Market Comment - 16.02.2023

Bearish sentiment on the bourse... A bearish sentiment continued on the market in Thursday’s session as the All-Share Index dropped 2.87% to settle at 27,511.60pts. The ZSE Top 10 Index was the major decliner amongst the indices we review after shedding 3.68% to 16,992.02pts as profit taking in selected counters took its toll. The Mid Cap Index parred 0.91% to 56,129.15pts. Spurred by CFI and Ariston, the Agriculture Index gained 0.63% to 112.88pts. Headlining the laggards of the day was SeedCo Limited that retreated 10.45% to end pegged $200.0000 while, beverages group Delta trailed behind on a 7.45% loss to $500.4757. Telecommunication group Econet trimmed 6.96% to $190.1676 while, sugar processor Star Africa plunged 4.55% to $1.7800, post the release of its Q3 trading update in which sales volumes rose by 8% from prior comparable period. Bankers CBZ capped the top five worst performers of the day on a 3.89% fall to $140.0000. Agriculture concern CFI led the risers of the day on a 14.99% jump to $568.6500 while, cable manufacturer Cafca advanced 14.98% to $304.2500. Turnall edged up 12.55% to $5.0000 as clothing retailer Edgars jumped 8.33% to settle at $13.0000. Ariston fastened the top five gainers’ pack on a 7.68% ascent to $4.8457. Activity aggregates faltered in the session as volume of shares traded tripped 35.73% to 3.41m shares, worth circa $1.55bn. Delta drove the volume aggregate of the day as it contributed 46.47% of the total, trailed by Innscor and NMB with respective contributions of 25.58% and 11.59%. Delta and Innscor were the value leaders of the day as the duo claimed a combined 94.26% of the turnover. The ETF Index was 13.09% weaker at 363.3823pts as Morgan & Co Multi Sector ETF dragged the index down following a 1.80% loss. A total of 43,910 units worth US$375,396.12 traded in the session. On the VFEX, the All-Share Index was up 0.25% to 106.7763pts anchored by Padenga and Simbisa. On the same note, tomorrow is the last day for Innscor to trade on the ZSE, following the shareholders’ approval of its delisting.