EFE Securities •

3 years ago •

Market Commentary

Market Comment - 02.06.2021

Market extend gains albeit weakness in heavies… The mainstream All Share and Industrials extended gains mid-week session to see the duo adding an identical 0.57% gain to end at 5468.56pts and 17941.97pts respectively. The Top Ten Index was the only benchmark to close in the red as it lost a negligible 0.01% to settle at $3015.35pts. The Minings rebounded 0.18% to 6784.23pts on the back of gains in Bindura. Activity aggregates in the session were depressed as seen in all measures which closed in the red. Volumes exchanged declined 76.28% to $3.86m shares while, values dropped 72.32% to $56.94m. Padenga and Innscor emerged the top value drivers of the day claiming a combined 46.84% of the total while Medtech as usual anchored the volume aggregates on a 37.97% contribution. The risers and fallers spectrum were equally distributed at eighteen apiece, while four counters sailed stable. FML led the winners set on a 16.17% surge that took the insurer to $30.3356 while FMP followed on a 12.28% rise as it closed at $14.9327. Dairibord was 5.67% firmer at $18.3937 while hotelier African Sun rebounded 5.17% to $2.9956 on paltry shares. Beverages group Delta recovered 4.39% to $63.8029, having traded at a high of $65.0000. Other gains were registered in Econet +0.17%, Meikles +0.51%, Axia +0.27%, Simbisa+0.15% and Cassava+0.06%. Art led the laggards of the day after sliding 10.65% to $7.2439 while, Edgars lost 6.67% to $3.3600, despite the release of a fair set of FY2020 results against their comparative previous year outcome. Banking group NMB was 6.54% down at $12.1500 while, Hippo reversed prior session’s gains on a 6.20% loss to $131.3265. TSL slumped 3.92% to settle at $42.0000 where demand could be established. Foreign purchases accounted for 0.49% of the day’s turnover while, outflows added 25.39% of the same.