Market Comment - 28.11.2022

ZSE mixed as Nedbank ZDR debuts... The VFEX market welcomed a new listing today: Nedbank ZDR, no trades took place in the newly listed counter as it closed at a price of $13. 2603.The mainstream All Share Index ticked up 0.12% to 14238.86pts while, the Blue Chips Index inched up 0.94% to 8282.37pts. On the downside was ZSE Agriculture Index and the Mid Cap Index that lost 1.33% and 1.48% to 72.08pts and 32356.81pts respectively. The top gainer of the day was Mashonaland Holdings that jumped 14.58% to $15.4803 followed by General Beltings that gained 5.88% to $1.8000. Banking group First Capital put on 4.78% to $9.4338 as Proplastics edged up 4.31% to $26.0769. Beverages group Delta added 3.59% to close at a vwap of $228.2384. Leading the shakers of the day was SeedCo Limited that dipped 14.94% to $71.1500 trailed by brick manufacturers Willdale that dropped 14.93% to $1.9525. Hotelier African Sun plunged 14.65% to $21.3385 as Zimre Holdings shed 13.58% to close at $4.4112. Star Africa capped the winners of the day on a 10.96% decline to $1.3969. Activity aggregates were depressed in the session as turnover succumbed 68.48% to $66.27m while, volumes in like manner traded went down 63.90% to see 0.88m shares exchange hands. Top volume drivers of the day were Star Africa, Delta and Hippo that claimed a combined 79.83%. Delta and Hippo were the top traded counters by value as the duo contributed 64.05% and 30.18% apiece. Padenga retreated 17.71% to send at USD$0.2300 as 100 shares worth USD$23.0000 were swapped. A cumulative of 12,833 units worth $106,469.60 were exchanged in three ETFs. The Old Mutual ETF extended 6.93% to $6.0373 while, the Datvest MCS rose 0.12% to $1.7000. Elsewhere, the National Railways of Zimbabwe pension fund plans to list its Retail Investment Trust (REIT) on the ZSE during the first quarter of 2023 to unlock value from its properties.