EFE Securities •

3 years ago •

Market Commentary

Market Comment - 26.05.2021

Market extends gains in post-holiday session… The ZSE extended gains in the post-holiday session as the mainstream All Share Index added a further 1.07% to 5481.23pts. The Industrials ticked up 1.11% to 17978.19pts while, the Top Ten rebounded 0.34% to 3017.96pts. The Minings was the only Index to lose ground as it slipped 0.92% to end at 6913.71pts. Leading the risers of the day was cable manufacturers CAFCA that surged 20% to $126.0000 while, FMP followed after adding 19.74% to $13.9500 on scrappy shares. Construction group Masimba topped 14.35% to $29.7302 as banking group ZB traded 10.05% higher at $59.4254. TSL was 10.02% firmer at $44.0000, albeit closing well offered lower. Other significant gains in heavies were recorded in Econet +1.05%, Delta +0.82%, Padenga +0.22% and Innscor +0.03%. Overall, twenty-three counters registered gains against sixteen that went up while, five remained unchanged as the market register a positive breadth. Lafarge was the session’s worst performer as the cement manufacturer succumbed 18.15% that took it back to $55.0000 where demand could be found. Zimplow was 11.43% down at $6.0226 on waning demand with conglomerate Meikles reversing its prior session’s gains on a 8.90% loss that took it to $68.3263. Medtech was 4.12% softer at $0.1630 while, property concern Mash lost 3.10% to $3.1071 on the back of selling pressure. Cassava shed 0.40% to $15.9345, Hippo lost 0.36% to $131.0500, OKZIM slid 0.36% to $19.2968. Activity aggregates improved in the session as volumes exchanged ballooned 299.80% to $12.65m, yielding a value outturn of $136.03m which was 217.86% up from prior session. A rare net foreign inflow position was registered as purchases of $47.01m were recorded against outflows of $25.34m.