EFE Securities •

1 year ago •

Market Commentary

Market Comment - 09.11.2022

Heavies weighs down the market … The market continued to falter in the midweek session as heavies weakened further. The primary All share Index dropped 1.41% to 14734.58pts while, the Blue-Chip Index lost 1.64% to 8557.68pts. The Mid Cap Index succumbed 0.97% to 33519.26pts as the Agriculture Index advanced 0.65% to 76.24pts. ART headlined the laggards of the day on 11.39% slump to $15.0636 trailed by First Mutual Properties that trimmed 10.11% to $8.0000. Hotelier African Sun slipped 7.23% to $25.0000 while, Axia went down 5.36% to close at $75.8855. Telecoms giant, Econet completed the top five faller’s set on a 3.88% decline to end pegged at $81.9949. Seed producers, SeedCo Limited led the gainers’ list of the day on a 9.56% jump to settle at $90.0000. Cement producers, Lafarge Cement rose 3.33% to $124.0000 as Zimre Holdings advanced 2.27% to $5.1000. Zimplow Holdings added 0.62% to $18.3636 while, bankers CBZ Holdings capped the top five winners’ set on a 0.57% uplift to close at $132.7500. Fourteen counters lost their ground as five counters registered gains leaving the market with a negative breadth of nine. Activity aggregates were depressed in the session as turnover tumbled 77.65% to $55.31m while, volumes declined 86.48% to $0.57m. The top volume drivers of the day were Econet, First Capital, Delta and Meikles that contributed 28.26%, 15.04% 14.69% and 12.38% apiece. Delta, Econet, Innscor and Meikles were the top value leaders of the day as they accounted for a combined 85.63% of the outturn. Padenga was the only counter to register a trade as it hopped 10.0000% to settle at USD$0.2694 on 4,036 shares. On the ETF market, Old Mutual ETF was the sole faller after trimming 11.64% to $5.2907. MIZ ETF put on 1.63% to $1.1100, Morgan and Co MCS ETF rose 1.62% to end pegged at $22.0000 while, Datvest ETF improved 0.09% to $1.7002.