EFE Securities •

3 years ago •

Market Commentary

Market Comment - 03.06.2021

The upward trend continues… The ZSE maintained a positive trajectory in the week ending session to see the mainstream All Share Index adding a further 1.90% to 5646.12pts with the Industrials being the best performer amongst the indices on a 1.97% lift that took it to 18540.43pts. The ZSE Top Ten was 1.21% higher at 3082.87pts as heavies traded mixed. Property concern FMP topped the risers set on a 16.68% rise as it reached an all-time high of $18.0050 with milk processor Dairibord following enhancing 15.76% to end at $24.5660, having trade an intra-day high of $25.0000. Construction group Masimba was 10.35% firmer at $35.6546 while, FML added 9.63% to $32.9723. Diversified group Art Corporation rose 8.62% to $8.0000. Twenty-one counters traded in the positive against thirteen fallers as four remained unchanged, leaving the market with a positive market breadth. Leading the laggards of the week ending session was ZHL which succumbed 3.15% to $2.9054 with Zimpapers sliding 2.77% to $1.7502 on the back of selling pressure. Bindura was 2.63% lower at $5.5500 as the nickel miner dragged down the Minings. Mashonaland Holdings dropped 2.16% to $2.9352 as demand continued to wane in the property concern. Apparel retailers Edgars lost 1.79% to $3.3000 and completed the top five losers set. Other significant losses were registered in Econet which eased 0.18% to $24.9507, Simbisa that went down 1.32% to $38.3368, Padenga which lost 0.03% to $30.0002, Meikles that shed 1.34% to $68.9750 and OKZIM which dropped 0.35 to $17.2927. Volumes exchanged dipped 68.70% to 6.48m shares, yielding a value outturn of $155.51m which was 13.87% down from on yesterday. Foreign participation remained depressed as inflows accounted for a mere 6.06% of the day’s turnover while, outflows were 24.44% of the same.