Market Comment - 09.06.2022

Market weakness persists... The market faltered for the second consecutive session to see four benchmark indices that we review close mixed. The mainstream All-Share Index slipped 0.19% to 24094.28pts while, heavies in Delta, Econet and Ecocash dragged down the Top 10 Index to 15669.83pts after a 0.47% retreat. The ZSE Agriculture Index and the Mid-Cap Index were 0.59% and 0.64% firmer to 123.24pts and 41982.31pts respectively. The market closed with a negative breadth of one as thirteen decliners outpaced twelve counters that gained. General Beltings led the fallers of the day on a 14.86% dip to $1.1900 while, retailers OK Zimbabwe followed on a 7.66% trim to $55.1092. Ariston Holdings went down 2.35% to close at $4.0000 as beverages giant Delta succumbed 1.74% to $400.1301. Sugar processor Star Africa capped the top five losers’ list as it shrunk 1.54% to $1.8141. Mashonaland Holdings soared 14.70% to $5.0500 while, construction entity Masimba extended 10.37% to $66.0000. Logistics firm Unifreight added 9.70% to $33.0000 as TSL put on 9.18% to $90.0000. Zimplow advanced 8.38% to $25.0000 as it completed the top five winners of the day. Activity aggregates improved in Thursday’s session as turnover grew 60.52% to $787.53m while, volume of shares surged 93.51% to 6.26m. Econet, Tanganda and Delta were the value leaders of the day contributing a collective 71.49% of the outturn while, First Capital, Econet and OK Zimbabwe contributed a combined 69.37% to the volume aggregate. Other notable value leaders were Ecocash (8.15%) and Hippo (7.73%). On the VFEX, Padenga dropped 7.38% to USD$0.2561 after trading 133,996 shares. Datvest was the only riser amongst the ETFs with a 7.54% jump to $2.1738 on 32,430 units. Morgan & Co and Old Mutual ETFs lost 0.33% and 3.81% to $24.9178 and $10.6772 respectively.