EFE Securities •

3 years ago •

Market Commentary

Market Comment - 25.06.2021

Econet trades highlight session… Econet trades highlighted the session as circa 1.9m shares worth 54.39m exchanged hand in the Telecom giant. The trade helped anchor the daily volumes and turnover as it claimed 18.91% of the former and 31% of the latter. The counter ended at a vwap of $27.5329, closing bid at $27.5500 with no offers. Activity aggregates for the day improved as volumes enhanced 2.41% to 10.4m shares, yielding a total value of $175.5m which was a 160.42% upsurge from prior session. Forty counters were active for the day as twenty-five gained against eleven that recorded losses while, four remained unchanged. The duo sugar refiners Star Africa and Unifreight led the gainers after putting on an identical 19.73% to settle at $2.0145 and $21.5509, apiece. The market cheered the Hippo financials in which the company declared a dividend of $1.24000, resulting in the group charging 18.05% to close $166.9609. Apparel retailer Edgars added 12.76% to close at $3.4956. Willdale enjoyed a rising streak as the brick manufacturer rose a further 10.65% to trade at a vwap of $3.0436. Seedco was the top laggard of the day as it lost 15.46% to $55.2395, four days post its relisting on the bourse. General beltings succumbed 13.56% to $2.6175 while, Simbisa declined 4.50% to $40.0352. FML Holdings dropped 2.94% to trade at $27.5000 as demand continued to wane. OKZIM was 1.93% softer at $15.9908 on the back of selling pressure. The Mining Index was 5.54% firmer as Bindura spurred the resources sector with a 8.28% lift to $5.4181. The All Share and Industrial Indices closed the session in gains after adding 1.04% to 6138.69pts and 0.98% to 20199.47pts, respectively. The Top Ten Index was not outdone as it enlarged 1.40% to end at 3247. 86pts. Foreign participation was mixed as the disposals stood at $3.85m up 36.17% and purchases were 99.26% lower at $0.018m resulting in a trade deficit. Market