EFE Securities •

2 years ago •

Market Commentary

Market Comment- 29.04.2022

ZSE weakens further as April''s curtains come down... The ZSE weakened further in the last trading session of the month as losses in selected heavies weighed down the market. The mainstream All Share Index shed 2.19% to close at 28391.75pts while, the Industrial Index let go 2.20% to end at 93622.97pts. The ZSE Top Ten Index was the major casualty amongst the indices we review as it plunged 2.82% to 18786.03pts while, the Mid Cap Index was 0.24% softer at 46972.25pts. Leading the day’s decliners was telecoms giant Econet that dipped 14.42% to close at $281.9323, having traded an intraday low of $280.0000. Trailing was insurance group First Mutual holdings that succumbed 11.37% to end pegged at $23.0440. Tanganda dropped 7.23% to settle at $250.5101 while, Axia trimmed 4.60% to $189.8644. Life assurer Fidelity capped the top five shakers of the day on a 2.72% slip to trade at $21.0000. Partially offsetting today’s losses were gains in financial services group ZB that surged 18.40% to $89.5082, followed by Mashonaland Holdings which garnered 18.02% to close at $5.1169. The trio of banking groups in First Capital, CBZ and FBC put on 15.59%, 7.62% and 6.98% to finish at $9.2126, $167.1263, and $74.9500 in that order. Activity aggregates were depressed in Friday’s session as reflected in volumes that dropped 64.68% to 2.56m shares, yielding a turnover of $292.99m which was an 81.51% decline from prior session. Zimpapers and Econet claimed a combined contribution of 49.73% to the volume outturn. Foreign purchases stood at $3,720.00 while, sales amounted to $2,156,800.00, leaving the market with net funds outflow position. Heavies Delta and Econet accounted for 30.79% and 30.67% of the day’s turnover. The Datvest ETF garnered 19.28% to $2.1540 while, the Morgan and Co ETF extended 1.25% to $21.3393. On the downside was Old Mutual ETF that trimmed 4.05% to $11.3485 while, no trades were registered on the VFEX.