Market Comment - 23.02.2022

Market weakens further in midweek trades... The market continued to falter in the second session of week, weighed down by weakening demand in selected heavies. The primary All-Share Index and the Industrial Index lost a similar 1.05% to close the day at 15001.60pts and 49605.55pts respectively. The Top Ten Index shed 1.00% to end at 10082.48pts while, the Mid-Cap Index gave up 1.34% to finish at 23637.70pts. The market registered a negative breadth of two as nineteen stocks declined against seventeen that rose. Topping the gainers’ list was spirits and wines manufacturer AFDIS that surged 17.05% to $170.0000 as General Beltings improved 16.85% to $1.8294. Proplastics was 10.60% firmer at $30.0000 while, sugar refiner Star Africa ticked up 5.35% to $1.7245. Cement manufacturer Lafarge completed the top five winners on a 3.65% rise to $85.0419. First Mutual Properties was the top faller after slumping 20.00% to $6.0000 as Axia followed on a 7.90% retreat to $63.8443. Retailer OK Zimbabwe succumbed 7.50% to end at $31.9710 as hotelier African Sun fell 7.35% to $7.8755. Milk processor Dairibord trimmed 5.03% to cap the top five fallers’ category at $33.2396. Activity aggregates were depressed as value outturn dipped 39.46% to $98.04m while, volume of shares traded went down 5.23% to 1.48m. Delta, Innscor and Econet were the major value drivers of the day as the trio contributed a total of 75.57% of the outturn. Other notable volume drivers were Delta, Star Africa and Zimre Holdings with respective contributions of 36.76%,12.85% and 8.86%. On the VFEX, Padenga traded 797,895 shares worth $USD167,557.75 and closed at $USD0.2100 while, Seed Co traded 5,709 shares to close at $USD0.2800. The Morgan and Co ETF advanced 0.26% to $14.5987 on 17,504 units as the Old Mutual ETF let go 2.88% to $8.8928 on 110,339units.