EFE Securities •

2 years ago •

Market Commentary

Market Comment - 10.03.2022

Activity aggregates enhance as indices falter... Activity aggregates surged in Thursday’s session as volumes traded put on 34.67% to 5.19m shares while, the turnover jumped 88.15% to $570.30m. The top volume drivers of the day were Meikles, FBC, Simbisa and Star Africa that accounted for a combined 63.12%. Value drivers of the day were Meikles, Simbisa and Econet that claimed 36.61%, 19.15% and 10.97% respectively. Leading the shakers of the day was Hippo valley that dipped 20% to $271.2000 trailed by Proplastics which tumbled 10% to $27.0000. Zimre holding shed 8.70% to $3.6513 while, logistics group Unifreight trimmed 5.08% to $28.0000. Star Africa capped the top five losers of the day on a 4.27% slip to $1.4080. On the upside was banking group NMB that improved 11.73% to $14.0000 while, hotelier African Sun rose 6.61% to settle at $9.8992 reversing previous day losses. Construction group Masimba went up 1.74% to $54.0300 while, conglomerate Meikles added 1.74% to $140.9243. Brick manufacturer, Willdale extended 1.69% to close at $2.8500. Thirty counters registered price movements in the session with fourteen counters gaining against sixteen fallers to record a negative market breadth of two. Foreigners were net buyers as purchases amounted to $210.89m against sales of $16.95m with Meikles being the foreigners’ best pick. The Datvest Consumer Staples ETF declined 15.07% to $1.8940 while, the Morgan and Co ETF lost 0.05% to $14.6924. The Old Mutual ETF was the only riser in its league with a 6.41% uplift to $9.4617. On the VFEX, nickel miner Bindura gained 9.76% to end pegged at USD$0.0450 on 21,300 shares. The four benchmark indices in our review closed in the red with the mainstream All Share Index letting go 0.57% to 14728.09pts while, the Industrial Index slumped 0.58% to 48690.78pts. The ZSE Top Ten Index tumbled 0.73% to 9723.45pts while, the Mid Cap Index lost 0.04% to 24541.92pts.