EFE Securities •

3 years ago •

Market Commentary

Market Comment- 24.05.2021

Mid-tier and small-caps help swing the market into the black … Gains seen in mid-tier and small cap counters helped swing the market into the black in the week opener. FMP led the gainers of the day on a 19.94% surge that took the property stock to $11.6500 albeit on paltry shares. Getbucks was 19.70% higher at $2.1426 with conglomerate Meikles adding 14.50% to the tide and closing at $75.0000. Ariston rose 9.15% to $2.8512 while, Unifreight completed the Top risers’ five list on a 8.33% to $13.0000. Other notable gains were seen in Simbisa which went up 2.62%, Axia that added 1.38%, Hippo which ticked up 1.17% and Delta which rebounded 0.59% to $60.3150. On the downside was sugar manufacturers Star which led the laggards set on a 9.27% drop to $0.8219. ZHL followed on a 6.77% slide to close at $3.0010 on waning demand. Property concern Mash was 4.79% lower at $3.2064 with hotelier RTG easing 4.69% to settle at $2.2875. CAFCA rolled back to $105.0000 after a 4.46% drop, where demand could be established. Resultantly, the primary All share Index recovered 0.82% to close at 5423.10pts with the Industrials ticking up 0.74% to 17781.11pts. The resources Index surged 5.29% to 6977.79pts on rebounding Bindura, while the Top Ten was the only Index to lose ground after a 0.43% drop that took it to 3,007.44 as heavies traded mixed. A positive market breath was registered as twenty counters gained against seventeen that traded in the negative with three sailing stable. Activity aggregates declined in the week opening session as volumes exchanged dipped 94.18% to 3,16m, yielding a value outturn on $42.80m which was 97.31% down from prior session. Delta anchored the volume aggregates claiming 47.31% while, Medtech led the volumes on a 33.65% of the outturn. A net foreign outflow position was registered as sales accounted for 59.95% of the day’s turnover while purchases added a mere 0.2210%.