EFE Securities •

3 years ago •

Market Commentary

Market Comment - 16.06.2021

ZSE breaks rising streak… The market swung back into the red, breaking its eleventh day rising in the mid-week session. Profit taking emerged in most heavies weighed on the Top Ten which closed 1.71% down on yesterday. The primary All Share Index declined 1.21% to 6041.28pts while, the Industrials lost 1.17% to $19886.96pts. The Minings were 3.81% lower at 6085.38pts. A negative market breadth was registered as twenty counters lost ground against fourteen that went up while, four sailed stable. Logistics group Unifreight succumbed 12.74% to $15.2711 while, Padenga was 11.65% down at $26.2608 where demand could be found. Banking group ZB lost 10.47% to $77.0000 as a circa 554,600 shares exchanged hands. Retailer OKZIM dropped 7.08% to $16.8138 with First Capital Bank sliding 7.01% to end at $3.6206 on waning demand. Other significant losses were seen in Delta -3.52%, Cassava-0.47%, Innscor -0.28% and Econet -0.09%. Leading the market gainers was Ariston which rose 19.01% to $3.5865 with cement manufacturers Lafarge following on a 18.18% surge to $65.0000. Star Africa was 11.46% firmer at $1.2975 with General Beltings adding a further 7.73% to close at $1.2927. Spirit manufacturers AFDIS reversed yesterday’s loss on a 7.69% gain that took it to $70.0000. Activity aggregates reflected a mixed outcome, volumes exchanged enhancing 10.11% to 6.88m shares yielding a value outturn of $156.33m which was 29.93% down on yesterday. Innscor and ZB were the top value contributors of the day claiming 28.10% and 27.33% in that order. ZHL and Medtech claimed a combined 35.6% of the volume aggregate.