Market Comment - 15.09.2022

All-Share tumbles to record year-to-date losses... The ZSE tumbled a further 1.74% to 10727.53pts as the market cancelled out gains recorded during year, closing the day with a YTD loss of 0.876%. The Blue-Chip Index was 2.15% weaker at 5897.80pts weighed down by Ecocash, Delta and Innscor while, the Mid-Cap Index succumbed 1.06% to 26760.09pts. The Agriculture Index lost 0.30% to close at 68.00pts. Headlining the worst performers of the day was Axia that eased 12.29% to trade at $29.7768, trailed by African Sun that declined 11.25% to trade at $13.3131. Fintech group Ecocash closed at $25.2040 after a 9.38% loss, to see the counter trade at September 2021 prices. Zimre Holdings was 5.00% down at $4.2568 as banker FBC capped the top five losers of the day on a 3.67% fall to $41.6500. Leading the loss mitigation pack was Mashonaland Holdings that jumped 8.15% to $5.5000, followed by Bridgefort Capital that advanced 3.45% to $9.0000 on scrappy 200 shares. Dairy Processor Dairibord rose 2.53% to settle at $18.4545 while, packaging group Nampak advanced 2.37% to $9.5000. Banking group NMB Holdings completed the top five best performers of the day as it went up 1.85% to $16.0012. Activity aggregates improved in the session as volumes traded ballooned 917.38% to see 18.26m shares exchange hands while, turnover increased by 76.61% to $246.05m. The duo of Mashonaland Holdings and Turnall contributed a combined 91.20% of the volumes traded. Delta claimed 44.65% of the turnover trailed by Mashonaland Holding which had a 26.98% contribution. Elsewhere, on the VFEX, Padenga was down 1.43% to end pegged at US$0.3450 while, nickel miner Bindura was stable at US$0.0307. A total of 327,302 shares worth US$10,128 exchanged hands on the aforementioned market. The ETF Index was up 1.24% to 348.0794pts, buoyed by gains in Cass Saddle and Morgan & Co MIZ and MSC ETFs.