EFE Securities •
2 years ago •
Market Commentary
Market Comment - 07.07.2022
Blood bath continues the bourse... The ZSE stretched loses in Thursday’s trades to see the primary All Share Index succumbing a further 4.58% to 17521.72pts while, the Mid-Cap Index eased 3.67% to 35094.68pts. The ZSE Top Ten Index was the major casualty amongst its kind as it plunged 5.14% to 10738.02pts dragged down by Axia, BAT, Ecocash and Econet. The Agricultural Index tumbled 4.32% to close at an all-time low of 97.71pts. The duo of BAT and Rainbow Tourism Group headlined the worst performers of day as they dropped a similar 15% to see the former close at $2,380.0000 while, the latter was at $8.5000. Digital media group Zimpapers was 14.91% weaker at $4.6800 while, Proplastics faltered 14.90% to $30.9000. Axia capped the top five fallers’ list of the day as it closed at $84.8607 after a 13.77% loss. Bears dominated the session as the market closed with a negative breadth of twelve in which twenty counters declined against eight risers. Tile and asbestos manufacturer Turnall led the gainers of the day as it advanced 14.89% to $5.4000, followed by African Sun that gained 6.77% to settle at $11.3740. Bankers CBZ jumped 5.98% to $140.0000 while, ART edged up 5.48% to $15.8214. Agricultural concern Ariston capped the top five winners of the day as it put on 3.76% to settle at $2.7045. Activity aggregates enhanced in the session as turnover surged 79.90% to see $391.24m exchange hands while, volume traded ballooned 292.84% to 7.25m shares. Mashonaland and Ok Zimbabwe were the top volume leaders of the day as they claimed a combined 74.82% of the aggregate. Innscor, Simbisa and OKZIM were the top value leaders of the day accounting for 30.23%, 27.76% and 12.95% of the outturn respectively. Foreigners were net sellers in the session as sales rose 30.01% to $0.25m while, foreign buys declined by 65.29% to $0.086m. The ZSE ETF Index was down 0.51% to 436.22pts, weighed down by Morgan & Co MIZ and Morgan & Co MCS that lost 1.08% and 0.36% respectively. The Old Mutual and the Datvest ETFs put on 3.29% and 0.61% apiece. Elsewhere, no trades were recorded on the VFEX.