Market Comment - 07.09.2022

All-Share records 143-day low on bloodbath... The market recorded a 143-day low in today’s session as selling pressure continued to mount on the bourse. The primary All Share Index dropped 3.04% to 13245.47pts while, the ZSE Top Ten Index succumbed 4.59% to 7775.51pts. Contrastingly, ZSE-Agriculture Index added a marginal 0.78% to 76.29pts as the Mid-cap Index rose 0.29% to 29320.78pts. Milk processor Dairibord Holdings led the fallers of the day on a 11.53% slump to end pegged at $19.2308. Trailing was fintech group Ecocash Holdings that retreated 9.90% to $31.5465 while, beverage manufacturer Delta Corporation plunged 7.83% to $203.0228, having traded and intra-day day of $195.0000. Axia went down 7.66% to $48.9777 whilst, hotelier RTG lost 6.90% to close the day at $7.6154. Headlining the gainers of the day was CFI Holdings which jumped 8.18% to close at $400.2500, albeit on scrappy 200 shares, trailed by General Beltings that surged 6.59% to $1.9817. Zimre Holdings Limited went up 5.85% to $4.9113 while, brick manufacturer Willdale Limited extended 5.26% to $2.0000. Star Africa capped the top five winners’ list of the day on a 1.21% lift to $1.6584. The market closed with a negative market breadth of four after eleven counters gained ground against fifteen that faltered. Activity aggregates were mixed in Wednesday’s session as volumes traded ballooned 171.15% to 8.16m while, value traded slipped 9.45% to $296.41m. Top volume drivers of the day were Mashonaland Holdings, Proplastics and Delta that contributed a combined 85.13% of the aggregate. Delta was the top value driver as it claimed 56.69% of the total outturn. There were no trades registered on the VFEX today. The Datvest and Old Mutual ETFs trimmed 2.99% and 0.33% to $1.4552 and $5.6100 respectively. Morgan and Co MIZ ETF was the sole riser amongst the ETFs as it gained 0.39% to close the day at $1.2500.