EFE Securities •

3 years ago •

Market Commentary

Market Comment - 19.11.2021

Market falters as heavies trade mixed... The ZSE losing streak continued into Friday’s session registering the eighth consecutive session of weakness as heavies traded mixed. The primary All Share Index let go 1.46% to close at 11645.15pts while, the Industrial Index went down 1.48% to 38555.05pts. The Blue Chips Index retreated 1.91% to end the day at 7439.12pts while, the resources Index slipped 0.12% to 6798.82pts. NMB was the worst faller of the day on a 16.60% decline to close $10.0000, trailed by Axia that succumbed 9.74% to $35.2825. Fintech group Cassava shed 6.31% to $51.8950 while, telecoms giant Econet trimmed 5.07% to $71.1036. The beverages group Delta dropped 4.79% to end pegged at a vwap of $165.4499 as demand continued to wane. Partially offsetting losses of the day were gains in RTG that garnered 14.94% to settle at $5.5200 as Getbucks followed on a 11.11% jump to $9.0000. National Foods advanced 10.29% to close at $1874.9500 while, retailer OKZIM gained 4.72% to $24.2446. Banking group CBZ capped the top five winners of the day on a 4.10% lift to $99.2500. Shakers of the day outweighed winners by a count of seven, leaving the market with a negative breadth. Volumes of shares traded surged 89.98% to 29.97m as turnover improved 97.16% to $553.72m. NMB was the top volume and value driver of the day as 24.86m shares traded representing 82.96% of the former and 44.90% of the latter. The other notable value contributor was Econet which claimed 35.99% of the outturn. The Old Mutual ETF slid 0.28% to $5.0897 having traded a low of $5.0000. No trades were recorded on the VFEX. A rare net funds inflow position was registered as foreign purchases of $200m was recorded against $2.54m disposals.