EFE Securities •

3 years ago •

Market Commentary

Market Comment -16.02.2021

Market losses extend on profit taking… Profit taking took its toll as selling pressure persisted across the board to see most counters register losses. Twenty-one stocks traded in the negative against thirteen risers while, three remained unchanged as the negative market breadth widened. The Top Ten Index was the major casualty amongst the indices as it succumbed 2.94% to settle at 2492.18pts with the primary All Share Index losing a further 2.07% to end at $4065.25pts. The Industrials was 2.24% down at 13581.21pts while, the Minings rebounded 8.30% to close at 5521.84pts. Activity aggregates improved as volumes exchanged enhanced 25.10% to 6.34m shares, yielding a value outturn of $100.00m which was 654.15% up on yesterday. Star Africa and Econet anchored the day’s volume aggregates with a combined contribution of 30.42% while Innscor, Econet and Delta claimed 19.71%,17.26% and 14.71% respectively. Foreign purchases accounted for 18.91% of the turnover while, disposals added 46.29% of the same. Headlining the market winners for the second consecutive session was Natfoods which surged 20% to settle at $184.8000, as NTS trailed on a 19.91% rise to close at $0.3945 on firming demand. Apparel retailer Edgars rose 19.18% to $3.2591 while, Turnall edged higher at $1.3000 after putting on 14.79%. Mining house RioZim was 12.75% up at $22.2426 to complete the top five set of risers. Leading the shakers list was insurer FML which eased 16.48% to $15.0330 as heavies SeedCo and Delta followed on 10.71% and 8.31% slide to close at $25.0000 and $42.4071 apiece, where demand could be found. Masimba was 7.51% lower at $16.0000 with retailer OKZIM completing the top five set after letting go 6.76% to end at $17.3360, having reached an intra-day low of $16.0000.