Market Comment - 09.12.2021

Econet weighs down the market... Telecoms giant Econet weighed down the market in Thursday’s trades after the group shed 6.44% to close at $82.5492 having traded an intraday low of $80.0000. The All-Share Index retreated 1.67% to 10887.61pts while, the Industrials trimmed 1.65% to 35385.21pts. The ZSE Top Ten Index slipped 1.80% to 6755.15pts as the Minings ended at 7586.54pts having lost 3.37%. Financial services group Getbucks dipped 20% to close the day at $7.2000 while, hotelier African Sun reversed previous day’s gains to close at $5.5168. Bindura shed 5.27% to $5.9794 ahead of its delisting on the ZSE. Brick manufacturers Willdale tumbled 4.94% to settle at $2.8518. Other notable fallers of the day were National Foods (- 3.18%), Delta (-2%) and SeedCo (-0.72%). Gains were recorded in Zimplow that garnered 5.94% to $24.3000 trailed by, TSL that put on 1.18% to $86.0047. Turnall improved 0.92% to $5.5000 as conglomerate Innscor added 0.58% to $160.2481 having traded a high of $161.0500. Star Africa recovered from its weakness to post a 0.47% lift as the group closed at $1.2058. A total of twenty-eight counters registered price movements in the session distributed into nine risers and nineteen fallers registering a negative breadth of ten. Activity aggregates faltered with volumes traded dropping 34.99% to 2.70m shares while, turnover plunged 18.75% to $198.86m. Econet claimed a huge chunk 59.77% of the total volumes traded and 67.01% of the value aggregate in the session. The Old Mutual ETF slid 2.60% to $4.8699 on 65,362 units worth $318,307.60. No trades were registered on the VFEX. ART released FY21 financial results in which the group reported a loss of $696.50m in inflation adjusted terms and no dividend was declared. Elsewhere, Tanganda’s listing which was slated for today has been deferred to a date to be advised.