EFE Securities •
1 year ago •
Market Commentary
Market Comment - 22.09.2022
Heavies lift the market... The market continued on a recovery path for the second day as heavies rebounded in the penultimate session of the week. The All-Share Index rose 3.80% to 10528.45pts while, the Blue-Chip Index surged 5.15% to 5904.31pts buoyed by gains in Ecocash and Axia. The Mid-Cap Index was up 1.52% to 25397.48pts while, the Agricultural Index gained a meagre 0.05% to 62.15pts. Ecocash Holdings headlined the best performers of the day as it jumped 15.00% to $34.5000 trailed by seed manufacturer SeedCo Limited that advanced 14.98% to $66.8000. Property concern Zeco holdings ticked up 14.93% to $0.0331 on 5,900 shares. Axia edged up 14.83% to $32.9000 while, the only listed miner on the ZSE, RioZim capped the top five gainers of the day with a 14.81% jump to $93.0000. Tanganda Tea Company led the laggards of the day as it slumped 13.68% to $69.0546, followed by First Mutual Properties that shed 12.68% to $4.4531. General Beltings Holdings was 7.95% weaker at $1.5649 while, sugar processor Star Africa dropped 5.38% to trade at $1.5045 post the release of its FY22 results in which the refiner reported a PAT of $797.31m. Mashonaland Holdings capped the top five worst performers of the day as it eased 4.78% to close at $5.2371. Activity aggregates were mixed in the session as volumes traded hopped 56.47% to see 5.29m shares worth $223.66m exchange hands while, turnover declined by 19.85%. Econet, OK Zimbabwe and Mashonaland led the volume leaders of the day with respective contributions of (25.48%), (23.29%) and (14.56%). The trio of Econet, OK Zimbabwe and Simbisa led the value leaders of the day as they claimed a combined 71.22% of the turnover. The ETF Index was up 4.77% to settle at 364.63pts lifted by Datvest and Old Mutual Top Ten that rose 2.15% and 1.34% in that order. Elsewhere on the VFEX, Padenga Holdings lost 0.41% to US$0.3600 while, Seedco International shed 0.13% to US$0.3995. Nickel miner Bindura was stable at USD$0.0307. A total of 14,851 shares worth US$671.4189 traded on the above-mentioned market.