Market Comment - 13.09.2022

Bearish sentiment prevails... Bearish sentiment continued to prevail as the All-Share Index dropped 5.69% to 11680.66pts while, the ZSE Top Ten closed on a 7.96% drop to 6549.94pts. The ZSE Agriculture Index suffered a 9.43% knock to close at 70.47pts as the Mid-Cap Index declined 1.35% to 28198.91pts. Tobacco company BAT was the was top faller of the day on a 15.00% plunge to $1,955.0000 while, National Foods Holdings succumbed 14.87% to $1,145.0000. TSL decreased 13.17% to $52.1000 as Hippo Valley Estates dropped 12.52% to $209.9513. Capping the top five decliners was telecoms giant Econet which shed 10.08% to $74.7281 on selling pressure. Leading the risers’ pack was property firm Mashonaland Holdings which advanced 4.67% to $5.2333, post the release of its HY22 results in which PAT jumped 300% to $1.57bn. Following was brick company Willdale which added 0.33% to $1.7056. Capping the day’s gainers was the duo in General Beltings and Star Africa that improved a similar 0.15% to finish at $2.2033 and $1.7000 apiece. The market recorded a negative breath of eighteen as twenty-two stocks lost ground while, four advanced. Activity aggregates improved in Tuesday’s session as turnover ballooned 92.34% to $446.94 while, volume of shares traded jumped 74.27% to 7.62m. Top volume drivers of the day were OKZIM, Econet and Delta with respective contributions of 69.18%, 10.18% and 8.85%. Value leaders of the day were OKZIM, Delta, Econet and Simbisa with a shared contribution of 91.59%. On the VFEX, Bindura traded 8,202 shares and closed at USD$0.0308 while, Padenga traded 232 shares to end pegged USD$0.4000. Four ETFs recorded losses in the session as Old Mutual ETF trimmed 4.42% to $5.0199 while, Morgan & Co MCS fell 0.55% to $26.5000. MIZ ETF lost 0.47% to $1.2441 while, the Datvest ETF eased 0.02% to $1.4907.