EFE Securities •

2 years ago •

Market Commentary

Market Comment - 14.09.2021

Losses extend on low activity… Market losses extended in Tuesday’s session amidst low activity seen across the board. All measures faltered as reflected in turnover which went down 38.73% to $84.2m while, volumes exchanged fell 22.05% to 4.5m shares. NMB and Medtech led the volume drivers as the duo contributed 55.61% of the total while, NMB again, Innscor and Delta claimed 24.74%, 19.94% and 12.61% of the value outturn respectively. Foreign participation similarly remained subdued as inflows accounted for a mere 0.20% of the day’s turnover while, disposals anchored 0.15% of the same. The VFEX recoded no trades in Padenga and SeedCo International while, the Old Mutual Exchange Traded Fund went up 1.82% to $2.3449. The primary All Share Index lost a further 0.15% to 6856.53pts while, the Industrials declined 0.23% to close at 22589.80pts. The Top Ten Index rebounded on a negligible 0.01% to 3757.48pts as heavies traded mixed. The resources Index recovered 6.01% to 6424.31pts, spurred by gains in Riozim which jumped 17.86% to trade at $33.0000, as the mining house emerged as the top riser of the day. The duo of banking groups in NMB and CBZ found their way in the risers’ zone after ticking up 6.67% and 4.19% to end at respective prices of $15.9998 and $80.4348. Conglomerate Innscor rose 0.75% to end pegged at $103.6963 while, its spin off Simbisa capped the gainers list after adding 0.67% to $43.9536. The market closed with a negative breadth of nine as twenty-one counters declined against twelve winners while, five sailed stable. Plastic manufacturer Proplastics led the shakers of the day after sliding 5.35% to settle at $25.544 while, construction group Masimba Holdings trailed after letting go 5.03% to $36.0870. Medtech rolled back to $0.2257 on a 4.00% loss while, bankers First Capital reversed yesterday’s gains as it slipped 3.28% to $3.0133. Hotelier Rainbow Tourism Group trimmed 2.19% to $5.1000 and completed the fallers set.