EFE Securities •

1 year ago •

Market Commentary

Market Comment - 14.11.2022

Market in the red as heavies take a hit ... The market continued to tumble in the week opener on the back of selling pressure in heavy capitalised stocks. The top decliner among the indices was the Blue Chips Index that dipped 3.99% to 7992.06pts trailed by the mainstream All Share Index that dropped 2.97% to 14036.58pts. The ZSE Agriculture Index shed 2.94% and closed at 73.99pts while, the Mid-Cap Index trimmed 0.95% to settle at 33210.03pts. Agriculture concern CFI was the worst faller of the day after succumbing to 13.03% to $357.6468. Following was Econet that plunged 6.70% to $75.0008 while, Hippo plummeted 5.82% to $195.0000. Tea company Tanganda retreated 5.56% to close at $85.0000 as top capitalised stock Delta slipped 5.21% to $200.9894 having traded an intraday low of $200. 0000.Partly offsetting the day’s losses were gains in property concern FMP that jumped 14.97% to $10.1400 as Zimplow put on 2.72% to $18.9000. Apparel retailer Edgars added 0.25% to end at $7.5185 post the release of its Q3 trading update in which unit sales were down 26% to 505,531. Ariston capped the winners of the day on a 0.16% lift to $3.9500. Activity aggregates were mixed in Monday’s session as volumes slid 0.69% to 1.78m while, turnover grew 40.48% to $330.70m. The volume aggregate was anchored by CFI (25.09%), Delta (17.56%) and FBC (14.43%). Top value drivers were CFI, Delta and Innscor that claimed a combined 80.22% of the outturn. The ETFs traded sideways as the Datvest MCS and the Old Mutual ETF rose 1.38% and 0.96% to close at $1.6119 and $5.2500 apiece. The Morgan and Co MCMS dropped 1.37% to $20.6877 on 570 units. In total 41,180 units worth $79,447.30 were exchanged on the market. Padenga went down 10.73% to USD$0.2405 while, on the contrary SeedCo International ticked up 0.03% to USD$0.3200. Cumulatively, 6,718 shares worth USD$1,843.0490 exchanged hands on the VFEX market.