EFE Securities •
2 years ago •
Market Commentary
Market Comment - 01.09.2021
ZSE opens September in the red… The market’s falling streak persisted into the month opener, stretching losses to four consecutive sessions. Selected heavies dragged the market into the red with the All-Share Index trimming 0.96% to 6588.74pts whilst, the Industrials slipped an almost similar 0.97% to close at 21710.05pts. The ZSE Top Ten Index retreated 1.49% to end at 3541.33pts while, the resources index added a meagre 0.08% to settle at 6120.70pts. Thirty-nine out of the fifty-six counters registered on ZSE recorded trades with twenty-two risers, twelve fallers and five that remained unchanged, leaving the market with a negative breadth of ten. Zimpapers was the major casualty of the day after shedding 9.17% to $2.5432, trailed by Axia that slid 6.28% to $20.3818. Telecoms giant Econet let go 6.23% to end at a vwap of $35.3682, having traded an intraday low of $35.0000. Cigarettes manufacturer BAT lost 4.90% to trade at $950.0000 as Hippo capped the top five laggards of the day on a 4.21% fall to $182.0000. Other notable shakers of the day were SeedCo Limited (-1.29%), Cassava (-1.11%), Innscor (-1.11%) and Delta (-0.87%). The rarely traded Zeco topped the winners’ list of the day after ballooning 100% to $0.0006 on a scrappy 200 shares. Property concern FMP surged 10% to settle at $13.2000 while, Zimplow gained 5.75% to end pegged at $15.9333. Insurer FML put on 2.86% to $23.8636 while, fast foods group Simbisa completed the gainers’ list on a 2.02% jump to $39.8460. Volume of shares traded jumped 37.33% to 3.61m, yielding a value outturn of $155.66m which was a 129.82% surge from previous session. Top traded stocks by volume were OKZIM, Delta, Innscor and FBC which accounted for a joint 70.78%. The top value drivers of the day were Delta, Innscor and OKZIM with respective contributions of 26.82%, 24.09% and 12.56%. Old Mutual Exchange Traded Fund improved 1.20% to close at a high of $2.5300 as 9,300units exchanged hands. Elsewhere, no trades were registered on the VFEX as Padenga and SeedCo International closed at $0.1800 and $0.2550 apiece.