EFE Securities •
2 years ago •
Market Commentary
Market Comment - 22.10.2021
Market takes a breather in week ending session... The ZSE halted its fifteen-day rising streak to close the week in the red. The four benchmark indices in our review closed pointing southwards with the ZSE Top Ten Index taking a greatest knock of 1.89% to 7678.83pts. The ZSE All Share Index let go 1.75% to 12097.36pts while, the Industrials slipped an almost similar 1.76% to 40034.37pts. The Mining Index went down 0.82% to 7448.76pts. Zimpapers led the winners of the day on a 11.36% jump to $3.0381, trailed by banking group CBZ that surged 10.93% to $105.3850. Turnall improved 8.33% to $6.5000 as hotelier African sun put on 7.83% to $10.7826. Cassava completed the top five gainers of the day on a 3.19% lift to $51.7718. Banking group NMB headlined the casualties of the day after trimming 12.62% to settle at $12.1900. Following was conglomerate Meikles which retreated 8.94% to end pegged at $170.0000. Proplastics and Masimba held the third and fourth position with respective losses of 7.14% and 6.83% to end at $32.5000 and $50.0000. Innscor capped the top five laggards’ set on a 6.30% fall to $192.0158. Other notable shakers of the day were SeedCo Limited (-5.98%), Delta (-4.71%), Simbisa (4.57%), Econet (-3%) and OKZIM (-1.65%). Fallers of the day outnumbered gainers by a count of seventeen leaving the market with a negative breadth. Volumes traded dropped 40.30% to 2.50m shares while, turnover dipped 46.41% to $86.29m. The top volume drivers of the day were Medtech, CBZ, Star Africa and Bindura with a combined contribution of 64.92% to the aggregate. Heavies CBZ and Delta accounted for 51.11% and 18.14% of the outturn apiece. Elsewhere, the Old Mutual Exchange Traded Fund rose 8.54% to $4.4058 as VFEX registered no trades. Medtech released a prelisting statement in which the company is proposing to change its name to Bridge Fort Capital Limited, converting its ordinary shares to different classes of shares .The proposals have been circulated to shareholders for approval on the EGM meeting to be held on the 15th of November.