Market Comment - 06.01.2022

Market gains extend... The market maintained steady rise in Thursday’s trades as three main indices under our review closed in the black. The primary All-Share Index was 0.69% stronger at 10977.36pts while, the Industrial Index went up 0.30% to 36164.60pts. The Top Ten Index added 0.25% to close the day at 6866.83pts. Headlining the risers of the day was Turnall Holdings which put on 6.61% to $4.4614, trailed by property concern Mashonaland Holdings which surged 5.22% to $3.1520. Axia Corporation was 5.21% firmer at $38.9376 while, agriculture firm SeedCo Limited traded at $110.0000 after a 4.76% jump. Unifreight completed the top five gainers’ list on a 4.43% rise to $29.0000. The day’s decliners were headlined by hotelier African Sun which succumbed 12.45% to $5.6567 as General Beltings followed shedding 6.43% to end at $2.1333. National Tyre Services slipped 4.76% to $6.0000 while, CFI Holdings was 3.76% weaker at $90.0500. National Foods capped the top five fallers’ list on a 1.38% loss that took it to $1384.8404. Thirty-one counters registered price movements for the day as eighteen advanced while, thirteen dropped leaving the market with a positive breadth of three. Foreign purchases amounted to $480,500.00 against sales of $52,312,450.00 registering a net outflow position of $51,831,950.00. Activity aggregates improved as volume of shares traded ballooned 200.60% to 6.24m while, turnover advanced 180.89% to finish at $415.12m. Top volume drivers of the day were Econet and Zimre Holdings which accounted for a combined 73.64%. Heavies Delta and Econet emerged as the top value drivers of the day with respective contributions of 62.16% and 12.66% to the outturn. Elsewhere, on the VFEX Padenga retreated 0.05% to end at $0.2100 as 212,300 shares worth $44,583.00 exchanged hands with no trades seen in the other three counters. Morgan and Co ETF closed the day at $12.4075 having traded 189,726 units while, the Old Mutual ETF inched up 0.27% to settle at $4.5176.