Market Comment - 19.01.2022

Market falters in mid-week session... The ZSE faltered in the mid-week session as heavies and mid-cap counters weighed down the market. The All-Share Index reversed prior sessions gains as it shed 4.45% to close at 11687.43pts while, the segregated Industrials lost 4.47% to 38625.29pts. The Blue-chip Index was down 4.81% to 7514.03pts with major losses being recorded in Innscor, Econet and Delta. Headlining the fallers pack of the day was Axia that relinquished prior session gains as it plunged 18.38% to $41.1133, trailed by Mashonaland Holdings that declined 16.69% to trade at 2.4585. TSL eased 16.39% to $75.2482 while, hotelier African Sun tumbled 15.81% to $5.8000. Conglomerate Innscor capped the top five fallers pack on 13.52% fall to trade at $185.0596. Headlining the gainers of the day was Medtech that surged 18.06% to $25.0000, albeit on scrappy shares, followed by Zimpapers that reversed previous losses as it ticked up 16% to $2.9001. Zimre Holdings Limited continued to reinforce its gains as it rose by 7.88% to $3.7991 while, Unifreight was 4.35% up at $26.0870. Masimba Holding sealed the top five risers pack of the day on a 4.10% gain to $52.0500. A total of twenty-eight counters registered price movements distributed into twelve gainers and sixteen fallers to leave the market with a negative breadth of four. Volume of shares traded jumped 57.31% to 1.20m shares as Axia, Econet, and Star Africa claimed 31.88%, 15.60% and 10.96% respectively. Turnover enhanced 91.18% to $80.05m with Innscor, Delta, Econet and Axia emerging as top traded counters by value as they contributed a combined 86.96% of the aggregate. The Old Mutual ETF was up 2.32% at $6.8114 while, the Morgan & Co ETF was down 1.25% to $13.2785. A total of 136,835 units worth $1,46m exchanged hands in the two ETFs. Elsewhere, no trades were registered on the VFEX.