Market Comment - 10.01.2022

ZSE commences new week in marginal gains... The ZSE swung back into the black in week opening session with the mainstream All-Share Index rebounding 0.45% to 11023.30pts while, the Old Industrials gained an almost similar 0.46% to close at 36439.45pts. The Blue-chip Index rose 0.34% to 6935.02pts, buoyed by gains in Innscor and Meikles. Financial services duo in NMB and Getbucks headlined the gainers pack of the day, with the former surging by 17.03% to $13.2000 while, the latter advanced 10.93% to trade at $5.7500. Sugar refiners Star Africa put on 6.74% to close at $1.2493 while, engineering group Zimplow was 4.35% firmer at $24.0000. Axia capped the top five winners’ pack on a 4.31% gain to $40.0219. A total of forty counters registered price movements distributed into twenty-one gainers and nineteen fallers, to leave the market with a positive breadth of two. Partially offsetting the gains of the day were Turnall Holdings that dropped 19.83% to end at $4.0085 with, Medtech easing 14.29% to $28.8550. General Belting shed 3.79% to $2.0850 while, brick manufacturer Willdale was 3.50% softer at $3.5198. Digital group Zimpapers was 3.33% weaker at $2.90000 as it capped the top fiver fallers of the day. Activity aggregates of the day improved as volume of shares traded advanced by 8.76% to see 3.81m shares exchanging hands while, turnover was 14.41% up to $2610.01m. Telecoms giant Econet led both the volume and value aggregates of the day as it claimed 39.37% and 49.50% respectively. Star Africa, First Mutual Properties, OKZim and Cassava trailed as the quartet anchored volume totals with a combined contribution of 36.9%. Following in the value category were Innscor (9.76%), BAT (7.72%), Delta (6.89%) and Hippo (3.89%). Morgan & Co ETF added 1.03% to $12.5271 while, the Old Mutual ETF reversed prior losses as it surged by 6.23% to $4.7895. A total of 46,157 units worth circa $483,961 exchanged hands in the two ETFs. Elsewhere, on the VFEX Padenga was stable at US$0.2100, as 112,704 shares worth US$23,667.84 exchange hands in the counter.