EFE Securities •

3 years ago •

Market Commentary

Market Comment -18.01.2021

Market maintains gains into the new week… Banking group CBZ helped maintain the market in the black in the week opener. Resultantly, the Top Ten Index was the best performer amongst the indices as it ticked up 5.31% to 1713.98pts while, the primary All Share Index put on a further 4.03% to end at 2691.05pts. The Industrials was also 4.36% firmer at 8993.58pts. Similarly, activity aggregates improved in the session to see 20.12m shares exchange hands while, value aggregate was 54.62% up from prior session. CBZ, African Sun and Econet anchored the day’s turnover with a combined contribution of 54.07%. Foreign purchases accounted for 8.12% of the day’s turnover while, sales added 48.18% of the same, leaving the market with a net foreign outflow position. Topping the risers of the day was Axia which went up 20% to end at $9.6000 with SeedCo limited following on an 16.57% surge to $27.9761. Dawn rebounded 14.75% to $0.4061 while, banking group CBZ continued with its glitter after adding on a further 12.69% to $96.9095. Retailer OKZIM traded 11.33% higher at 8.9286, having reached an intra-day high of $9.0000. Other notable gains were in Innscor up 9.84% to $38.4932 and Meikles which rose 4.33% to $24.0588. Losses for the day were registered in nine counters led by mining house RioZim which succumbed 20% to $10.8000 while, Nampak was 19.78% down at $2.1901. Nickel miner Bindura was 8.22% softer at $3.4875 with FML trading 5.26% lower at $9.0001. Turnall completed the top five risers list after dropping 4.85% to $0.7422. Other losses in heavies were recorded in Econet (-1.38%) and Cassava (-0.04%).