Market Comment - 29.07.2022

Turnall highlights market as July ends... Turnall highlighted the month-ending session as 52.51m shares worth $239.99m exchanged hands. Turnall claimed 96.88% of total volumes and 48.23% of the value outturn. Volume of shares traded ballooned 414.21% to 54.21m while, turnover succumbed 71.18% to $498.02m. Construction group Masimba led the decliners of the day on a 9.48% slump to close at $43.4500. Dairy processor Dairibord trailed as it shed 7.06% to $30.3444 reversing previous day’s gains. Banking group First Capital overturned prior session’s gains to record a 4.29% loss to $10.5286. Turnall dropped 2.77% to $4.5700 as General Beltings tumbled 2.35% to $1.5311 as it capped the top five shakers of the day. Packaging group Nampak headlined the winners’ pack on a 9.09% jump to $12.0000 followed by First Mutual Holdings that grew 2.88% to $17.4000. Retailer OKZim put on 2.37% to end pegged at a vwap of $29.9513 while, FBC rose 1.23% to $65.8000. The fifth position of the risers’ table was held by Axia that advanced 1.22% to $79.9336. The mainstream All Share Index retreated 0.11% to 16594.91pts while, the ZSE Top Ten Index shrank 0.06% to 10265.73pts. The ZSE Agriculture Index slipped 0.21% to 92.98pts as the Mid Cap Index stumbled 0.13% to 33019.62pts. On the VFEX, Padenga went up 3.15% to USD$0.3205 as Bindura sailed stable. The three ETFs that traded in the positive territory were Cass saddle, Datvest and MIZ with respective gains of 3.83%, 0.85% and 0.18%. The Old Mutual ETF was the sole faller with a 10.14% dip to close at $7.6300. Elsewhere, the Minister of Finance presented the midterm fiscal budget as he projected revenue of $1.7trillion against expenditure of $1.9trillion. Economic growth was also revised from 5.5% to 4.6% due to poor agriculture session and global inflationary pressures.