Market Comment - 16.02.2022

Rising impetus continues... The ZSE remained buoyant on the back of gains seen in heavy and mid cap counters in the mid-week session. The All-Share Index and the Industrials recorded almost similar gains of 2.60% and 2.61% to end at 14928.88pts and 49378.23pts respectively. The Top Ten Index soared 2.81% to close at 9911.88pts while, the Mid-Cap Index went up 2.19% to 24487.69pts. Mashonaland Holdings was the top riser on a 16.72% jump to $3.2579, trailed by construction group Masimba that rose 11.11% to settle at $50.0000. Clothing retailer Edgars surged 11.08% to $5.0000 while, banking group FBC added 6.92% to $31.0333. Sugar refiner Star Africa capped the top five risers on a 6.72% uplift to end pegged at $1.5026. Twenty-six counters advanced against nine that lost ground to leave the market with a positive breadth of seventeen. Banking group NMB Bank led the fallers of the day as it dropped 12.08% to $12.0012 while, life assurer Fidelity eased 4.35% to $11.0000. Brick manufacturer Willdale shed 1.83% to $3.3533 as Hippo Valley gave up 1.47% to $335.0000. Zimplow completed the top five losers of the day after trimming 1.12% to end at $22.0000. Activity aggregates were depressed in the session as volumes traded were 57.48% down to 5.01m shares while, turnover dipped 72.35% to $342,80m. Top volume drivers of the day were OKZIM and Star Africa which claimed 43.51% and 10.04% apiece. The top traded counters by value were Delta, OKZIM, Econet and Innscor which accounted for a combined 76.50% of the aggregate. On the VFEX, Padenga traded a paltry 970 shares worth $USD203.7000 at a stable price of USD$0. 2100. The two ETFs traded mixed as Old Mutual ETF rose 0.03% to $8.0000 while, Morgan & Co ETF lost 0.14% to $13.5719. Elsewhere, Meikles released its third quarter trading update in which the group reported a 39% increase in revenue in inflation adjusted terms.