EFE Securities •

1 year ago •

Market Commentary

Market Comment - 10.08.2022

Downward trend continues into holiday shortened week... Downward trend continued into the holiday shortened week, as the market showed no signs of recovery, to see the mainstream All Share dropping 0.70% to close at 15654.10pts. The Top 10 Index slipped 0.69% to 9572.42pts while, the ZSE Agriculture index was marginally down 0.19% to settle at 89.97%, with the Mid-cap Index sliding 0.90% to 31779.13pts. Banking group NMB led the fallers of the day after shedding 15.00% to $17.0000, trailed by property concern Mashonaland Holdings that cast off 13.23% to $4.3349. Clothing retailer Truworths relinquished 9.25% to $1.8507 while, milk processor Dairiboard dipped 6.67% to $28.0000. Hotelier African Sun capped the top five losers set as it pulled back 3.07% to $16.5000. Leading the gainers of the day was Zimre Holdings Limited which added 2.61% to $3.7130 while, Edgars went up 1.66% to 1.66% to $6.1000. Brick manufacturers Willdale grew 0.66% to $2.6271 as retailer OK Zimbabwe rose 0.56% to $30.1690 on firming demand. Completing the winners set was conglomerate Innscor that gained 0.15% to end at $290.3544. Activity aggregates were depressed as volumes plunged 85.26% to 4.53m shares while, turnover declined 40.29% to $268.92. Fourteen stocks subsided against six that advanced leaving the market with a negative breadth of eight. Foreign sales dipped 81.09% to $364,832.75 while, no purchases were recorded in the session. Padenga was the only counter to trade on the VFEX as it improved 2.63% to $USD0.3320 on 1,000 shares. A total of 83,551 units exchanged hands on the ETF sector. Cass Saddle fell 8.88% to $1.5035 as Datvest ended 0.13% lower at $1.6400 while, Morgan & Co ETF trimmed 6.33% to $26.3782. The MIZ ETF was the only gainer as it rose 0.36% to settle at 1.2564.