Market Comment - 23.11.2022

ZSE overturn losses in mid-week session... The market recorded modest gains in the mid-week session as selected heavies bolstered the ZSE. The primary All-share Index rose 2.75% to 14099.90pts while, the Blue-Chip Index edged up 3.51% to 8083.30pts. The Agriculture Index ticked up 0.04% to 73.26pts as the Mid-Cap Index jumped 21.53% to 39925.09pts. Leading the gainers of the day was Mash Holdings that advanced 14.70% to close the day pegged at a vwap of $10.3233. Trailing was fast foods group Simbisa that surged 11.72% to $234.9769. Clothing retailer Truworths garnered 11.31% to $2.4489 while, Beverages giant Delta, added 6.55% to $214.4777. Bankers NMB capped the winner’s’ list on a 4.09% uplift to close the day at $25.0018. while led the laggards of the day on a 5.56% drop to $9.0000 while, spirits and wines manufacturer AFDIS lost 5.45% to settle at $260.0000. Retailers OKZIM trimmed 2.40% to $30.5187 while, Art Holdings slipped 0.65% to $15.4000. First Capital Bank completed the top five losers’ list after a 0.53% slump to $9.0327. Seventeen counters gained ground against eight counters that lost their grip to see the market close with a positive breadth of nine. Activity aggregates were depressed in the session as turnover dropped by 89.55% to $132.84m while, volumes decreased by 88.95% to 1.55m. NMB, Simbisa, Econet and Mash Holdings were the top volume drivers as contributed a combined 85.47% to the outturn. Simbisa, Econet, NMB, Meikles and Delta contributed 64.39%, 14.20%, 7.222%, 5.65% and 3.44% to the value aggregate respectively. On the VFEX, Padenga slid 0.04% to USD$0.2799 while, Seed Co International hopped 2.77% to close at USD$0.3597. The Datvest ETF and MIZ ETF edged up 0.42% and 0.83% to $1.7071 and $1.2100 accordingly. Contrastingly, the Morgan and Co ETF and the Old mutual ETF shed 9.09% and 1.77% with the former closing at $20.0000 and the latter at $5.6000.