Market Comment - 16.06.2022

ZSE slips further into the negative territory... Three of the indices under our review faltered in Thursday session as the Agriculture Index emerged the only gainer with a 0.77% rise to 128. 29pts.The primary All-Share Index was 2.07% weaker at 23297.52pts while, the ZSE Top 10 Index fell 2.13% to 15002.13pts as heavies continued to lose ground. The Mid-Cap Index let go 1.95% to close at 41732.68pts. Hotelier African Sun topped the laggards of the day on a 14.96% dip to $20.4087 as First Mutual Holdings lost 9.58% to $25.9970. Telecoms giant Econet eased 8.57% to $207.1559 while, retailer OKZim dropped 8.24% to end at $49.9500. Completing the top five fallers’ category was financial services group Getbucks which trimmed 5.72% to $14.0000 post announcement of a further cautionary statement. Leading the gainers of the day was Mashonaland Holdings which soared 14.43% to $7.1445 as agriculture concern Ariston surged 11.43% $3.9000. Banking group NMB followed on a 7.46% uplift to $30.0000 while, Hippo Valley improved 5.83% to $394.9500. First Capital Bank capped the top five winners set on a 3.46% upswing to end pegged at $12.6765. The market closed with a negative breadth of sixteen as twenty-three counters lost ground against seven risers. Activity aggregates remained depressed from prior session as turnover dropped 1.21% to $349.20m while, volumes were down 38.10% to 2.92m shares. FBC, Ecocash, African Sun and ZB anchored the volume aggregate with a shared contribution of 72.45%. Top value drivers of the day were Ecocash (21.19%), Hippo (16.19%), FBC (15.56%) and Delta (12.83%). Datvest slipped 0.82% to settle at $2.3493 as Old Mutual ETF came off 6.64% to $10.7156. Morgan and Co ETF was the only gainer amongst the ETFs as it advanced 14.43% to close at $28.0000. The Morgan and Co Made in Zim ETF is set to list on the bourse tomorrow. No trades were recorded on the VFEX market.