EFE Securities •

3 years ago •

Market Commentary

Market Comment - 12.05.2021

ZSE stays upbeat in mid-week session… The ZSE’s main indicators remained upbeat in the mid-week session, spurred by firming demand seen across the bourse. The primary All Share Index rose 1.16% to reach an all time high of 5020pts while, the old Industrials added 1.15% to close at 16498.38pts. The Mining Index was 1.80% higher at 5638.39pts with the Top Ten adding 0.26% to end at $2860.54pts as gains were mitigated by waning banking group CBZ. Banking groups Getbucks and ZB were the session’s best performers as the duo went up 20% and 17.50% to settle at $0.6600 and $47.0000 respectively. Sugar refiners Star Africa rebounded 15.61% to $0.6940 with Proplastics ticking up 7.56% to end at $25.2764. ZHL rose 6.70% to $2.4333, having traded an intra-day high of $2.7350. Other significant gains were registered in Axia +5.54%, OKZIM +3.43%, Simbisa +3.34%, Meikles +2.73%, Cassava +1.19% and Delta +0.46%. Apparel retailers Truworths were the main casualty of the day having slumped 2.60% to $1.0000, with CBZ falling 2.25% to close at $85.0000. Hotelier African Sun dropped 1.72% and conglomerate Innscor found its way in the loser’s zone after easing 0.57% to close at $82.1925, where demand could be found. Art Corporation was 0.42% down at $7.1900 on the back of selling pressure. Activity aggregates reflected a mixed outcome in the session as volumes went down 63.38% to 3.45m shares, yielding a value outturn of $92.97m which was 17.84% up on yesterday. Hippo Valley, OKZIM and Meikles emerged the top value drivers claiming 24.95%, 14.84% and 11.47% in that order. OKZIM propelled the volumes of the day on a 24.17% contribution. Foreign participation remained depressed as inflows accounted for only 21.97% of the day’s turnover while, outflows added 35.64% of the same.