Market Comment - 26.08.2022

Delta drags down the market further... The market faltered further in week-ending session dragged down mainly by beverages group Delta. The mainstream All Share Index slipped 2.05% to 14071.03pts while, the ZSE Top Ten Index trimmed 2.87% to 8470.26pts. The Mid Cap Index retreated 0.04% to close at 29488.41pts. Contrastingly, the ZSE Agriculture Index put on 0.03% to 78.38pts. Delta led the laggards of the day on a 9.67% dip to $224.0092, having traded an intra-day low of $210.8000. Trailing was First Capital bank that succumbed 5.76% to $7.0074, having released its HY22 results in which the bank recorded an increase in net interest income and net fees and commissions by 12% and 18% respectively. The group declared an interim dividend of ZWL$0.4423. The duo of banking groups in ZB and NMB declined 4.91% and 2.81% to $80.0000 and $16.5143 apiece. Apparel retailer Edgars completed the top five shakers of the day on a 1.61% loss to $7.6250. Partially mitigating today’s losses were gains in General Beltings that jumped 10.55% to $1.5500 while, SeedCo Limited surged 3.85% to $79.0000. Property concern FMP rose 2.33% to $7.0917 as African Sun ticked up 2.15% to $15.8338. Retailers OKZIM capped the top five winners’ pack on a 0.63% improvement to $31.7074. Volume of shares traded rose 65.27% to 3.72m as turnover went up 21.82% to $265.27m. Volume drivers of the day were First Capital (38.53%), OKZIM (23.90%), Econet (13.05%) and Delta (12.17%). Delta, Innscor, Econet and OKZIM claimed a combined 92.49% of the value outturn. Padenga was the only counter to trade on the VFEX as 169,073 shares worth USD$57,485 exchanged hands at a stable price of $0.3400. Three ETFs registered price movements in the session as Datvest and Morgan and Co MIZ went down 4.85% and 1.90% to settle at $1.6080 and $1.2263 apiece. Old Mutual ETF gained 0.02% to trade at $5.1400. Cumulatively, 1.20m units worth $5.43m traded in the five ETFs.