EFE Securities •

2 years ago •

Market Commentary

Market Comment - 04.02.2022

Gains extend on the bourse ahead of MPS... The market capped the week in gains as the nation awaits the Monetary Policy Statement slated for next week. The mainstream All Share Index went up 1.83% to 12529.84pts while, the Industrials added an almost identical 1.84% to reach 41425.42pts. The ZSE Top Ten Index rose 1.94% to 8201.62pts while, the Midcap recovered from prior session losses as it improved 2.19% to 21435.44pts. Nineteen counters closed in the black while, nine faltered to register a positive market breadth of ten. Axia was the top riser of the day on a 13.65% surge to $50.0000 as financial services group ZB gained 11.20% to $78.9500. FMP jumped 8.44% to $6.7233, reversing yesterday’s losses while, retailer OKZIM ticked up 5.12% to $26.2858. Telecoms giant Econet completed the winners’ pack on a 4.91% lift to $105.2532 having traded an intraday high of $106.1000. Tanganda was the major casualty of the day having dipped 13.65% to end at $60.1000, trailed by Cassava that tumbled 1.12% to $56.0183. Conglomerate Meikles retreated 1.09% to $123.6371 while, clothing retailer Edgars slipped 0.58% to $4.4030. Brick manufacturer Willdale lost 0.56% to settle at $3.6000. The volume aggregate ballooned 208.50% to 11.86m shares while, value outturn swelled 177.99% to $1.07bn. Econet was the top volume and value driver of the day claiming 54.87% of the latter and 63.62% of the former. The other notable volume driver of the day was Star Africa which contributed 14.56% of the outturn. Foreign purchases amounted to $1.81m while, sales stood at $41.25m, leaving the market with a net funds outflow position of $39.44m. The Morgan and Co ETF was 1.68% weaker at $13.5025 while, the Old Mutual ETF let go 5.45% to trade at $6.4204. No trades were registered on the VFEX.