EFE Securities •

2 years ago •

Market Commentary

Market Comment - 05.09.2022

Market recovers in week opener... The market recorded marginal gains in Monday’s session spurred mainly by heavies. The All-Share Index put on 0.51% to 13700.70pts while, the Blue-Chip Index rose 0.62% to 8189.92pts. The ZSE Agriculture Index went up 0.03% to 75.75pts as the Mid-Cap Index ticked up 0.29% to close at 29174.07pts. Headlining the risers pack was ART that surged 14.88% to $16.6000 as it closed offered at that price. Logistics concern Unifreight jumped 11.84% to $38.2500 as scanty 900 shares exchanged hands. Conglomerate Meikles reversed prior session’s losses as it hopped 9.00% to end pegged at $100.0000. Fintech group Ecocash Holdings went up 6.45% to $34.7333 closing with a spread of $34.0000 -$35.0000. Proplastics completed the top five winners of the day on a 5.02% lift to $23.0000 on a paltry 100 shares. Fallers of the day were led by BridgeFort Capital that dropped 14.71% to settle at $8.7000 while, First Mutual Holdings followed on a 12.69% dip to $16.1523. Banking group First Capital shed 7.37% to $8.3036 having traded an intra-day low of $7.6200. Mashonaland Holdings trimmed 5.59% to end at $5.2400 as Dairibord capped the top five shakers of the day on a 5.24% loss to $20.8000. Volume of shares traded ballooned 144.37% to 8.63m as Turnall claimed a chunk of 77.90%. Turnover declined 19.26% to $199.97m as Delta, Econet, Turnall, Hippo and Axia anchored the aggregate with a combined contribution of 80.13%. On the VFEX, Padenga traded 1,000 shares worth USD$340.0000 at a stable price of USD$0.3400. A total of 39,170 units worth $130,448.75 exchanged hands in the four ETFs. The Datvest ETF enhanced 6.82% to $1.4955 as the Morgan and Co MIZ improved 2.46% to $1.2500. Elsewhere, Econet declared a total dividend of $1.5bn and shareholders voted to allow the group to buy back a maximum of 10% of its shares on the market.