EFE Securities •

3 years ago •

Market Commentary

Market Comment - 06.05.2021

Resurgent demand sustains market gains… Firming demand seen across the board helped maintain gains in Thursday’s session. Midtier and small cap counters led the risers of the day with FMP and NTS topping on a 20% surge that took the duo to $7.0000 and $9.6000 apiece. Banking group First Capital continued to soar as it edged higher at $2.8276, having reached an all-time high of $3.0000, albeit on scrappy shares. General Beltings added 10.04% to $0.7923 while, Zimpapers rebounded 6.25% to $1.7000. Heavies Innscor, Delta, Econet and Cassava and found their way in the gainers zone as the quartet added 3.59%,1%, 0.62% and 0.02% and to close at $75.9288, $52.7065, $20.9952 and $12.5017. Resultantly, the primary All Share Index ticked up 1.07% to 4720.43pts while, the old industrials were 1.07% to 15507.85pts. The Minings rebounded 1.10% to 5433.56pts with the Top Ten adding 0.79% to 2710.35pts. Overall, twenty-four counters traded in the positive against eleven that lost ground as six remained unchanged, leaving the market with a wider positive breadth. Activity aggregates improved on yesterday as volumes exchanged ballooned 81.54% to 5.57m shares while, turnover rose 105.27% to $104.36m. Telecom giant Econet was the most liquid stock of the day propelling both volumes and value aggregates, claiming 34.99% and 39.22% in that order. Other significant trades were in OKZIM and Proplastics which contributed 13.65% and 7.88% respectively. Hotelier African Sun rolled back yesterday’s gains on a 5.29% drop to close at $2.1500, with Turnall sliding 2.74% to $2.8000. Banking group NMB dropped 2.36% to $11.2286, where demand could be found. Art Corporation dropped 0.76% to $6.25% post acquisition of a 50% of Softex from Nampak, leaving the diversified group as the sole shareholder in the unit.