Market Comment - 13.07.2022

Market drops further... Market dropped further in the mid-week session to see the primary All-share Index declining 2.65% to 15998.64pts while, the Top 10 Index lost 2.48% to 9751.33pts. The Agriculture Index went down 2.44% to 90.35pts as the Mid-Cap Index trimmed 2.38% to settle at 32705.67pts. Meikles Limited led the fallers’ set on a 14.54% slide to $102.5543, followed by seed producers Seed Co limited which lost 13.97% to $105.0000. Ariston gave up 13.77% to $2.3925 as CFI Holdings lost 11.14% to settle at $370.0000. Packaging company Nampak capped the top five losers of the day after shedding 10.94% to close the day at $11.0000. Zimpapers headlined the gainers of the day on a 14.96% jump to $5.3800, trailed by Zimplow that surged 12.56% to close at $20.1004. Clothing retailers Truworths advanced 5.94% to $2.2754 as Zimre Holdings rose 5.21% to end at $4.1894. Proplastics completed the top five winners’ pack as it rose 1.21% to end pegged at $26.0000. Fallers of the day outweighed gainers by a count of seven, leaving the market with a negative breadth. Activity aggregates were depressed in mid-week session as turnover dropped 47.01% to $436.82m while, volumes dipped 65.83% to 4.10m shares. Econet, Mashonaland Holdings, OKZim and Delta were the major volume drivers of the day claiming a combined 71.71% of the aggregate. Top value drivers were Econet, Delta and Innscor which contributed 39.83%, 23.26% and 20.04% of the outturn respectively. The Old Mutual ETF went down 3.34% and to $9.2285 while, the Morgan and Co MIZ and the Datvest ETFs tumbled 1.56% and 4.06% to close at $1.2305 and $1.8214. Elsewhere, Econet released its FY22 results in which the telecom giant recorded a 1173.24% increase in PAT to $15.7bn in historical terms while, no dividend was declared for the period.