EFE Securities •

3 years ago •

Market Commentary

Market Comment - 17.11.2021

Heavies drag the market lower... Heavies continued to weigh on the market in mid-week session as three of the indices in our review closed pointing southwards. The primary All Share Index plunged 2.95% to 11966.52pts while, the Industrial Index lost a similar 2.97% to finish at 39626.38pts. The Top Ten Index slumped 3.56% to end at 7712.38pts. Leading the losers of the day was CBZ Holdings that succumbed 14.05% to $94.5455, trailed by National Foods Holdings Limited which lost 8.43% to end at a vwap of $1,716.9355. Telecoms giant Econet shed 6.14% to settle at $79.6975 as retailer OK Zimbabwe eased 5.91% to $27.5910. Brick manufacturer Willdale completed the top five fallers on a 5.45% slide to $3.1195. Zimplow emerged the top gainer of the day on a 1.99% surge to $26.5002, followed by banking group NMB Bank which added 0.93% to $11.9906. General Beltings inched up 0.62% to $2.0124 as sugar refinery Star Africa put on 0.28% to $1.3039. Nickel miner Bindura capped the winners of the day on a 0.26% uplift to $5.0163 as it buoyed gains in the Mining Index to 6820.23pts after a 0.15% rise. The market closed with a negative breadth of twenty-one as twenty-six counters faltered against five gainers. Activity aggregates improved as volumes of shares traded grew 29.02% to 4.25m shares while, turnover was 18.15% up at $315.7m. Delta and Econet claimed a combined 33.07% of the volume outturn and 63.96% of turnover. Other volumes drivers were Truworths (29.02%), Simbisa (6.50%) and Zimplow (5.74%). The Old Mutual ETF jumped 7.05% to trade at $5.3525 having touched a high of $5.4000. The VFEX registered no trades for the day. Elsewhere, JSE listed counter Arden Capital formerly known as Brainworks which owns 57% of African Sun’s eleven hotels is going into a voluntary liquidation.