Market Comment - 14.03.2022

Waning demand persists in new week...The market began the week in a bearish mode as demand continued to wane in selected counters. The All-Share Index declined 0.82% to 14534.51pts while, the segregated Industrial lost an almost similar 0.83% to 48048.28pts. The Mid Cap Index retreated 0.28% to 24404.38pts while, the Blue-Chip Index was the major loser amongst the indices as it lost 1.03% to 9569.36pts weighed by losses in Delta, Innscor and Simbisa. The market closed with a negative breadth of fifteen as fallers outweighed gainers by a count of one. Hotelier African Sun led the decliners of the day on a 14.96% slump to $7.3561 trailed by Hippo that dropped 9.62% to $245.1241. Beverages group Delta shed 5.02% to close at its twenty-three-day low of $210.2130. First Mutual Holdings trimmed 3.08% to end pegged at $18.9000. Mashonaland holdings completed the top five losers of the day after retreating 0.75% to $3.0000. Cigarette manufacturer BAT headlined the winners of the day on a 13.00% slid to end pegged at $3,667.0000. Property concern First Mutual jumped 7.22% to $7.0000 while, brick manufacturer Willdale gained 2.54% to $3.0249. Construction group Masimba held the fourth position after putting on 2.35% to $53.2209 while, apparel retailer Edgars rose 1.88% to settle at $5.5758. Activity aggregates were depressed in Monday session as turnover dropped 13.92% to $476.91m while, volumes dipped 60.28% to 4.65m shares. The top volume leaders of the day were ZB, Delta, Econet and Star Africa that contributed a combined 70.19% of the total. Top volume leaders of the day were Delta, Econet, ZB and Hippo with respective contributions of 37.69%, 23.58%,12.62% and 10.86%. Foreigners were net sellers in the session as sales amounted to $7.95m while, purchases stood at $2.33m. Datvest ETF advanced 47.07% to $1.8794 while, Morgan and Co ETF and Old Mutual ETF declined a similar 0.55% to $14.5833 and 8.0047 apiece. No trades were recorded on the VFEX.