EFE Securities •

2 years ago •

Market Commentary

Market Comment - 11.08.2021

ZSE rallies in new week… The market maintained the positive momentum in the first trading day of the holiday shortened week. Four of the benchmark indices that we review closed in the black with the mainstream All Share Index putting on 0.77% to 7036.02pts. The Industrial Index rose 0.77% to 23203.41pts while, the Top Ten Index added 0.92% to close at 3763.75pts. The Mining Index improved 0.34% to 6108.48pts spurred by gains in Bindura which was up 0.51% at $4.9837. The top gainer of the day was Proplastics which garnered 20% to settle at $33.6000, followed by National Tyre Services that jumped 19.98% to $10.8000. Telecoms giant Econet surged 6.66% to $34.2515 post release of FY20 results in which a PAT of $836,5m in inflation adjusted terms was reported and a final dividend of $0.6000 was declared with a payment date of 26 August 2021. Banking group First Capital grew 5.54% to end at $3.3775 while, spirits and wines manufacturer Afdis capped the top five gainers of the day after extending 3.41% to $75.0000. On the downside was construction group Masimba that trimmed 8.87% to close at a vwap of $39.9988, trailed by General Beltings that let go 4.78% to $1.9996. Fast foods group Simbisa retreated 4.40% to $45.0107 reversing previous session gains. Apparel retailers Truworths slipped 2.97% to $2.2319 while, hotelier African Sun completed the top five shakers of the day after shedding 2.34% to $7.8000. Forty-one counters were active in the session distributed into nineteen risers, seventeen fallers and five that traded unchanged to leave the market with a positive breadth of two. Activity aggregates were depressed in the session as seen in volumes that dipped 82.16% to 3.35m shares while, turnover declining 77.07% to $78.24m. The top volume drivers of the day were OKZIM and Medtech with respective contributions of 24.73% and 11.52%. Top value drivers of the day were OKZIM, Innscor and Masimba which claimed a combined 52.97%. The Old Mutual Exchange Traded Fund gained 18.81% to close at $2.5058 having traded its YTD high of $2.5100. No trades were recorded in Padenga and SeedCo International on VFEX. Elsewhere, POSB awaits to be given a nod by the Cabinet to list on the ZSE in the second half of the year.