Market Comment - 09.09.2022

Selling pressure continues to ravage the bourse... The ZSE witnessed another session of losses as selling pressure continued ravage the bourse. The mainstream All Share Index was 15.31% shy of 10997.06pts registered on the third of January 2022. The Blue-Chips Index dipped 5.20% to 7379.13pts while, the Mid Cap Index shed 0.97% to 28548.62pts. The ZSE Agriculture Index slipped a marginal 0.07% to 77.53pts. A total of twenty-seven counters registered price movements distributed into eighteen fallers against nine risers to record a negative market breadth of nine. Cement manufacturer Lafarge led the laggards of the day as it trimmed 15.00% to $86.7000, closing well offered at that level. Telecoms giant Econet dipped 9.46% to $88.0899, having traded an intra-day low of $83.1500. Conglomerate Innscor dropped 9.35% to $236.1638 to close at a low of $234.9000. FBC and Willdale retreated a similar 7.41% to close at respective prices of $50.0000 and $1.8519. Partially offsetting today’s losses were gains in Star Africa that put on 5.42% to $1.7500 closing with a spread of $1.7025-$1.7500. Following was RTG that erased prior session’s losses to record a 3.59% gain to $7.3000. Proplastics ticked up 2.56% to $22.0000 as it closed bid at $22.0000 while, General Beltings improved 2.08% to $2.1000. Nampak capped the top five winners of the day on a 1.73% lift to $9.5000 on scrappy 5,000 shares. Activity aggregates were mixed in Friday’s session as volumes tumbled 33.09% to 4.03m while, turnover ballooned 136.92% to $215.78m. Volume drivers of the day were OKZIM, NMB and Proplastics that accounted for shared 64.53%. Delta, Innscor and OKZIM claimed 24.10%, 21.36% and 2.16% of the value outturn in that order. Padenga improved 2.82% to $0.3500 on 1000 shares worth USD$350.0000. The ETFs traded sideways with the Datvest adding 3.19% to settle at $1.4965 while, the Old Mutual ETF let go 0.16% to $5.6100. Overall, 21,636 units worth $69,498.58 exchanged hands in the 3 ETFs that were active.