Market Comment - 23.06.2022

Econet anchors activity aggregates... Telecoms giant Econet carried the day as 13.99m shares worth $2.54bn exchanged hands at a vwap of $181.1717. Econet contributed 88.67% to total volumes and 92.97% of the value outturn. Volume of shares traded ballooned 709.52% to 15.78m while, turnover jumped 848.90% to $2.73bn. Foreign sales amounted to $2.41bn as Econet and Ecocash were the foreigners’ selling stocks while, purchases stood at $1.19m as foreigners cherry-picked Edgars and Econet. Twenty-seven counters registered price movements in the session distributed into eighteen fallers and nine gainers to see the market close with a negative breadth of nine. Partially offsetting today’s losses were gains in General Beltings that surged 14.23% to $1.2816. Following was mining house RioZim that garnered 14.17% to settle at $110.0000. RTG and Mashonaland added a similar 11.11% to close at respective prices of $10.0000 and $7.2952. Property concern FMP completed the top five winners of the day on a 7.79% uplift to $11.7460. Ecocash was the worst performer of the day as it dipped 12.32% to $87.4786 trailed by Dairiboard that shed 10.89% to close at $45.0000. Insurer FML retreated 10.66% to $25.0166 as apparel retailer Edgars trimmed 8.15% to $4.5925. Retailer OKZIM slipped 7.61% to $41.2887 as it capped the top five losers of the day. The mainstream All Share Index came off 2.62% to 21467.01pts while, ZSE Top Ten Index let go 3.51% to end at 13514.08pts. The ZSE Agriculture Index was 0.56% softer at 120.0000pts while, the Mid-Cap Index dropped 0.30% to 40747.35pts. The three risers in the ETF market were Old Mutual, Morgan and Co Multi sector and Morgan and Co MIZ with respective gains of 12.06%, 6.78% and 0.81%. The Datvest ETF was the only decliner among the ETFs as it slid 4.63% to $2.0000. No trades were recorded on the VFEX market.