Market Comment - 24.05.2022

Marginal declines ahead of Africa day holiday... The market recorded marginal declines in Tuesday’s session ahead of the Africa day holiday. The primary All- Share Index lost 0.12% to end at 20711.42pts while, the Industrial Index went down by an almost similar 0.13% to trade at 68341.23pts. The ZSE Top Ten Index swung back into the negative territory having enjoyed marginal gains in yesterday’s session, as it slipped 0.10% to 13351.98pts in today’s session. The Mid-Cap Index was the only gainer amongst the indices on a 1.28% rise to finish at 36856.58pts. Zimplow Holdings led the losers of the day on a 9.18% drop to $21.2750, as Axia followed on a 9.09% retreat to end pegged at $103.2353. Sugar processor Star Africa trimmed 7.75% to $1.8000 reversing its prior sessions’ gains. Meikles shed 6.38% to settle at $176.0000 while, construction firm Masimba Holdings capped the laggards of the day after giving up 5.23% to trade at $55.0000. Headlining the gainers’ pack was cement producer Lafarge that surged 14.38% to $175.0000, trailed by brick manufacturer Willdale which improved 14.12% to $3.2000. Tea processor Tanganda jumped 9.92% to $241.8071 following was packaging group Nampak that rose 7.59% to $17.0000. Completing the top five winners of the day was hotelier African Sun that added 5.22% to $13.8326. The market registered a negative breadth of eight as twenty counters lost ground against twelve that advanced. Clothing retailer Truworths was the major volume and value contributor accounting for 97.25% of the former and 32.15% of the latter. Other notable value drivers of were Axia, Econet, Innscor and Delta that claimed a combined 51.25% of the turnover. The Datvest ETF inched up 2.41% to $2.1947 while, the Old Mutual ETF secured a marginal gain of 0.09% to $9.4899. The VFEX registered no trades in the session.