EFE Securities •

2 years ago •

Market Commentary

Market Comment - 04.01.2022

ZSE slips as Morgan and Co ETF debuts... The market faltered in its second trading session of the year as major Indices in our review swung back into the red. The primary All Share Index went down 1.39% to 35839.58pts while, the Industrial Index lost 1.38% to end at 10845.57pts. The Top Ten Index slid 1.81% to close at 6807.08pts. Turnall Holdings led the gainers of the day on a 18.15% surge to $4.1352 as banking group NMB rose 16.97% to $10.9951. Insurer First Mutual Holdings advanced 5.00% to $21.0000 as Simbisa Brands improved 4.75% to $94.8752. Sugar refinery Star Africa gained 4.05% to $1.2137 and completed the top five risers’ list. Thirty-seven counters registered price movements as thirteen rose while, twenty-four lost ground, leaving the market with a negative breadth of eleven. Foreign participation recorded a net funds outflow position of $8,049,281.20 as sales outstripped purchases. First Mutual Properties was the major casualty for the day as it shed 8.05% to close at $6.7254 on waning demand. Cassava Smartech trailed on a 7.28% fall to $43.5048 as CBZ Holdings eased 6.69% to $74.9429, closing well offered lower. Brick manufacturer Willdale Limited was 6.11% weaker at $3.3802 while, hotelier Rainbow Tourism Group completed the decliners pack on a 5.28% drop to $7.2938. Activity aggregates improved in the session as reflected in volumes that jumped 63.81% to 2.5m shares while, turnover was 90.93% firmer at $127.7m. Major value drivers were Meikles, Delta and Econet which claimed a combined 65.42% of the value outturn with other counters sharing the remaining chunk of 34.58%. Top volume drivers of the day were Zimre (33.48%), Meikles (12.03%), OK Zimbabwe (8.34%), Delta (8.04%) and Econet (7.30%). The newly listed Morgan and Co ETF traded 919,162 units worth $10,090,240 and closed at a price of $10.9777, while, no trades were registered on the VFEX.