EFE Securities •

3 years ago •

Market Commentary

Market Comment- 24.03.2021

Gains extend to mid-week session… Slight gains seen across the board mainly in heavies helped sustain the market in the black in mid-week session. The Top Ten Index rebounded into the black as it closed with a 0.41% rise to close at 2356.75pts. The primary All Share Index was up 0.38% at 4157.90pts while, the Industrials failed to hold the grip as it swung back into the red on a 1.57% slump that took it to 13612.04pts, on the back of losses in selected mid and small cap counters. The Minings added a negligible 0.05% gain to settle at 5812.55pts. General Beltings topped the gainers of the day on a 12.12% jump to $0.5608 while, African Sun followed adding 9.81% to $1.8988. Truworths was 4.55% firmer at $0.9946, albeit on scrappy shares. Star Africa put on 2.04% to $0.4999 while, beverages group Delta found its way in the risers’ zone as it firmed up 1.81% to $40.5032, having traded an intra-day high of $43.0000. Other gains in heavies were registered in Econet +1.67%, Innscor +1.67%, OKZIM +1.05%, Simbisa +1.56% and National Foods +0.32%. A positive market breadth was recorded as seventeen counters rose against fourteen that went down while, three sailed stable. Banking group First Capital led the losers list after a 3.27% drop that took it to $1.8200. Top capitalised stock CBZ trailed on a 2.70% loss that took it to $72.0000 while, Mash softened 2.26% at $1.7997 on selling pressure. Medtech which is currently trading under cautionary lost 2.12% to $0.1199 while, Willdale was 1.81% lower at $0.9011. Activity aggregates enhanced as volumes traded rose 20.20% to 6.42m shares while, turnover added 44.25% on yesterday. Econet was the most sought-after stock of the day as it claimed 40.66% of the volumes exchanged and 36.65% of the turnover. Foreign purchases accounted for 0.27% of the turnover while, disposals claimed 38.82% of the same.