Market Comment - 06.07.2022

Selling pressure persists on the bourse... The market extended losses in mid-week session on the back of selling pressure seen across the board. The mainstream All share Index lost 2.37% to 18363pts while, the Top Ten Index dropped 2.68% to 11319.88pts. The Agriculture Index went down 3.68% to 102.12pts as the Mid-Cap Index gave up 1.74% to settle at 36431.30pts. TSL led the losers’ set on a 14.98% slump to $110.1000 while, Zimplow followed on a 14.88% decline to close pegged at $17.0242. Proplastics plunged 14.56% to $36.3123, trailed by Ariston Holdings which retreated 13.11% to $2.6066. Brick manufacturers Willdale capped the top five fallers of the day on a 13.08% dip to $2.6014. Spirit and Wines manufacturer AFDIS headlined the gainers of the day after surging 15.00% to close at $391.0000 while, financial services group ZB advanced 14.74% to $132.0000. Clothing retailers Truworths went up 14.35% to end the day at $2.2900 as Star Africa added 2.50% to $1.7843. Hotelier African Sun completed the top five gainers’ set of the day on a 0.49% rise to end the at $10.6533. Activity aggregates improved as volumes of shares traded went up 13.49% to 1.84m while, turnover rose 39.07% to $217.48m. Meikles Limited and FBC holdings claimed 20.73% and 14.68% of the volume aggregate apiece. The top value drivers of the day were Meikles, Delta, Innscor and Econet that claimed a combined 69.61% of the outturn. Morgan & Co MCS was the only riser amongst the ETFs as it ticked up 0.23% to $26.1000. Datvest and Old Mutual ETFs lost 4.81% and 2.89% to end pegged at $1.8991 and $9.3750 in that order. The MIZ ETF shed 2.07% to $1.2241. No trades were recorded on the VFEX in the session.