Market Comment - 17.01.2022

ZSE gains persist into the new week... The rising momentum continued on the bourse in the new week with the mainstream All Share Index putting on 1.23% to 12210.82pts. The Industrial Index gained 1.19% to 40362.40pts breezing past the 40,000pts mark while, the ZSE Top Ten Index improved 1.47% to end at 7894.67pts. Mining house RioZim recorded its second trade for the year in which the group surged 12.50% to end at $45.0000. Axia followed on a 12.04% jump to $45.0000 while, fintech group Cassava ticked up 9.99% to $52.8984. Apparel retailer Edgars improved 7.08% to $4.8722 while, Mashonaland capped the top five winners on a 3.78% rise to $2.9577. Turnall led the fallers of the day after succumbing 11.11% to $4.0000 while, construction group Masimba tumbled 7.41% to $50.0000. ART slipped 4.76% to $10.0000 while, Zimre holdings Limited tripped 4.36% to $3.2166. Life assurer Fidelity retreated 4.36% to close at $15.0000, completing the top five shakers of the day. A total of thirty-one counters registered price movements in the session with nineteen counters gaining against twelve losers to see the market close with a positive breadth of seven. Volumes traded dropped 63.72% to 1.26m shares, yielding a turnover of $85.30m which was a 49.84% drop from prior session. Volumes traded were anchored by Star Africa, Masimba, Delta and Econet with a combined contribution of 67.38%. Anchoring the value aggregate were heavies Delta, Econet and Simbisa which claimed 40.24%, 15.67% and 11.15% apiece. Elsewhere, on the VFEX, nickel miner Bindura put on 9.09% to USD$0.0600 as 1,749 shares exchanged hands while, crocodile skin producers Padenga traded 23,527 shares worth USD$4940.67. The Old Mutual ETF was up 11.39% to $6.0382 while, the Morgan and Co ETF added 0.16% to settle at $13.1006.