Market Comment - 26.05.2022

ZSE set on a recovery path... The market rebounded in Thursday’s session having resumed trading after a midweek break for Africa day. The Mid-Cap Index was the major gainer amongst the indices as it put on 1.84% to close at 37534.03pts while, the mainstream All Share Index rose 0.56% to 20827.53pts. The ZSE-Agriculture Index was up 0.23% at 124.36pts while, the ZSE Top Ten Index improved 0.12% to end at 13367.37pts. Mashonaland Holdings topped the risers’ set after garnering 14.96% to end at $4.7250. Trailing was Tanganda Tea company that surged 14.72% to settle at $277.3941, albeit on selling pressure. Financial services group Getbucks jumped 11.90% to $11.7500 on scrappy 100 shares, as Zimre Holdings advanced 9.68% to trade at $5.4086. Axia capped the top five winners of day on a 7.93% uplift to $111.4198. Leading the decliners of the day was General Beltings that dipped 14.61% to close at $1.4477 followed by ZB that shed 14.46% to $71.0000. Proplastics trimmed 6.85% to settle at $68.0000 as cement producer Lafarge came off 5.71% to $165.0000. The fifth position was held by Meikles which slipped 3.38% to $170.0482 on waning demand. Activity aggregates were mixed in the session under review as reflected in volumes that succumbed 95.11% to 4.04m shares while, value outturn ballooned 86.68% to $793.92m. Econet and Innscor accounted for a combined 67.97% of the volume aggregate and 79.31% of the value outturn. The other notable value driver was Delta that claimed 10.12% of today’s turnover. The Datvest ETF plunged 8.09% to $2.0171 while, the Old Mutual ETF let go 0.01% to $9.4890. The Morgan and Co ETF gained a negligible 0.02% to $24.0056. No trades were recorded on the VFEX that closed bid in all four counters.