Market Comment - 09.02.2022

Mid-week trades edge up... Activity aggregates improved in mid-week session as reflected in volumes that jumped 44.95% to see 8.98m shares exchanging hands, yielding a value outturn of $612.50m which was 120.98% up from prior session. Retailer OKZIM was the top volume leader with a 20.70% contribution, followed by Axia and Simbisa accounting for 18.58% and 10.67% respectively. The trio of Simbisa, Axia and Delta were the top value leaders of the day claiming 56.02% of the outturn. The Old Mutual ETF gained 6.50% to settle at $7.493 while, the Morgan & CO ETF recorded a marginal increase of 0.05% to end pegged at $13.7060. A total of 33,921units worth $409,486 exchanged hands in the two ETFs. Elsewhere, on the VFEX no trades were recorded. The market continued to rise spurred by strong demand seen in heavies in heavy cap counters. The All-Share Index extended 1.86% to 13077.11pts while, the Blue-Chip Index advanced 2.03% to 8598.34pts buoyed by gains in Delta, Econet and Innscor. The Mid-Cap Index added 0.93% to 21857.56pts as the segregated Industrials surged 1.87% to 43240.55pts. Clothing retailer Truworths headlined the gainers of the day on a 17.50% rise to $2.35000 trailed by, digital media group Zimpapers that jumped 16.19% to $3.0000. Axia edged up 11.72% to settle at $65.0082 while, Tanganda continued to buttress prior sessions gains as it enhanced 9.39% to $76.5857. Econet completed the top five risers set of the day on a 3.88% jump to $110.5234. A total of thirty counters registered price movements distributed into twenty gainers and ten losers. Mashonaland Holdings led the laggards of the day on a 6.88% trim to $3.2591, followed by Edgars that trimmed 5.12% to $4.0000. General Beltings slipped 5.07% to $1.876 while, hotelier African Sun relinquished previous day gains as it declined 2.49% to $7.8007. Sugar refiners Star Africa capped the top five shakers of the day on a 1.33% slip to $1.3461 as the group continued to lose ground.