Market Comment - 17.03.2022

ZSE breaks seven day losing streak ... The market rebounded in the penultimate session of the week, halting losses accumulated for the past seven consecutive days. The All-Share Index advanced 1.54% to 14505.38pts while, the segregated Industrials rose 1.55% to 47951.62pts. The Blue-Chip Index was the biggest riser amongst the indices under our review as it went up 2.53% to close at 9584.06pts, buoyed by gains in Delta, Econet and Simbisa. On the contrary, the Mid-Cap Index was the only loser amongst the indices as it relinquished yesterday’s gains by 1.48% to 24054.59pts. Heavy Cap counters Econet and Delta headlined the gainers’ list of the day as the duo gained 7.27% and 4.83% to see the former close at $129.1856 while, the latter was at $220.2448. General Beltings was up 4.80% to $1.6815 while, plastic manufacturer Proplastics added 4.65% to end pegged at $33.4850. Tanganda Tea Company capped the top five winners of the day as it extended prior sessions gains by 3.90% to $80.0000. Truworths led the laggards of the day as it pared 17.48% to $1.6009, followed by AFDIS that reversed prior session’s gains after declining 16.67% to settle at $220.0000. Hotelier Africa Sun let go 12.82% to trade at $5.4158 on waning demand while, Medtech shed 7.32% to close at $19.0000. Bankers FBC capped the top five shakers of the day after easing 6.29% to $30.0000. Activity aggregates improved as volumes traded jumped 147.63% to see 7.62m shares exchange hands while, turnover ballooned 125.70% to $358.80m. Driving value aggregates of the day were Innscor, Hippo, FBC and Delta with respective contributions of 22.88%, 17.30%, 14.15% and 10.12%. The trio of FBC, Star Africa and First Capital led the value aggregates of the day as they claimed a combined 57.77% of the aggregate. ETFs declined in the session, Datvest MCS slumped 5.94% to $1.7365 while, the Morgan & CO ETF eased 3.45% to $14.0000. Foreign buys ballooned by 95989.50% to $68.1m as foreigners cherry picked Hippo while, sells declined by 74.17% to $13.27m.