EFE Securities •

2 years ago •

Market Commentary

Market Comment - 20.08.2021

Southward trek continues… The market’s southward trend persisted in the week-ending session as all four indices in our review capped the week in the red. The primary All Share Index let go 0.41% to close at 6820.36pts while, the Industrial Index lost 0.40% to 22490.56pts. The ZSE Top Ten Index slipped 0.05% to end at 6335.74pts while, the Mining Index went down 1.51% to set at 5959.57pts. Thirty-five counters registered price movements disseminated into fifteen gainers and twenty fallers to leave the market with a negative breadth of five. Life Assurer Fidelity reversed previous day gains to close at $10.0000 after a 13.04% dip as Dairibord followed on a 9.42% drop to $30.0217. Conglomerate Innscor shed 4.46% to settle at a vwap of $99.9557 with Zimpapers retreating 3.15% to set at $3.0000. Hotelier African Sun trimmed 3.05% to $7.0000 following the news that all Dawn shareholders who have accepted the offer will now be granted African Sun Limited shares. Partially mitigating today’s losses were gains in Econet which rose 3.70% to close at a vwap of $37.6981 having traded an intra-day high of $39.5000. Banking group FBC added 3.09% to $29.9471 while, Star Africa grew 2.46% to $1.9952. The third and fourth position of the gainers’ horizon was held by Medtech and Getbucks which advanced 1.65% and 0.23% to close at $0.2775 and $8.5500 apiece. Volumes traded went up 10.08% to 6.25m shares, yielding a turnover of $208.91m which was a 101.32% surge from prior session. Econet and ART anchored the volume outturn of the day with respective contributions of 25.67% and 13.56%. Top traded counters by value were Econet and Delta which claimed a combined 47.64% of the aggregate. Foreign sales amounted to $298,234.50 against a nil purchase position. The Old Mutual Exchange Traded Fund shed 0.86% to $2.2506 as 260,800 units with a value of $586,965.00 traded. Elsewhere, on the VFEX Padenga and SeedCo International closed well-bid at $0.1800 and $0.2300 apiece, with no trades in today’s session.