Market Comment - 16.11.2022

Market retreats further... The ZSE losses persisted into the midweek session despite the heavy cap counters trading mixed. The primary All Share Index lost 0.93% to 13,808.13pts while, the Blue-Chips Index slipped 1.41% to 7,826pts. The Agriculture Index went down 0.92% to 73.13pts as the Mid-Cap Index added 0.02% to close at 32,952pts. Headlining the laggards of the day was Zimplow Holdings Limited that trimmed 9.14% to close at $17.0357 followed by, Ariston Holding that dropped 8.28% to $3.6229. Bankers CBZ Holdings fell 7.69% to settle at $120.0000 while, life assurer Fidelity declined 6.67% to $22.4000. Milk processor Dairibord capped the top five loser’s set on a 5.53% slump to close the day pegged at $47.0000. Other noteworthy losses were in Delta (-2.12%), Innscor (-2.65%) and Simbisa (-1.87%). Clothing retailers Edgars led with winners of the day on a 6.40% jump to close at $8.0000 while, hotelier African Sun advanced 5.86% to $25.9091. Bankers First Capital ticked up 3.43% to $9.5000 as OK Zimbabwe Limited rose 2.89% to close at $29.9325. Completing the winners’ set was telecoms giant Econet that registered a 2.85% uplift to close pegged at a vwap of $71.9825. Activity aggregates were depressed in the session as volumes traded succumbed 68.37% to 1.67m while, value outturn fell 23.55% to $166.09m. Econet, Innscor, Ecocash and OKZIM contributed 53.00%, 8.97%. 6.40% and 5.72% in that order of the volume traded. The top value drivers of the day were Econet, Innscor and Delta that accounted for a shared 76.43%. Padenga Holdings was the only counter that registered trades on the VFEX, trading 4,124 shares worth USD$1,010.38 as the group ended the day at USD$0.2450. The Old Mutual ETF improved 14.91% to $6.3093 while, the MIZ ETF ticked up 7.18% to $1.2000. The Datvest MCS rose 0.39% to settle at $1.6169.