Market Comment - 08.11.2022

Weakness on the bourse persists... Market weakness persisted into Tuesday’ session with the primary All-Share dropping 0.70% to end at 14945.67pts while, the Top Ten regressed 1.39% to 8700. 43pts.The ZSE Agriculture Index suffered a 0.44% knock to 75.76pts as the Mid-cap Index, the only gainer of the day, rose 0.73% to 33848.66pts. Fintech group Ecocash Holdings led the fallers with a 4.18% fall to $40.0035 while, sugar processor Star Africa slipped 3.65% to $1.8307. Mining house RioZim went down 3.45% to $140.0000 as bankers First Capital waned 2.90% to $9.3942. Property concern Mashonaland Holdings capped off the top five fallers’ list on a 2.54% decline to $7.8100. The top five winners of the day were headlined by Proplastics that jumped 12.82% to $32.0000 while, bankers FBC Holdings soared 12.50% to $63.0000. Turnall Holdings shored up 11.71% to $3.9100 as hotelier African Sun was 3.65% firmer at $26.9484. Clothing retailer Edgars stores completed the top five gainers of the day on a 3.33% uplift to $7.7500. The market registered a negative breadth of nine as fifteen counters declined against six that gained. Activity aggregates improved to see turnover advancing 62.10% to $247.51m while, volumes ballooned 110.52% to 4.25m shares. Volume leaders in their proportions were as follows NMB (38.71%), OK (23.61%), Mashonaland Holdings (15.32%), Tanganda (7.71%) and Innscor (3.79%). Value leaders of the day were Innscor (21.84%), NMB (15.97%), Simbisa (13.12%), OK (12.11%) and Tanganda (11.93%). MIZ ETF ticked up 3.04% to $1.0922 as Old Mutual ETF improved 2.09% to $5.9877. The Datvest ETF shed 2.82% to $1.6986. A cumulative of 16,109 units worth $69,143.40 exchanged hands. There were no trades on the VFEX for the day.