Market Comment - 11.11.2022

ZSE losses stretch for the seventh session... The ZSE faltered for the seventh consecutive session as the four indices under our review closed the week in red. The All-Share Index lost 0.46% to 14466.17pts while, the ZSE Top Ten Index shed 0.51% to close at 8324.46pts. The Mid Cap Index was down 0.37% at 33528.58pts as the Agriculture Index retreated 0.02% to 76.23pts. The downside of the market was led by Axia that succumbed 5.54% to $70.0000 as agriculture concern Ariston tumbled 1.41% to $3.9437. Telecoms giant Econet dropped 1.32% to $80.3895 while, fast foods group Simbisa slipped 0.94% to $227.6667. Beverages concern Delta tripped 0.72% to $212.0412 as the investing public eagerly waits for the group’s half year results. Partially mitigating today’s fallers was banking group NMB that put on 2.45% to $25.0000 trailed by OKZIM that improved 0.72% to $29.8956. Star Africa ticked up 0.69% to $1.8900 while, fintech group Ecocash added 0.13% to $38.5000. Dairy manufacturers DZL rose 0.10% to end pegged at $49.7500. The market closed with a negative breadth as fallers outweighed gainers by a count of two. Volume of shares traded plunged 75.86% to 1.79m while, turnover plummeted 53.55% to $235. 40m.Top volume leaders of the day were Econet, Innscor, Ecocash and Meikles that claimed a combined 72.12%. Innscor and Econet anchored the value aggregate on respective contributions of 51.69% and 16.21%. Foreign sales amounted to $2.69m against a nil purchase position recorded in the session. In the ETFs, MIZ closed at $1.2000 after a 7.14% jump. Morgan and Co MCS and Datvest ETF dipped 4.66% and 4.53% to close at respective prices of $20.9756 and $1.5900. The VFEX market recorded no trades in the session. Elsewhere, Bindura issued a profit warning statement advising shareholders that their half year profits will decline by 193%.