EFE Securities •

3 years ago •

Market Commentary

Market Comment -02.03.2021

Market rises further as lockdown is eased… The market extended gains in Tuesday’s session as the government announced reopening of the economy. The Mining Index was the only index to lose ground while, the Top Ten Index emerged the best performer on a 3.91% surge as it settled at 6492.57pts. The primary All Share was 2.47% firmer at 4400.39pts while, the old Industrials added 2.59% to 14676.76pts. Small cap counters led the gainers list of the day with Truworths topping on a 19.94% surge that took it to $0.8350, Mashonaland ticking up 19.88%, NTS adding 18.83%, General Beltings putting on 19.74% and Unifreight rising 19.64% to $11.3894. Banking group CBZ with the heaviest weight on the market, was amongst the winners after rebounding 6.27% to $83.9500 while Delta, Cassava, Econet, Innscor and Padenga were also seen in the rising tide. Twenty-six counters registered gains against sixteen fallers leaving the remainder of six sailing stable, as the market registered a positive breath. Weighing on the market were losses led by conglomerate Meikles which rolled back yesterday’s gains on a 10% loss to see it close at $45.0000. Insurer FML was 8.32% lower at $20.16900 while, agricultural concern Ariston lost 6.11% to $2.1606 where demand could be found. Willdale shed 5.66% to $0.6364 with Zimplow easing 4.81% to settle at $7.8054 on waning demand. OKZIM and Hippo were amongst the losers after the duo lost 2.98% and 0.32% to end at respective prices of $16.4668 and $120.0000. Volume aggregate went down 37.72% to 4.06m shares, yielding a value outturn of $87.15m which was 16.44% up from yesterday. Innscor emerged the top value driver accounting for 42.09% of the total while, Bindura claimed 17.63% of the volume outturn. Capital flight continued as mere $10.61m inflows were recorded against $40.05m outflows which was 14.60% down on prior session.