EFE Securities •

2 years ago •

Market Commentary

Market Comment - 12.08.2022

Bearish sentiment confirms... The market wrapped the week on sustained bear-run as sell-off persisted across the board. The primary All -Share Index dropped a further 1.13% to see it ending at 15,129.49pts with the Top Ten Index plunging 1.60% to settle at 9154.38pts. The ZSE Agric and Mid-Cap Index lost a negligible 0.04% and 0.08% to end at 89.54pts and 31257.30pts respectively. Activity aggregates improved in the session as reflected in volumes which enhanced 422.76% to 15.72m, yielding a value outturn of $1.47b which was 551.12% up from prior session. OKZIIM emerged as the top volume contributor of the day claiming 39.46% of the total. The quartet of Delta, Econet, National Foods and OKZIM drove the value aggregates of the day, claiming 22.26%, 17.76% 12.82% and 12.67% in that order. Tyre manufacturers NTS was the major casualty of the day after succumbing 10.64% to settle at 10.5000. Econet tumbled 5.79% to close at 148.1212 as selling pressure took its toll in the telecom giant. Conglomerate Meikles dropped 3.67% to $105.0000 with Simbisa following on a 2.23% slide that took it to$179.9591. Turnall Holdings was 1.67% softer at $4.6117 as it completed the top five losers of the day. Offsetting losses for the day were gains led by Edgars which ticked up 14.72% to $6.9980 as Masimba rebounded 11.11% to close at $50.0000. Hotelier African added 0.15% to $16.0253, having traded an intra-day high of $18.0000. Conglomerate Innscor recovered 0.05% to $269.7894 as circa 577k shares exchanged hands while, Axia rose 0.04% to $67. 9785. A rare net foreign inflow position was recorded as inflows of $0.56m were recorded against disposals of $0.32m. The Old Mutual and Datvest gained 0.53% and 0.30% to $6.9396 and $1.7000. the Morgan Multisector was down 0.27% while, the Morgan Made In Zimbabwe and Cass Saddle ETFs were stable at $1.1500 and $1.5000.