Market Comment - 15.11.2022

ZSE nosedives in Tuesday''s session... The ZSE nosedived in Tuesday session as heavies weakened further. The All-Share Index dropped 0.70% to 13938.02pts while, the ZSE Top Ten Index slipped 0.67% to 7938.80pts. The Mid-cap Index was 0.80% lower at 32945.28pts as the ZSE Agriculture Index fell 0.24% to 73.81pts. The day’s fallers were led by packaging group Nampak which gave up 15.00% to $8.5000 as bankers First Capital shed 11.69% to $9.1846. Telecoms giant Econet suffered a 6.69% knock to close pegged at a vwap of $69.9858. Seed manufacturer Seed Co Limited declined 6.27% to $84.3571 while, Axia completed the top five losers’ set after retreating 2.18% to $64.9979. The gainers category was headlined by First Mutual Holdings that jumped 8.04% to $24.8500 as property firm Mashonaland Holdings ticked up 2.56% to $7.9995. Hippo went up 2.05% to $199.0000 while, Ecocash improved 1.80% to $37.8750 having released their HY23 results in which a loss after tax of $491.28m was reported. Capping the top five risers of the day was retailer OK Zimbabwe that inched up 1.53% to close at $29.0992. The market registered a negative breadth of four as ten counters gained ground against fourteen declined. Activity aggregates were mixed in the session as turnover succumbed 34.30% to $217.26m while, volumes jumped 196.82% to 5.28m shares. The volume leaders of the day were Mashonaland Holdings and Econet that claimed 62.38% and 10.22% individually. Value leaders were Simbisa (19.80%), Innscor (18.39%), Econet (17.41%), Mashonaland Holdings (12.14%) and Delta (10.98%). Cumulatively, 110,032 units worth $418,580.90 exchanged hands in the 5 ETFs. The Old Mutual ETF was the only gainer among the ETFs climbed 4.58% to $5.4907. The MIZ lost 6.70% to $1.1196 while, the Morgan & Co MCS trimmed 3.32% to $20.0000. Datvest MCS let go a marginal 0.08% to $1.6106. The VFEX market recorded no trades in the session.