EFE Securities •

2 years ago •

Market Commentary

Market Comment - 02.06.2022

Mid and small cap counters lead in gains.. The market upswing continued in the second trading session of the month, as mid and small cap counters led the market gainers. The primary All Share Index put on 1.53% to 23747.50pts while, the ZSE Top Ten Index extended 1.72% to 15842.11pts. The Mid Cap Index ticked up 1.55% to 38562.94pts while, the ZSE Agriculture Index added 0.26% to end at 120.61pts. Property concern FMP topped the gainers’ list on a 14.92% jump to $7.4700, trailed by Zimplow that garnered 14.88% to $22.0000. Dairibord advanced 14.00% to end at $57.0000 on reports that the milk processor will invest in solar energy. Hotelier RTG swelled 11.63% to $7.9032 as banking group NMB capped the top five risers of the day on a 10.48% lift to $30.0892. TSL was the worst performer of the day after shedding 3.45% to $82.0700. Following was Proplastics that trimmed 2.94% to $66.0000 while, Tanganda let go 1.80% to $245.4500. Retailer OKZIM slipped 0.92% to $42.0046 and Econet completed the top five fallers’ set on a 0.48% loss to $239.2509. Volume of shares traded ballooned 104.62% to $6.91m as OKZIM and Mashonaland claimed 34.73% and 31.52% of the total volumes traded. Turnover eased 5.40% to $699.54m with value leaders of the day : Innscor, Simbisa, Delta, OKZIM and National Foods which contributing a combined 90.76% of the outturn. Nickel miner Bindura grew 3.81% to settle at USD$0.0327 as 205,079 shares worth USD$6,697.33 exchanged hands. The three ETFs closed pointing northwards with the Datvest gaining 4.14% to $2.0762 and the Old Mutual improving 1.05% to $10.7795 while, the Morgan and Co rose 0.17% to $23.9933. Elsewhere, Delta released its FY22 results in which the beverages group recorded a 51.94% increase in profit after tax to $16bn in inflation adjusted terms.