Market Comment - 16.03.2022

ZSE falters further... The market continued to falter in mid-week trades as three of the benchmarks in our review closed pointing southwards. The All-Share Index slipped 0.54% to 14284.94pts, while the Industrial Index similarly lost 0.54% to close at 47220.11pts. The Top Ten Index retreated 1.11% to 9347.81pts while, the Mid-Cap Index was the only gainer amongst the indices as it put on 1.24% to 24414.82pts. Zimpapers led the laggards of the day on a 17.97% drop to $2.4608, followed by hotelier, African sun Limited which shed 9.60% to $6.2122. Telecoms giant Econet trimmed 6.38% to end pegged at $120.4264 while, banking group CBZ let go 5.03% to settle at $85.0000. Mashonaland Holdings capped the fallers’ pack on a 3.92% decline to settle at $3.0106. Spirits and wines manufacturer Afdis surged 20% to $2.4608, trailed by CFI that jumped 17.65% to close at $120.0000 having traded a scrappy 400 shares. Hippo Valley rose 16.33% to $285.0000 while, apparel retailers improved 12.64% to end at $6.0000. Completing the top five winners of the day was NMB that added 8.61 % to close at $11.9896. Activity aggregates reflected a mixed outcome in Wednesday’s session as turnover succumbed 39.45 % to $158.97m while, volume of shares traded advanced 7.15% to 3.08m. Star Africa, First Capital, and Econet were the volume leaders of the day accounting for 52.69% of the total. Delta, Econet and Ecocash anchored the value aggregate with respective contributions of 40.55%, 28.49% and 10.25%. Datvest ETF went up 6.71% to $1.8462 while, the Morgan and Co ETF charged 2.38% to $14.5000 on a scanty 10 units. The Old Mutual ETF rose 0.55% to $7.9809 having traded 53,461units. On the VFEX, Bindura enhanced 2.04% to USD$0.0550 while, Padenga improved 0.05% to USD$0.2100 as 66,185 shares exchanged hands.