EFE Securities •
2 years ago •
Market Commentary
Market Comment - 18.03.2022
Market firms up in week-ending trades...The market remained afloat in week-ending trades as indices recorded weekly highs spurred by gains seen across the board. The primary All Share Index put on 2.52% to close at 14870.68pts while, the Industrial Index went up 2.53% to end at 49163.84pts. The ZSE Top Ten Index rose 2.97% to 9868.52pts while, the Mid-Cap Index added a marginal 0.69% to 49163.84pts. Logistics group Unifreight was the outstanding performer of the day on a 20% jump to end pegged $33.6000. Trailing was hotelier African Sun that ballooned 18.17% to settle at $6.4000 while, life assurer Fidelity advanced 12.15% to close at its 33-day high of $12.0000. Tea Company Tanganda continued to shine as it gained a further 10.80% to end at $88.6424. Conglomerate Innscor completed the top five winners of the day on 7.75% uplift to $292.9023, post release of its HY22 results in which the group recorded a 101.15% increase in PAT to $7.61bn and declared an interim dividend of $3.0000. Partially counterweighing today’s gains were Mashonaland holdings that let go 10.10% to $2.7817 followed by insurer FML that retreated 9.48% to $17.1075. Clothing retailers Edgars shed 1.11% to end at $5.9333 as Agriculture concern Ariston slipped 0.75% to $3.3645. Packaging group Nampak lost 0.26% to $12.5600 as it capped the top five losers of the day. Activity aggregates were mixed in Friday’s session as volumes trimmed 27.66% to $5.52m while, turnover improved 1.20% to $363.10m. Econet topped the volume and value aggregates of the day claiming 28.87% of the former and 59.28% of the latter. Other notable volume driver of the day were First Capital and Star Africa which contributed 12.54% and 10.53% of the outturn. Bindura was the only active counter on the VFEX market as the nickel miner 0.36% to $0.0549. All the three ETFs closed in the red with the Old Mutual ETF leading on a 6.40% loss to $7.4663, followed by Datvest ETF that eased 3.77% to $1.6711. Morgan Co ETF slumped 0.15% to trade at $13.9794. Elsewhere, Simbisa released its HY22 results in which PAT increased by 72.54% to $2.24bn and a revenue growth of $16.98bn.