Market Comment - 24.01.2022

ZSE commences new week in the red... The market continued to falter in Monday’s trades registering its fourth consecutive session of losses. The All-Share Index and the Industrial Index let go a similar 0.28% to close at 11292.66pts and 37315.26pts apiece. The ZSE Top Ten Index retreated 0.46% to end at 7151.56pts. Medtech was the worst faller of the day on a 7.68% trim to $23.0800, trailed by Star Africa that shed 6.62% to $1.4973. Mashonaland holdings lost 4.87% to trade at $2.4734 as dairy processor Dairibord eased 4.12% to $36.0067. Construction concern Masimba capped the top five laggards of the day on a 3.94% decline to $50.0000. Headlining the risers pack was logistics group Unifreight that surged 14.29% to $32.0000 as giant retailer OKZIM followed on a 5.57% lift to $26.8840. Banking group CBZ put on 4.53% to settle at $70.0760 while, packaging group Nampak added 3.91% to $13.5000. Zimpapers completed the top five winners of the day on 3.24% rise to $3.0000. It was a fallers market as losers outweighed gainers by a count of five, as four sailed stable. Activity aggregates faltered as volumes shed 22.02% to 2.59m shares while, value outturn slipped 8.04% to $148.46m. Volume leaders of day were CBZ, Star Africa, OKZIM and Cassava with respective contributions of 25.41%, 21.34%, 17.73% and 12.14%. Value outturn was anchored by CBZ, Hippo, Cassava and Innscor which claimed a combined 66.15%. SeedCo International went up 0.11% to USD$0.2845 while, Padenga remained stable at USD$0.2100 as 5,037 shares worth USD$1,057.77 exchanged hands. The two ETFs traded sideways as Old Mutual ETF grew 0.94% to $6.9841 while, the Morgan and Co ETF came off 5.13% to $12.5225. Elsewhere, apparel retailer Truworths released its FY21 results in which a loss after tax of $45.37m was reported in inflation adjusted terms, with the loss mainly attributable to Covid-19 lockdowns.