EFE Securities •

3 years ago •

Market Commentary

Market Comment - 14.06.2021

Firming demand drives ZSE higher… Firming demand seen across the board on the ZSE continued in the week opening session to see all the indices reaching new all-time highs. The mainstream All Share Index ticked up 2.38% to close at 6031.34pts as the Industrials added a further 2.34% to 19841.08pts. The Top Ten rose 1.95% to see it close at 3304.68pts as the Minings was the best performer amongst the Indices as it topped on a 5.07% surge to close at 6355.77pts, spurred mainly by RioZim which exchanged scrappy shares. Small cap counters led the rising tide as Unifreight topped after rising 19.93% to settle at $16.85000, hotelier RTG followed rebounding 19.69% to end at $2.4000. RioZim was 17.60% firmer at $29.4000 while, General Beltings added 11.28% on firming demand. ART extended 11.12% to $8.9000 and completed the top five set. Other significant gains in heavies were in Meikles +8.14%, Natfoods +6.06%, Innscor+6.40%, Hippo +4.75%, Econet +4.16%, Cassava +3.47% and Delta+1.46%. Leading the laggards of the day was BAT which succumbed 10% to $900.0000, albeit on scrappy 100 shares while, Crocodile Skin producer Padenga continued to lose its glitter for the second consecutive session as it lost a further 4.50% to settle at $30.0238, having traded a low of $29.0000. Bindura’s 0.81% loss failed to swing back the Minings in the red as the nickel miner settle at $5.1582, closing with an offer at $5.0000. Medtech was 0.81% lower at $0.1500 while, FMP lost a negligible 0.02% to settle at $16.0000. Volumes exchanged ballooned 142.27% to 13.03m, yielding a value outturn of $144.96m which was 22.02% up from prior session. Foreign inflows accounted for 1.40% of the day’s turnover while, outflows added 29.85% of the same.