Market Comment - 28.06.2022

Market registers losses... The ZSE registered losses in Tuesday’s session reversing preceding day’s gains as three of the indices under our review closed in the red. The primary All-Share lost 0.55% to 21166.03pts while, the ZSE Agriculture Index succumbed 1.21% to 119.78pts. The Mid Cap Index pulled back 2.26% to close the day at 40334.01pts. Contrastingly, the Top 10 Index gained a marginal 0.13% to 13294.98pts. Meikles and African Sun led the laggards of the day after shedding 13.98% and 12.68% to $136.7792 and $15.7248 respectively. Seed processor Seed Co Limited trimmed 7.83% to $180.0311 while, Axia retreated 5.06% to $125.7148. Insurer First Mutual Holdings capped the top five fallers’ list on a 4.00% fall to $24.0000. Headlining the gainers’ category was banking group CBZ which surged 13.99% to $186.8874 followed by apparel retailer Edgars that added 2.00% to end pegged at $5.1000. Packaging group Nampak inched up 0.67% to $15.0000 as General Belting put on 0.60% to $1.2978. Zimplow held the fifth position of the winners’ pack on a 0.48% lift to $24.6690. The market registered a negative breadth of sixteen as twenty-three counters lost ground against seven risers. Activity aggregates were depressed in the second session of the week as turnover dipped 14.23% to $778.5m while, volumes dropped 93.00% to 6.16m shares. OKZIM and Ecocash Holdings claimed 29.27% and 27.20% of the volume total apiece. Value outturn was anchored by Innscor, Ecocash, CBZ, Delta and Simbisa with a combined contribution of 68.16%. A total of 500,928 units worth $5.98m exchanged hands in the four ETFs. Morgan & Co multisector and Made In Zimbabwe ETFs advanced 1.73% and 1.27% to settle at $28.2500 and $1.2500 respectively. Datvest ETF shrunk 3.74% to $1.9207 as Old Mutual ETF declined 9.70% to $9.4645 while, no trades were recorded on the VFEX market.