EFE Securities •

3 years ago •

Market Commentary

Market Comment - 03.05.2021

Market slides in month opener… The market opened the new month in the red, mainly dragged by selected waning heavy cap counters. The worst performer amongst the heavies was BAT which succumbed 6.25% to $750.0000 with beverages group Delta following on a 2.65% slide that took it to $49.6830. OKZim eased 1.61% to %15.4855 while, Cassava was 0.14% lower at $12.4017, where demand could be found. Simbisa brands dropped 4.53% to $30.0005 while, conglomerate Meikles lost a negligible 0.02% to $59.9500. Banking group ZB led the fallers of the day on a 20% plunge that took it back to $36.0015 while, cement manufacturers Lafarge reversed previous gains on a 16.67% drop to close at $50.0000. Cafca eased 8.33% to $110.0000 while, Medtech dropped 6.48% to $0.1126, closing well offered at that level. Eighteen counters traded in the negative against sixteen that went up as eleven remained unchanged, to register a negative market breath. FMP was the session’s best performer after ticking up 9.87% to $5.9932 as 51,600 shares exchanged hands. Nickel miner Bindura was 9.09% firmer at $4.8000, albeit on scrappy shares with hotelier African Sun rebounding 8.67% to $2.2006. Banking group First Capital added 5.93% to $2.4390. Masimba was 4.76% up at $22.0000 and completed the top five winners set. Activity aggregates improved in today’s session with volumes exchanged dropping 61.96% to 7.50m shares, yielding a value outturn of $141.61m which was 63.94% down from prior session. Simbisa and Econet were the most liquid stocks of the day accounting for 20.87% and 20.07% of the value outturn. RTG and Econet again drove the volume outturn claiming a combined 39.26% of the total.