EFE Securities •

2 years ago •

Market Commentary

Market Comment - 08.07.2022

Market subdued in Friday''s session... Slowdown in market activity persisted into the week-ending session. The four benchmarks under our review remained in the red as the Top Ten Index was the major casualty after declining 4.79% to settle at 10223.45pts. The ZSE Agriculture Index trailed after shedding 4.05% to 93.75pts while, the All- Share Index slipped an almost similar 4.04% to 16813.22pts. The Mid Cap Index was 2.46% down at 34231.10pts. Fallers outweighed gainers by a count of eleven, leaving the market with a negative breadth. Leading the downside of the market was FML that dipped 15.00% to $20.4000 as banking group FBC followed on a 13.33% drop to $65.0000. Property concern FMP laid off 11.11% to $8.0000 as insurer Zimre Holdings Limited succumbed 10.53% to $4.1514. Mashonaland holdings capped the top five losers of the day on a 9.54% retreat to $4.3578. The gainers pack was headlined by cement manufacturer Lafarge which surged 14.99% to $146.8000. Apparel retailers Edgars jumped 12.29% to $16.4000 as General Beltings put on 8.64% to $1.3799. Hotelier African Sun improved 5.04% to $11.9477 as Zimplow completed the top five winners on a 4.89% uplift to $17.8571. Activity aggregates were mixed in the session as reflected in turnover that rose 6.54% to $416.85m while, volumes plunged 52.49% to 3.44m shares. Volume drivers of the day were Masimba, Econet, Delta and OKZIM which contributed a shared 91.52%. Turnover was anchored by Delta, Econet, Masimba and Natfoods with respective contributions of 34.83%, 29.71%, 15.82% and 11.41%. The ETF family ended mixed as Morgan and Co MCS, Morgan and Co MIZ and Datvest gained 9.59%, 3.18% and 0.17% to close at $28.5000, $1.2494 and $1.9138 apiece. The Old Mutual ETF went down 4.99% to end pegged at $9.2000. On the VFEX market, Padenga let go 0.84% to USD$0.2600 on 6,000 shares worth USD$1,560.0000.