EFE Securities •
1 year ago •
Market Commentary
Market Comment - 16.09.2022
Market plummets as bearish sentiment prevails... The bearish sentiment prevailed on the bourse to see the primary All-Share Index plummeting a further 3.29% to settle at 10374.51pts. The Blue-Chip Index was down 3.21% to 5708.23pts while, the Mid Cap Index eased 3.42% to 25844.21pts. The ZSE Agriculture Index was 3.81% weaker at 65.21pts. The duo of Zimpapers and Tanganda led the laggards of the day as they dropped 15.00% to see the former close at $3.4000 and the latter at $86.7000. Fast foods producer Simbisa dipped 14.99% to finish at $116.4000 as dairy processor Dairibord reversed prior sessions’ gains by shedding 14.94% to $15.7000. Logistics group Unifreight capped the top five losers of the day as it traded 14.90% lower at $32.5500. The market recorded a negative breadth of twenty as twenty-four counters faltered against four that rose. Apparel retailer Truworths Limited led the risers of the day after jumping 15% to settle at $1.9550 on scrappy 300 shares while, fintech group Ecocash was up 4.28% to $26.2826. Hotelier African Sun advanced 2.88% to $13.6971% while, brick manufacturer fastened the top four risers of the day on a 1.72% climb to $1.7495. Activity aggregates faltered during the season as volumes traded and turnover declined by 86.97% and 35.40% respectively to see 2.38m shares worth $158.95m exchange hands. Delta and Axia headlined both volume and value leaders of the day contributing 72.35% of the volume traded and 73.35% of the turnover. Furthermore, Innscor claimed 16.27% of the value traded during the day. Three of the five listed ETFs traded in the negative territory. Datvest MCS lost 2.99% to close at $1.4485 while, Morgan & CO MIZ slumped 1.90% to $1.2100. Old Mutual ETF closed 0.70% lower at $4.0163. Elsewhere, on the VFEX no trades were recorded. Zimre Holdings released its HY22 results in which the group recorded a PAT of $9.04bn and declared an interim dividend of USD$0.0137. Fidelity Life Assurance also released its HY22 results in which it recorded a PAT of $2.33bn in inflation adjusted terms.