Market Comment - 04.11.2022

VFEX turnover surges as ZSE tumbles... On the VFEX, a total of 2.88m shares worth USD$366,740.69 traded. SeedCo International dipped 2.97% to USD$0.3687 while, Padenga ticked up 0.08% to USD$0.2412. Bindura was unchanged at USD$0.0300 on 1.81m shares. The ZSE sunk further into the red as blue-chips dragged down the market in the week-ending trades. The ZSE All Share Index trimmed 0.47% to end at 15115.56pts while, the Top Ten Index let go 0.64% to 8870.73pts. The Agriculture Index slipped 0.70% to 76.04pts while, the Mid-Cap Index slid 0.10% to 33647.23pts. First Capital led the fallers of the day on a 9.48% dip to $9.5980 while, cigarette manufacturer BAT shed 5.51% to close at $3,000.0000. Agriculture concern Ariston tripped 3.47% to $3.8235 as telecoms giant Econet went down 1.97% to $86.7717. Apparel retailer Edgars capped the top five losers of the day on a 1.18% loss to $7.5100. Partially mitigating today’s losses were gains in tea company Tanganda that put on 5.88% to $90.0000 as property concern FMP overturned previous day’s losses on a 3.49% addition to $8.9000. Zimplow rose 2.53% to $18.2500 while, hotelier RTG improved 0.99% to settle at $8.2000. SeedCo Limited advanced 0.52% to end pegged at $82.4762. Volumes stumbled 24.58% to 1.50m shares as Econet, Innscor and Mashonaland Holdings claimed a shared 70.68% of the aggregate. Turnover for the day dropped 24.49% to $205.51m with heavies Innscor, Econet, Simbisa and Delta accounting for a combined 94.83% of the outturn. Datvest and Morgan MCS ETFs were the two ETFs to record price movements as the former retreated 0.18% to $1.7469 while, the latter fell 0.04% to $21.6500. Cass Saddle was stable at $2.0000 on 1,470 units.