Market Comment - 18.01.2022

ZSE scratches gains amidst low volumes...The market scratched gains in Tuesday’s session as the primary All Share Index and the Industrial Index added a similar 0.17% to close at 12231.70pts and 40431.58pts respectively. The Blue-Chip Index was the only casualty of the day amongst the three indices under our review as it lost a negligible 0.01% reversing prior sessions gains and closed at 7893.52pts. Zeco Holdings topped the gainers’ list on a 100% jump to $0.0200, followed by sugar refinery Star Africa which rose 12.59% to $1.7482. Axia maintained its charge as it advanced 11.93% to close at $50.3687 while, Zimre Holdings made a rebound of 9.49% to $3.5217. First Mutual Properties completed the top five risers of the day having surged 5.92% to finish at $7.4482. Logistics company Unifreight led the fallers’ pack on a 16.67% decline to $25.0000, trailed by Zimbabwe Newspapers that slid 13.79% to $2.5000. Clothing retailer Edgars was 6.87% weaker at $4.5375 while, life assurer Fidelity continued to lose ground as it shed 6.27% to $14.0588. Conglomerate Meikles capped the top five laggards of the day after letting go 4.40% to end at $142.6000. The risers and fallers spectrum was equally distributed at sixteen apiece. Volumes traded dropped a further 39.33% to 0.76m shares while, turnover retreated 50.91% to $41.87m. Heavies Econet, Cassava, Simbisa and Delta dominated the volume and value categories with a combined contribution of 38.5% to the former and 74.89% of the latter. The other notable volume driver was Star Africa which claimed 26.03% of the aggregate. Elsewhere, on the VFEX Seedco International was 0.02% up at USD$0.2842 as 31,675 shares exchanged hands. The Old Mutual ETF improved 10.25% to $6.6569, having traded 18,811 units while, the Morgan and Co ETF inched up 2.64% to close at $13.4468.