Market Comment - 09.03.2022

Market in downward trend... The downward trend continued in the mid-week sessions to see the All-Share Index stretching losses by 1.23% to close at 48972.68pts. Heavies Econet, Ecocash Holdings and Delta Corporation helped drag the Top Ten Index to 9794.50pts having trimmed 1.50%. The Industrial Index went down 1.23% to 48972.68pts while, the Mid-Cap Index retreated 0.44% to end at 24551.26pts. Leading the laggards of the day was banking group FBC Holdings that tumbled 8.33% to settle at $33.0000 as Ecocash Holdings eased 3.58% to $65.6675. Ariston Holdings shed 2.83% to trade at $3.3995 while, telecoms giant Econet shrunk 2.78% to $134.6271. Brick manufacturers Willdale capped the top five losers of the day on a 2.69% decline to $2.8027. Topping the gainers list was ART Holdings which advanced 7.29% to $15.5571 as clothing retailer Edgars trailed on a 3.64% dip to $5.6067. Hotelier African Sun was 3.17% softer at $9.2857 while, sugar refiners Star Africa lost 2.05% to finish at $1.4708. Mashonaland Holdings completed the top five gainers’ list on a 1.88% uplift to end at $3.2638. A total of thirty-eight counters traded, distributed into fourteen risers, seventeen decliners and seven that sailed stable. Activity aggregates improved as volumes traded extended 43.62% to 3.85m shares, yielding a turnover of $303.10m. The quartet of Delta, Ecocash Holdings, Afdis and Simbisa anchored the value outturn of the day on a combined contribution of 78.98%. Ecocash Holdings, OK Zimbabwe, Ariston and Delta claimed 24.69%, 20.26%, 15.15% and 9.74%of the volume aggregate apiece. On The VFEX, Padenga was 0.05% lower at $0.2099 as 19,315 shares worth USD$4,055.15 exchanged hands. The Morgan & Co ETF improved 1.05% to $14.70000 while, the Old Mutual Top ETF grew 0.03% to $8.8917. The Datvest ETF registered no trades as it closed at a stable price of $2.2300.