EFE Securities •

3 years ago •

Market Commentary

Market Comment - 08.07.2021

Retreat mode continues … The market retreated further in Thursday’s, amidst faltering mid-tier and heavies that dragged the Indices into the red. The All-Share Index trimmed 0.84% to 6039.44pts while, the Industrials fell 0.85% to close at 19878.73pts. The ZSE Top Ten Index declined 0.10% to end at 3128.12pts while, the Mining Index dropped 0.06% to 6080.29pts as gains in Rio Zim which went up 1.53% failed to lift the resources sector into the black. The fallers zone was mainly dominated by midtier as led by Willdale that went down 16.36% to $3.0183, having touched a low of $2.9000. General Beltings slumped 11.01% to $2.0011 while, Proplastics plummeted 10.41% to $24.6667. Other fallers were FML Holdings and sugar processor Star Africa which slipped 9.70% and 5.87% respectively. A negative market breadth was established as twentyfive counters traded in the red against fourteen gainers. Life Assurer Fidelity led the gainers of the day on a 19.27% increase to trade at $12.5000 while, Zimplow shored up 10.45% to $11.7080. Masimba holdings came out of loss position as it rebounded 10.03% to close at $43.9996. OK Zimbabwe was 3.34% stronger to $15.4999. Meikles was up 1.92% to $84.6429 as the market applauded the $1.0000 final dividend announced by the company yesterday. Activity aggregates improved in Thursday’s session as seen in volumes that buoyed 39.61% to 8.4m shares while, turnover jumped 62.58% to $111.1m. BNC was the top volume driver for the day accounting for 27.35% of the total. Heavy cap Delta, NMB and Masimba emerged the top value drivers claiming 17.04%, 12.60% and 11.13% of the aggregate. Foreign purchases stood at $0.89m while, sales were $14.73m to set a net funds outflow position.