Market Comment- 17.01.2023

Market slips further... The ZSE continued to falter in Tuesday’s session as the primary All-Share Index fell 1.37% to 21675.81pts while, the ZSE Top Ten Index declined 2.11% to 13476.05pts spurred by losses in OKZIM, Econet and Delta. Two indices traded in the positive as ZSE Agriculture Index and the Mid-cap Index as they rose 1.21% and 0.55% to close at 85.95pts and 42926.56pts respectively. Top five losers were led by insurer First Mutual Holdings that dropped 12.00% to $22.0000. Following was retailer OK Zimbabwe that succumbed 8.11% to end at $40.1980. Telecoms giant Econet retreated 6.96% to $120.5084 as property concern Mashonaland Holdings gave up 5.27% to $8.5256. Brick makers Willdale lost 3.88% to $3.7000 as it completed the top five fallers’ pack. Media concern Zimpapers headlined the risers of the day on a 14.94% jump to $3.1925 while, Zimre Holdings firmed up 13.33% to $6.8000. Sugar processor Star Africa advanced 5.86% to $2.2242 while, seed company Seed Co Limited climbed 5.20% to $99.9951. Turnall Holdings capped the top five winners of the day after a 4.63% surge to $4.2400. Market spend dipped 37.26% to $142.48m while, volume of shares traded plunged 41.30% to 1.93m. OK Zimbabwe was the top volume and value driver of the day as the group claimed 48.57% of the former and 26.56% of the latter. Other notable value drivers of the day were Innscor (22.50%), Delta (9.99%), Econet Wireless (7.92%) and FBC Holdings (7.58%). A cumulative 106,685 shares worth USD$50,550 exchanged hands on the VFEX. The worst faller was Padenga that eased 12.20% to USD$0.2950 followed by Seed Co International that pared 8.68% to USD$0.3000. Simbisa shed 0.29% to settle at USD$0.4800. On the ETF section, three ETFs gained against one that faltered. Cass Saddle ticked up 6.47% to $1.9700 on 20,343 units trailed by Datvest that trimmed 0.64% to $1.5800. MIZ was flat $1.3000 on 2,100 units while, the Old Mutual ETF lost 0.24% to $7.4823. The Tigere REIT let go 5.66% to $50.0000 on a paltry 100 units.