Market Comment - 21.10.2022

ZSE in marginal gains in week-ending trades... The market ended the week in the black as the mainstream All Share Index rose a further 0.85% to close at 14306.79pts. ZSE Top Ten Index and the Agriculture Index added 0.44% and 0.62% to settle at 8415.89pts and 72.95pts apiece. The Mid- Cap Index ticked up 1.67% to 31672.52pts. Property concern FMP headlined the best performers of the day after surging 14.93% to $8.6000 as it extended prior session’s gains. Brick makers Willdale trailed on a 14.29% jump to close at $2.4000. Dairy company Dairibord put on 14.13% to $42.0000 as General Beltings improved 10.73% to $2.0000. African Sun capped the top five winners of the day on a 7.38% lift to $21.6800, having traded a high of $22.0000 in the session. Leading the downside of the market was packaging group Nampak that trimmed 3.33% to $8.7000. Star Africa and Ecocash slipped a similar 0.82% to close at respective prices of $1.6941 and $44.5916. Telecoms giant Econet shed 0.54% to end pegged at $84.3670, having traded an intra-day low of $83.0000. Insurer FML completed the day’s top five losers after letting go 0.39% to close at $25.8002. Price movement was registered in twenty-four stocks disseminated into fifteen risers and nine fallers to leave the market with a positive breadth of six. Volume of shares traded ballooned 105.23% to 4.69m as turnover rose 7.94% to $246.31m. Top volume drivers were Proplastics, Star Africa, Econet and TSL that claimed 24.77%, 24.37%, 22.09% and 13.79% apiece. Anchoring the value aggregate were Econet, Simbisa, Proplastics and TSL with a combined contribution of 87.78% to the outturn. The ETFs traded mixed as two recorded gains against one that faltered. The Old Mutual ETF gained 1.64% to $5.5000 while, Cass Saddle ETF added 0.49% to $2.0700. Morgan and Co MIZ ETF slid 4.85% to $1.1989. On the VFEX, Padenga dropped 4.76% to USD$0.3200 on 10,573 shares as SeedCo International improved 2.70% to USD$0.3800 on 360 shares. Nickel miner Bindura traded 1.07m shares at a stable price USD$0.0295.