Market Comment - 14.06.2022

Heavy caps spur turnover ... Heavy cap counters drove the value of the day as evidenced by Econet and Ecocash that claimed 26.31% and 20.54% respectively and, also Delta that contributed 10.46%. Mashonaland was the top volume driver of the day claiming 63.04% of the 14.45m shares that exchanged hands. Volumes traded ballooned 459.31% from prior session yielding a turnover of $628.87m on a phenomenal 232.11% rise from yesterday. The foreigners were net sellers as they disposed of Ecocash, Delta, Nampak, and FMP worth $10.98m in total as they purchased $0.91m in Meikles and Edgars. The market slipped into the red in Tuesday’s session as the mainstream All Share lost a meagre 0.07% to 24136.42pts. Likewise, the Blue-chips Index trimmed 0.37% to 15594.17pts. The ZSE Agriculture Index and the Mid Cap Index gained 0.92% and 0.83% to 127.70pts and 42871.19pts apiece. Thirty four counters traded in the session as four remain unchanged, thirteen rose and seventeen declined to see a negative market breath of four. Packaging group Nampak led the laggards of the day on a 10.73% dip to $15.0870 trailed by Zimpapers that shed 9.09% to $5.0000. ART retreated 9.05% to $20.0097 as logistics group Unifreight came off 7.88% to settle at $30.4000. Star Africa capped the fallers’ set with a 3.87% slip to $1.7748. Partially mitigating losses of the day were gains in TSL that surged 12.75% to $115.0000. African Sun followed on a 12.05% jump to $23.9231 as banking group First Capital grew 9.81% to $12.6909. Zimre Holdings rose 9.53% to $5.9565 as FML capped the top winners of the day on a 3.52% lift to $28.7333. The VFX exchange had no activity in the session. The Old Mutual ETF lost 0.17% to trade at $11.4794 and DATVEST ETF weakened 4.94% to $2.3492 .The Morgan & Company was the only one to trade in the positive on a 2.7176% addition to settle at $25.6794.