EFE Securities •

3 years ago •

Market Commentary

Market Comment - 14.07.2021

Upward trend continues… The upward trend continued in the mid-week session to see all the indices in our review closing pointing northwards. The primary All Share index ticked up a further 0.86% to 6488.60pts while, the old Industrials recorded a 0.86% gain to settle at 21370.12pts. The Mining Index reversed yesterday’s losses on a 1.56% rise to settle at 6244.96pts, spurred by Bindura which rebounded 2.32% to $5.3000. The Blue-Chip Index was 1.03% firmer at 3477.50pts as heavies traded mixed. SeedCo Limited led the risers of the day after surging 18.70% to $66.5283. General Beltings registered a 18.06% gain as it settled at $2.6875 while, cement manufacturer Lafarge was 8.33% firmer at $65.0000, albeit on scrappy shares. Banking group NMB extended gains for the second consecutive session by 7.14% to reach a high of $15.0000. Milk processing Dairibord jumped 6.57% to settle at $33.1628 on firming demand. Other significant gains were registered in Innscor +2.88%, CBZ +2.11%, Delta +1.46%, Simbisa +1.90% and Meikles +1.44%. The losers of the day were led by banking group First Capital which eased 10.08% to settle at $3.1796. Retail and distribution Axia lost 8.19% to $20.0751 as demand continued to wane in the counter. Hotelier African Sun slumped 4.86% to $5.1200, with Zimre Holdings sliding 4.65% to $3.7001. Ariston was 3.88% weaker to end the session at $3.5379. Twenty-two counters gained against twelve fallers as eight remained stable, leaving the market with a positive breadth. Ariston led the volume aggregates as it claimed 37%, followed by Medtech which added 26.18%. Zimplow led the value aggregates pack on a 23.41% contribution, followed by Innscor which on a 15.83% contribution. Volumes exchanged enhanced 38.49% to 17.71m shares yielding a value outturn of $169.05m which was 40.52% down on yesterday.