EFE Securities •

2 years ago •

Market Commentary

Market Comment - 17.06.2022

Heavies falter as ZSE lists fourth ETF... Losses in the market’s heavy capitalised stocks weakened the benchmark indices further in week-ending session. The Top Ten Index was the major decliner among the indices as it let go 1.98% to close at 14704.54pts as the All-Share Index followed on 1.70% retreat to 22900.71pts. The Mid Cap Index came off 0.96% to end at 41330.07pts while, the ZSE- Agriculture Index slipped 0.59% to 127.54pts. The downside of the market was led by retailer OKZIM that dropped 9.80% to $45.0549. Trailing was fintech group Ecocash that succumbed 4.28% to $110.8587 as telecoms giant Econet lost a further 3.28% to $200.3701. SeedCo Limited shed 3.05% to trade at $220.0393 while, Axia capped the top five fallers’ pack on a 2.45% retreat to $120.0031. Partially mitigating today’s losses were gains in Getbucks that overturned its previous day losses to register a 7.14% gain to close at $15.0000. Mashonaland extended its prior session gains to $7.2970 after putting on 2.13%. Hotelier groups African Sun and Meikles added 1.88% and 0.24% to close at respective prices of $20.7926 and $160.3864. General Beltings capped the top five winners’ list on a 0.11% lift to $1.0525. The day yielded a value outturn of $1.33bn which was a 280.39% balloon from yesterday while, the volume aggregate jumped 169.04% to 7.85m shares. Volumes leaders of the day were OKZIM, Ecocash, Axia, Econet and Delta which claimed a combined 72.29% of the aggregate. Turnover was anchored by Delta, Innscor, Econet and Ecocash with respective contributions of 25.62%, 20.14%, 14.19% and 11.52%. On the VFEX, Padenga gained 0.86% to close at USD$0.2575 on 4,300 shares. The market welcomed the fourth ETF from Morgan and Company, the Made In Zim ETF which surged 15.00% to close at $1.1500 as 1.62m units exchanged hands. The Old Mutual, Datvest and Morgan and Co multisector ETFs were down 6.92%, 3.07% and 1.20% apiece.