Market Comment - 07.10.2022

Market closes week in the red... The market faltered for the seventh consecutive session as four indices in our review closed in the red. The mainstream All Share Index pared 4.13% to 13068.97pts while, the ZSE Top Ten Index lost 5.22% to 7685.06pts. The ZSE Agriculture Index went down 6.31% to 69.80pts while, the Mid Cap Index slid 1.80% to 28877.44pts. Fallers outnumbered risers by a count of sixteen to see the market close with a negative breadth. National Foods led the market decline on a 15.00% dip to $1,020.0000. Trailing was beverages group Delta that receded 11.43% to $181.0482 while, SeedCo Limited came off 11.11% to end pegged at $80.0000. Hippo retreated 10.00% to close at $207.0000 as financial services group ZB capped the day’s fallers on a 9.09% fall to $60.0000. Five counters partially offset today’s losses with banking group NMB topping the list on a 5.26% lift to $20.0000. Proplastics improved 3.69% to $26.0000 as agriculture concern Ariston rose 2.55% to $3.8456. Hotelier African Sun put on 0.48% to $18.6429 while, fast foods group Simbisa added a marginal 0.05% to close at vwap of $161.2811. Market volumes ballooned 876.60% to 11.57m as value outturn surged 436.46% to $788.71m. Volume drivers of the day were Econet (37.35%), Ecocash (37.17%) and OKZIM (16.01%). Heavies Econet, Ecocash and Delta anchored the value aggregate with respective contributions of 46.46%, 27.17% and 11.00%. Four of five ETFs ended the day pointing southwards as MIZ trimmed 0.67% to $1.2800 while, the Old Mutual ETF softened 0.66% to $5.2000. Morgan and Co MCS shed 0.65% to land at $27.0000 as the Datvest ETF slipped 0.02% to $1.7411. A total of 69,788 units worth $323,441.98 exchanged hands. On the VFEX, Padenga eased 5.72% to close the day at USD$0.3394 on 2,555 shares worth USD$867.2100.