EFE Securities •

1 year ago •

Market Commentary

Market Comment - 22.07.2022

ZSE rebounds in week-ending session... Gains in selected heavies lifted the market in Friday’s session to see benchmark indices under our review end the week pointing northwards. The primary All Share Index advanced 2.30% to 16172.58pts breezing past the 16000pts mark. The ZSE Top Ten Index put on 2.59% to 9960.44pts as the Mid Cap Index extended 2.57% to 32528pts. The ZSE Agriculture Index went up 1.14% to end at 92.85pts. Leading the winners of the day was logistics group Unifreight that jumped 14.66% to $33.2500. Trailing was tea company Tanganda that surged 13.47% to $152.9836 as retailer Axia garnered 10.57% to settle at $79.9785. Property concern FMP grew 7.93% to $7.0155 as telecoms giant Econet capped the top five gainers’ pack on a 7.68% uplift to $135.9902. On the downside was ART that dropped 15.00% to close at $17.0000, followed by apparel retailer Edgars that succumbed 14.91% to $6.0417. Banking group NMB trimmed 11.99% to $22.0000 while, Zimplow retreated 2.20% to $20.5370. SeedCo Limited lost a further 1.67% to close at $88.5000 as it completed the top five losers of the day. Volume of shares traded ballooned 84.29% to 12.41m as turnover enhanced 1.72% to $660.28m. The top volume contributor was Edgars that claimed a chunk of 69.40% leaving other counters scrambling for the remaining 30.60%. The trio of heavies in Simbisa, Delta and Econet contributed 32.14%, 25.79% and 21.17% apiece. Cass Saddle was the top gainer amongst the ETFs on a 1.21% rise to $1.4169 while, Morgan and Co MCMS added 0.35% to $28.5000. The Old Mutual ETF ticked up a negligible 0.0001% to close at $8.9993. The Datvest MCS let go 5.10% to end the session at $1.6127 while, no trades were recorded on the VFEX market.