Market Comment - 08.02.2022

Market rises further... The market extended gains in Tuesday’s session to see major Indices closing in the black. The All-Share Index and the Industrial Index added a similar 1.18% to settle at 12838.15pts and 42447.61pts respectively. The Top Ten Index was 1.34% firmer at 8427.56pts while, the Mid-Cap Index put on 0.30% to close the day at 21655.52pts. Hotelier African Sun led the day’s risers list on a 12.23% surge to $8.0000 as Tanganda went up 9.56% to $70.0138 on 193,556 shares. Mashonaland Holdings was 9.38% stronger at $3.5000 while, Zimbabwe Newspapers accrued 7.88% to $2.5820. Completing the top five gainers category was agricultural entity Ariston that improved 6.48% to $3.6461. Thirty-three counters registered price movements as twenty-two counters gained while, eleven dropped leaving the market with a positive breadth of nine. Milk processor Dairibord led the laggards of the day on a 14.29% fall to $30.0000 while, banking group NMB shed 6.96% to $12.0952. Packaging group Nampak lost 6.72% to $12.5000 post the release of its FY21 results in which the group reported a 167% rise in PAT to $692m in inflation adjusted terms for the comparable period. Zimre Holdings succumbed 3.40% to $3.3804 while, Star Africa tumbled 3.25% to close at $1.3643. Volume drivers of the day were Star Africa (35.13%), Econet (17.93%), Ok Zimbabwe (11.79%), FBC (8.26%) and Axia (5.04%). Econet and Delta contributed a combined 54.80% of the value outturn. On the VFEX, Padenga traded 36,501 shares worth USD$7,665.21 at a stable price of USD$0.2100. The Old Mutual ETF rebounded 0.73% to $7.0361 as 132,235 units exchanged hands while, Morgan and Co ETF advanced 0.12% to $13.6991 on 16,716 units.