Market Comment - 14.12.2022

Slight gains maintained as KMH bond lists... Three of the indices under review closed the day in the black with one in the red. The mainstream All-share Index advanced 0.24% to 14878.58pts while, the Mid-cap Index rose 0.86% to 33276.07pts. The Top 10 Index went up 0.41% to 8673.61pts while, contrastingly the ZSE Agriculture Index lost 1.30% to 70.96pts. Axia topped the gainers’ list on a 14.67% leap to $80.2923 followed by retailer OK Zimbabwe that went up 13.70% to $29.7523 having traded a high of $30.0000. General Beltings put on 5.73% to $1.8000 while, conglomerate Innscor firmed up 1.34% to $350.0411 as bankers CBZ Holdings wrapped the top five winners of the day after climbing 0.80% to $124.0000. The fallers of the day were led by milk processors Dairibord that came off 15.00% to $31.4500 as brick makers Willdale plunged 14.94% to $1.6607. ART declined 14.93% to $13.1005 while, SeedCo Limited succumbed 7.56% to $72.1071. Proplastics Limited completed the top five shakers on a 3.85% retreat to $25.0000. Market spend improved 17.46% to $193.56m as volumes jumped 106.32% to 3.47m. The top value drivers were Innscor (41.16%), OKZIM (21.93%), Delta (15.95%), Econet (8.25%) and BAT (4.00%). The duo of Econet and Star Africa contributed a shared 65.87% to the total volume traded. Foreigners were net sellers in the session as sales stood at $15m with nil purchases. On the VFEX, two counters registered price movements Simbisa added 0.94% to close at US$0.3100 on 75,549 shares while, Padenga Holdings dropped 1.80% to finish the session at US$0.2259 on 7,764 shares. Three ETFs traded softer with the biggest drop seen in Old Mutual ETF that shed 14.71% to $5.1182 while, Cass Saddle retreated 0.69% to $1.8000. Datvest lost 0.58% to $1.6305. A total of 1,553,168 units exchanged hands with the Old Mutual ETF claiming a gigantic 99.75% of the units traded.