in the session. The Old Mutual ETF lost 0.21% to $5.6300 while, the Morgan & Co MIZ ETF declined 2.40% to $1.2200. A total of 44,184 units worth $74,658.57 exchanged hands in the session. Elsewhere, CBZ released its HY22 results in which the banking group recorded a 146.76% increase in PAT to $17.45bn.