Market Comment - 17.11.2022

Masimba lifts activity aggregates... Construction group Masimba highlighted today’s trading session as circa 6.22m shares worth $466.93m exchanged hands. The trade represented 66.24% of total volumes and 58.30% of value outturn. Resultantly a total of 9.39m shares traded on the bourse as volumes ballooned 462.25%. Turnover for the day surged 382.19% to end at $800.86m. Other notable value drivers of the day were Delta and Econet that claimed 22.18% and 15.05% of aggregate apiece. Proplastics headlined the day’s losers after shedding 9.42% to $25.0000 trailed by spirits and wines manufacturer AFDIS that dipped 7.09% to $275.0000. Econet plunged 3.41% to end at of $69.5263 as Econet spin-off Ecocash Holdings shrunk 2.29% to $37.0000. Hotel outfit African Sun capped the top five fallers on a 1.58% slip to $25.5000. Gainers were led by brick manufacturer Willdale that went up 1.58% to $2.8486. Beverages giant Delta advanced 0.91% to $197.9296 post the release of their HY2022 results in which operating profit jumped 34.37$ to ZWL$44.46bn in inflation adjusted terms. Innscor, OK Zimbabwe and Masimba Holdings had marginal gains of 0.13%, 0.04% and 0.0001% as the trio closed at $312.0574, $29.9517 and $75.0001. The market recorded a negative breadth of seven as twelve stocks declined against five that rose. Foreign outflows stood at $125.56m while, inflows amounted to $14.40m as foreigners disposed of Delta. The All-share Index lost 0.65% to end at 13718.92pts while, the ZSE Top Ten Index was 0.45% softer at 7791.75pts. The Mid-cap Index was 0.86% weaker at 32670.74pts as the ZSE Agriculture Index slipped a marginal 0.01% to close at 73.13pts. On the VFEX, Padenga was the only counter to trade as 24,202 shares exchanged hands at a stable price of USD$0.2450. In the ETF section, the Datvest ETF ticked up 0.10% to $1.6185 while, the Old Mutual plunged 11.91% to $5.5577.