EFE Securities •

2 years ago •

Market Commentary

Market Comment - 13.05.2022

ZSE continues to tumble... Losses on the bourse stretched in week-ending trades to record the seventh consecutive session of declining. The primary All Share Index let go 3.31% to close at 22183.37pts while, Industrial Index shed 3.23% to end lower at 73164.00pts. The ZSE Top Ten Index trimmed 3.05% to 14330.29pts as the Mid-cap slumped 4.05% to 39167.07pts. Mining house RioZim was the major casualty of the day at it succumbed 15.00% to settle at $127.5000 on scrappy 100 shares. Hippo trailed on a 14.89% fall to $400.0000, recording its lowest price for the week. Retailer OKZIM backtracked 14.49% to end at $41.8569 while, Ariston capped the day’s losers on a 13.14% dip to $3.4311. Partially offsetting losses of the day were gains in hotelier African Sun that scaled up 7.20% to $13.0039 while, banking group First Capital rose 5.21% to end pegged at $10.7669. Apparel retailers Truworths put on 2.04% to $1.7500 while, Dairibord went up 1.95% to $50.0000, albeit dividend cancellation announcement. Completing the top five winners was seed company SeedCo Limited that added 1.05% to settle at $237.9983. Thirty-one counters registered price movements in Friday’s session as twenty-three lost ground against eight gainers. Volume of shares jumped 39.76% to 2.24m, yielding a turnover of $406.50m which was a 80.97% surge from prior session. Top volume drivers of the day were Masimba, Econet, Delta and Simbisa that claimed a shared 71.78% of the aggregate. Turnover was anchored by Delta (25.34%), Innscor (22.33%), Econet (20.97%), Simbisa (14.77%) and Masimba (10.06%). The three ETFs closed in the red with the Old Mutual ETF suffering the most after easing 6.61% to $9.2550, followed by Datvest ETF that lost 3.07% to $1.9777. Morgan and Co ETF came off 1.96% to $25.0000 on scanty 100 units. Elsewhere, ZB released its first quarter trading update in which the group’s total income ballooned 111% to $2.295bn.