EFE Securities •

2 years ago •

Market Commentary

Market Comment - 11.05.2022

Market weakness persists ... Market weakened further in midweek trades as the primary All share Index lost 6.10% to settle at 24117.59pts. The ZSE Top Ten Index was 7.41% weaker at 15700.19pts while, the Industrial Index shed 6.14% to 79503.10pts. The Mid-cap Index gave up 2.15% to finish at 41718.34pts. Twenty-two stocks fell against eight that gained, leaving the market with a negative breadth of fourteen. Turnall was the top faller after slumping 14.85% to $6.5000 as brick manufacturer, Willdale followed on a 14.23% retreat to $3.2508. Fast foods group Simbisa tumbled 13.67% to end at $256.7616 as clothing retailers Edgars fell 11.22% to $5.2083, reversing previous day gains. Packaging group Nampak trimmed 11.04% to cap the top five fallers’ category at $22.2411. Headlining the gainers’ list was Ariston that surged 7.38% to $3.9630 while, life assurer Fidelity overturned prior session losses to record a 2.78% gain as it ended at $18.5000. Construction group Masimba holdings was 1.09% firmer at $70.8026 while, insurer First Mutual ticked up 0.62% to $21.8000. General Beltings completed the top five winners of the day on a 0.42% rise to $2.1991. Activity aggregates were mixed as value outturn jumped 226.11% to record a high of $1.09bn while, volume of shares traded went down 89.00% to 4.38m shares. National Foods, Delta and Econet were the major value drivers of the day as the trio contributed a total of 83.24% of the outturn. Volume drivers of the day were Delta, First Capital and Fbc Holdings with respective contributions of 24.53%, 12.43% and 11.72%. On the VFEX, Bindura traded 24,942 shares worth USD$1,184.74 and closed at USD$0.0475. The Morgan and Co ETF advanced 6.56% to $22.3788 on 264 units, as the Old Mutual ETF let go 4.31% to $9.9895 while, the Datvest ETF eased 5.65% to $2.1425.