EFE Securities •

3 years ago •

Market Commentary

Market Comment - 17.05.2021

Market opens week in the black… The market opened the new week in gains with the primary All Share Index ticking up a further 2.94% to reach an all-time high of 5596pts.The old industrial added 2.97% to 18385.79pts with the ZSE Top Ten putting on a hefty 3.19% to 3227.50pts. The Minings was 0.94% to 6390.30pts on rebounding Bindura. Thirty-two bulls charged against nine bears on the market in week opening session to register a positive market breadth. Banking group ZB headlined the winners of the day on a 19.96% surge to close at $56.3789, as 159,000 shares exchanged hands. FMP followed on 14.95% that took it to $9.2000 with property concern Mash adding 19.76% to settle at $2.8683 on firming demand. Banking group First Capital rose 10.91% to $3.5112 while, Medtech was 15.31% higher at $0.1499. Other significant gains were registered in BAT +6.25%, Cassava+9.39%, OKZIM 5.97%, Simbisa +4.45%, Axia +4.40% and Delta +3.49%. Activity aggregates improved in the session with volumes traded enhancing 31.10% to 14.55m shares while, turnover rose 23.60% to $200.93m. Delta, Econet and Masimba emerged as top value drivers of the day as the trio accounted for 25.73%, 19.29% and 15.54% respectively. Medtech for the second running session top the volumes aggregates on a 42.44% contribution. Losses for the day were led by agricultural concern Ariston which rolled back prior session’s gains on a 16.24% slide to settle at $2.1003. Proplastics was 14.29% lower at $30.0000 while, conglomerate Meikles lost 7.35% to $73.0000 on waning demand. Padenga dropped 14.29% to $34.9474, where demand could be established. Willdale was 2.31% down at $1.651 and completed the top five set. A net foreign outflow position was registered as disposals accounted for 32.57% of the day’s turnover while, purchases added a mere 1.46% of the same.