Market Comment - 08.09.2022

ZSE extends losing streak... The ZSE extended losses in the penultimate session of the week as it declined 0.46% to 13184.23pts. The Mid-Cap Index went down 1.68% to 28827.10pts. The Blue-Chip Index rebounded 0.11% to 7783.69pts buoyed by gains mainly seen in CBZ while, the Agricultural Index advanced 1.70% to 77.58pts. Conglomerate Meikles headlined the worst performers of the day as it dipped 14.35% to $85.6028 followed by bankers First Capital that tumbled 12.36% to $7.5374. Hotelier Rainbow Tourism Group shed 7.46% to $7.0471 while, Axia continued to lose ground in the session as it gave up 6.01% to trade at $46.0344. Seed manufacturer SeedCo Limited capped the top five worst performers of the day as it dropped 4.19% to close at $70.8973. Sugar processor Hippo led the best performers of the day as it surged 14.29% to $240.0000, trailed by Mashonaland Holdings that rose 7.47% to $5.4003. Dairibord reversed prior sessions’ losses as it gained 4.00% to $20.0000 while, General Belting buttressed gains for the third consecutive session in a row following a 3.81% jump to $2.0572. Hotel and Property Concern African Sun capped the top five winners after putting on 1.06% to $18.1923. Activity aggregates faltered in the session as volume of shares dropped by 26.24% to see 6.02m shares exchange hands, while, turnover slumped 69.27% to $91.08m. Mashonaland Holdings claimed a chunk of 81.62% of the total volumes traded, to leave other counters sharing 1.11m shares representing 18.38% of the total. The threesome of Mashonaland, Delta and Innscor claimed a combined 54.39% of the value aggregate. Elsewhere on the VFEX, two counters Bindura and Padenga were active. Bindura trimmed 0.32% to US$0.0308 while, Padenga rose 0.06% to US$0.3404. A total of 382,707 shares worth US$16,767 traded on the aforementioned market. Bankers NMB released their HY2022 results in which the group reported an inflation adjusted PAT of $1.7bn and declared an interim dividend of $0.4500 per share payable in scrip or cash.