EFE Securities •

3 years ago •

Market Commentary

Market Comment - 13.07.2021

Market edges higher on resurgent demand… Resurgent demand seen across the board mainly in heavies helped push the market higher in Tuesday’s session, stretching gains to three consecutive sessions. As result, the Top Ten Index came out as the best performing Index ticking up 4.73% to end at 3441.89pts. The primary All Share Index rose 3.15% to see it closing at 6432.97pts while, the Industrials charged 3.19% to reach an all-time high of 21188.82pts, surpassing the 21,000pts mark. The Minings was the only Index to lose ground as it closed 0.15% lower at 6149.14pts, weighed down by waning Bindura. Zimre Holdings topped the risers of the day after surging 12.46% to $3.8806. Delta followed on a 12.38% charge that took the beverages group to $82.0710, having traded an intra-day high of $85.0000. SeedCo Limited rebounded 9.10% to $56.0462 on firming demand while, Banking group NMB saw a 7.44% rise to $14.0000. Telecom giant Econet was 7.12% firmer at $30.0004 as it completed the top five set. Other significant gains were registered in Simbisa +4.51%, CBZ +3.21%, Hippo +2.83%, OKZIM +2.53%, Axia+2.66% and Innscor +0.76%. Twenty-two counters traded in the positive against thirteen fallers as five remained unchanged to leave the market with a wide positive breadth. Small cap counters led the losers of the day with Turnall on a 10.64% slide as it settled at $4.2000 while, RTG trailed after on a 4.80% drop to close at $4.7600. Agricultural concern Ariston continued to lose its glitter as it steamed off a further 4.57% to trade at $3.6806 where demand could be found. First Mutual Limited eased 3.85% to $25.0000 while, Truworths lost 3.13% to $2.1100. Activity aggregates improved with volumes exchanged enhancing 337.98% to 12.79m shares yielding a value outturn of $284.24m which was 218.53% up on yesterday.