Market Comment - 26.01.2022

Blue-chips buoys ZSE gains... The market continued to firm in midweek session spurred by gains in market heavies. The All-Share Index went up 2.79% to 11792.65pts as the Industrial Index grew 2.80% to 38974.49pts. The Top Ten Index gained most as it rose 3.76% to 7576.54pts. Topping the risers of the day was insurer First Mutual Holdings that surged 20.00% to trade at $21.6000, trailed by Cassava Smartech that garnered 15.14% to close at a vwap of $59.8798. Agricultural concern Ariston put on 9.55% to $3.5292 while, hotelier African Sun extended 5.22% to $7.4242. Completing the top five gainers of the day was logistics group Unifreight which gained 4.98% to $35.1667. Other notable risers of the day were Delta (+3.94%), Innscor (+3.49%) and Econet (+1.70%). Life assurer Fidelity was the worst faller of the day on a 19.27% drop to $11.35000. Following was TSL that shed 6.11% to $75.1111. Brick manufacturer Willdale retreated 5.11% to close at $3.2273 as Zimpapers lost 5.06% to end pegged at $2.7081. Star Africa trimmed 3.42% to $1.4426 as it capped the top five shakers of the day. Twenty-eight counters registered price movements in session as gainers outweighed losers on a count of four. Activity aggregates were depressed as the volume of shares traded slid 55.00% to 1.68m shares while, turnover was 61.83% lower at $111.19m. Cassava was the top traded stock by volume and value as the group claimed 33.75% of the former and 30.78% of the latter. Other notable value drivers were Innscor (17.15%), Delta (16.39%), Simbisa (14.94%) and Econet (7.08%). The Old Mutual Top Ten ETF added 0.36% to $6.9917 while, the Morgan & Co ETF rose 1.47% to $12.9882. Elsewhere, on the VFEX 63,900 shares exchanged hands in Bindura at a stable price of USD$0.0600.