Market Comment - 27.01.2022

Heavies sustain market gains... The market remained afloat in Thursday’s trades on the back of gains in heavies. The mainstream All Share Index put on 2.63% to end at 12103.19pts while, the Industrials extended 2.64% to reach 40005.04pts as it surpassed the 40000pts mark. Banking group CBZ headlined the winners of the day on a 9.79% jump to $78.5000 as beverages group Delta trailed on a 9.57% surge to $188.6207 as 112,400 shares were traded in the name. Telecoms giant Econet garnered 9.20% to close at a vwap of $94.3992 having traded an intraday high of $100.0000. SeedCo Limited grew 7.35% to settle at its YTD high of $122.0000. Financial services group Getbucks jumped 3.51% to $5.0200 notwithstanding trading scrappy 100 shares. On the downside was Mashonaland holdings which plummeted 16.49% to $2.0049 trailed by hotelier African Sun that dipped 12.08% to $6.5274 having touched a low of $6.0000 in the session. Apparel retailer Edgars tumbled 11.83% to $4.4020 while, Dairiboard shed 5.35% to $35.0187. Unifreight reversed previous session’s gains after trimming 4.74% to close at $33.5000. The gainers and fallers were equally distributed at seventeen counters. Volume of shares traded soared 82.14% to 3.07m yielding a turnover of $127.62m which was a 14.78% uplift from prior session. Anchoring the value aggregate of the day were Cassava, Delta and Econet with respective contributions of 37.55%, 16.65% and 9.33%. Volume drivers of the day were Cassava, Star Africa and OKZIM claiming a combined 60.67% of the outturn. A total of 13,150 shares exchanged hands in Padenga while, no trades were recorded in the other three counters on the VFX. Morgan and Co ETF rose 0.91% to $13.1060 while, the Old Mutual ETF improved 0.48% to $7.0256. Overall, 219,318 units worth $2.23m were swapped in both ETFS. Elsewhere, AFDIS released a Q4 trading update in which volumes increased by 32% while, their revenues grew by 57% in the quarter In inflation adjusted terms .