EFE Securities •

2 years ago •

Market Commentary

Market Comment - 03.06.2022

Econet and its spinoff drag down the market... The ZSE faltered in the week ending session weighed down mainly by heavies Econet and its spin off Ecocash Holdings to see their index, the Top Ten shed 1.20% to 15651.73pts. The mainstream All Share Index trimmed 0.26% to close at 23685.59pts. Contrastingly, the ZSE Agriculture Index was up 0.27% at 120.94pts while, The Mid Cap Index put on 2.11% to 39374.98pts. Ecocash Holdings led on a 5.37% dip to settle at 123.8019 while, Proplastics shed 1.52% to $65.0000 as telecoms giant Econet let go 0.89% to close at a vwap of $237.1306 on selling pressure. Conglomerate Meikles slipped 0.58% to $171.0000 while, NMB capped the top decliners of the day on a 0.30% slide to $30.0000 as it reversed prior session gains. On the upside was property concern FMP that headlined the gainers’ pack for the second consecutive session. Axia jumped 7.75% to $138.0000 as OK Zimbabwe surged 7.15% to $45.0095 following the announcement of its dividend declaration of ZWL$0.3650 and US$0.0013. Hotelier African Sun added 7.13% to $18.0068 as banking group First Capital completed the top five winners of the day on a 2.84% rise to $10.2846. Foreign sales amounted to $3.31m as Econet and Fidelity were the foreigners’ selling stocks against nil purchases position. Activity aggregates were depressed in the session as volumes dropped 72.73% to $1.88m while, turnover succumbed 29.42% to end at $493.70m. The trio of Delta, Innscor and Simbisa anchored the value aggregate with respective contributions of 43.68%, 32.81% and 16.66% to the outturn. Volumes leaders of the day were Delta, Simbisa, Innscor and Star Africa with a combined contribution of 76.37%. On the VFEX, Padenga improved 1.36% to $0.2304 while, Bindura grew 1.22% to $0.0331 as a total of 6,203 shares traded. The Old Mutual ETF ticked up 1.08% to $10.8964 as the Datvest ETF tumbled 3.99% to $1.9933.