Market Comment - 20.06.2022

Blue-Chips drag down the market... The market recorded the fifth consecutive session in losses as blue-chip indices continued to weigh down the market in week-opener. The primary All Share Index let go 1.04% to close at 22662.92pts while, the ZSE Top Ten Index slipped 1.38% to 14501.91pts. The ZSE-Agric Index was down 1.94% at 125.06pts while, the Mid Cap Index trimmed 0.20% to end at 41248.48pts. Leading the laggards’ pack was Hippo that dipped 15% to settle at $331.5000, trailed by African Sun that dropped 8.18% to end pegged at $19.0909. Banking group First Capital shed 3.84% to $12.0199 while, fintech group Ecocash faltered 3.55% to $106.9258. Mining house RioZim let go 2.94% to $110.0000 on 400 shares. The loss mitigation pack was led by Zimpapers that surged 15% to $5.7500, followed by TSL which put on 4.35% to $120.0000. Apparel retailer Edgars rose 2.53% to $4.5140 as banking group CBZ improved 2.43% to $117.1500. Axia capped the top five winners of the day on a 2.31% uplift to $122.7789. The market closed with a negative breadth of nine in a session that traded nineteen fallers against ten risers. Activity aggregates were depressed in Monday’s session as volumes declined 63.82% to 2.84m while, turnover succumbed 86.62% to $177.68m. OK Zimbabwe anchored the volume and value aggregate of the day with respective contributions of 64.23% and 46.35%. Other notable value drivers of the day were Econet and Ecocash which claimed 20.76% and 15.32% of the aggregate apiece. Foreign inflows stood at $1.75m while, outflows were $0.73m leaving the market with a rare net funds inflow position. The ETF market was mixed in the session as Made In Zimbabwe and Old Mutual ETF added 0.43% and 6.82% respectively while, Morgan and Co Multisector and Datvest ETFs slipped 9.41% and 3.79% apiece. On the VFEX, Bindura traded 199,359 shares at an unchanged price of USD$0.0450.