EFE Securities •

2 years ago •

Market Commentary

Market Comment - 17.08.2022

ZSE falters in midweek trades... The market extended its losses in Wednesday trades as the primary All share Index slid 0.90% to 14687.84pts while, the Top 10 Index lost 0.95% to 8905.13pts. The ZSE-Agriculture Index shoved off 0.42% to 87.69pts as the Mid-Cap Index trimmed 0.45% to 30309.56pts. Apparel retailers Edgars, topped the losers’ list after a 14.17% slump to $6.6515 trailed by Turnall which shed 12.38% to $4.0042. Plastic manufacturers Proplastics went down 10.56% to end pegged at $22.3592 while, First Mutual Properties lost 7.17% to end the session at $7.1000. Unifreight completed the losers’ pack as it gave up 7.10% to end the day at $40.0000. National Tyre Service headliners the gainers of the day on a 11.90% jump to $11.7500 while, retailers Truworths rose 10.00% to close at $2.2000. Zimre Holdings advanced 6.28% to $4.2513, followed by Zimplow that surged 4.59% to $17.0000. Meikles Limited capped the top five winners with a 4.18% uplift to close the day at $104.0000 after publishing an impressive first quarter trading update in which revenue grew by 88% in inflation adjusted terms to comparable prior year period. The market closed with a negative breath of eight after eleven counters rose against nineteen fallers. Activity aggregates were depressed in mid-week session as volumes traded declined 39.57% to 3.74m while, turnover retreated 4.68% to $350.35m. OKZIM, Masimba, Econet and Delta were the top volume drivers as they contributed 30.23%, 18.20%, 13.44% and 13.41% respectively. Delta, Innscor and Econet contributed a combined 73.39% of the value outturn. On the VFEX, Bindura grew 0.98% to USD$0.0309 on 173,437 shares worth USD$5,352. Datvest and Old Mutual ETF tripped 0.94% and 0.70% to end pegged at $1.6363 and $6.8100 apiece. The Cass saddle ETF improved 4.39% to $1.5659 while, the Morgan and Co MCS closed at $26.5005.