Market Comment - 31.01.2022

ZSE retreats in Monday trades... The ZSE faltered in month-closing session as all the three indices that we review ended the day pointing southwards. The All-Share Index and the Industrials shed an identical 0.33% to close at 12079.74pts and 39930.84pts apiece. The ZSE Top Ten Index let go 0.59% to end at 7817.52pts. The market closed with a negative breadth of six as nineteen bears charged on thirteen bulls. Dairibord led the losers of the day on a 6.71% drop to $35.0765 reversing prior session gains. Fintech group Cassava trimmed 6.45% to $54.2680 having traded an intra-day low of $54.2500 while, Star Africa slipped 2.97% to $1.4651, despite reporting a revenue growth of 38% to $3.9bn for its HY21. Microfinance group Getbucks tumbled 2.56% to $4.9174 while, mining house RioZim pared 2.22% to end pegged at $44.0000 on scrappy 100 shares. Mashonaland Holdings headlined the winners of the day on a 20% jump to settle at $2.7600 extending previous session’s gains. Brick manufacturer Willdale put on 14.97% to $3.7000 post the release of its FY21 results in which the group reported a PAT of ZWL$177.77m which was a 439.73% surge from prior comparable year. National Tyre Services advanced 9.59% to $5.6000 while, apparel retailer Edgars gained 8.89% to $4.9000. Completing the top five risers of the day was Fidelity life that rose 5.26% to $12.0000. Volume of shares traded dropped 22.81% to 2.37m while, value outturn went up 36.69% to $174.45m. Cassava and Star Africa anchored the volume aggregate with respective contributions of 32.57% and 12.04%. The top value drivers of the day were Hippo, Cassava, Delta and Econet that claimed a combined 83.53% of the outturn. On the VFEX, Bindura plunged 16.67% to USD$0.0500 on 21,951 shares worth USD $1,097.55. Morgan and Co ETF retreated 3.56% to $13.9482 while, the Old Mutual ETF slid 0.88% to $7.5769. A total of 272,315 units worth $3.52m exchanged hands in the two ETFs.