EFE Securities •

3 years ago •

Market Commentary

Market Comment - 20.05.2021

Market dips further… The equities market dipped further in today’s trades stretching losses to three consecutive sessions. All the indices in our review closed in the red with the Top Ten Index being the major casualty as it lost 1.98% to close at 3052.28pts. The mainstream All Share Index was 1.62% down to close at 5382.47pts while, the old Industrials was 1.64% down at 17670.09pts. The Minings were 0.65% softer at 6450.49pts on the back of waning Bindura. Twenty-five bears were registered against fourteen gainers while, three remained stable, leaving the market with a wider negative breadth. Meikles topped the losers of the day on a 13.33% that took the conglomerate to $65.0000 while, BAT followed on a 11.11% slide as it settled at $800.0000. Axia was 8.37% down to $20.6167 with Unifreight easing 7.69% as it ended at $12.0000. Delta found its way in the top five losers set as the beverage group crushed to $60.0000 after a 6.85% slide, where demand could be found. Other losses were recorded in Econet, Cassava, OKZIM and Simbisa. Mitigating losses for the day were gains led by cement manufacturers Lafarge which surged 20% to $67.2000, albeit on scrappy 100 shares. Financial institution Getbucks was 19.836% firmer at $1.4919 with Masimba construction rebounding 7.53% to $21.0500 after yesterday’s knock. First Mutual Holdings was 3.50% higher at $25.8750 while, Padenga recorded a 2.71% gain that took it to $32.1500. Telecom giant Econet was the most liquid stock of the day as it drove both the volumes and values claiming 37.94% and 56.02% respectively. Other notable value contributors were Dairibord (10.16%), Cassava (6.43%). Foreign participation was depressed in the session as inflows accounted for 1.02% of the day’s turnover while, sales added 1.22% of the same.