Market Comment - 04.05.2022

Market records marginal gains in mid-week session... The market rebounded in Wednesday’s trades, as three of the indices in our review closed in the black. The All-Share Index gained 0.75% to close pegged at 27839.98pts while, the old Industrials added an almost similar 0.76% to end at 91855.41pts. The Blue-chip Index advanced 1.04% to 18485.18pts while, on the contrary the Mid-Cap Index was the only loser amongst the indices as it lost 0.09% to 45560.28pts. Agricultural concern CFI headlined the gainers’ list of the day as it jumped 15.00% to trade at $230.0000 while, National Tyre Services was up 14.92% at $13.8000 on scrappy shares. Logistics group Unifreight surged 13.13% to $33.9375 as Nampak ticked up 11.91% to end the day at $26.9955. Dairy manufacturer Dairibord capped the top five winners’ list on a 7.75% charge to settle at $55.0000. Insurer First Mutual Holdings led the laggards of the day as it declined 14.77% to $19.8543 followed, by digital media group Zimpapers that trimmed 14.03% to $5.2133. Property concern Mashonaland Holdings reversed yesterday’s gains as it retreated 5.57% to $5.5243 while, Turnall shed 5.41% to trade at $7.0000. Hotelier RTG capped the top five worst performers on a 4.79% slip to $7.6167. Activity aggregates enhanced in the session as volumes traded rose by 46.53% to 4.11m shares while, turnover ballooned 298.80% to $689.08m. Tanganda, Econet, Zimpapers and OK Zimbabwe led the volume leaders with respective contributions of 20.52%, 14,39%, 12.30% and 10.68%. Anchoring the value outturn were Tanganda, Econet, Delta and SeedCo with a combined contribution of 83.87%. The three ETFs traded mixed in the session as Datvest MCS rose 9.50%, Morgan & CO was up 5.24% and Old Mutual Top Ten let go of 2.17%. On the VFEX, Bindura edged up 3.75% to US$0.0500 as a total of 1.09m shares worth $54,035.4920 exchanged hands in the counter. Elsewhere, Proplastics released FY21 results in which the company reported a profit after tax of $233m which was a 70% uplift from prior comparable period in inflation adjusted terms.