EFE Securities •
2 years ago •
Market Commentary
Market Comment - 26.08.2021
Market recovers as heavies trade sideways… The market recovered in Thursday trades, post two consecutive sessions of registering losses. Four of the benchmark indices in our review closed pointing northwards with the mainstream All Share Index and the Industrials putting on a similar 1.25% to close at 6774.61pts and 22334.86pts apiece. The blue chips Index went up 1.56% to end at 3678.17pts while, the resources Index extended 1.57% to 6024.40pts. Thirty-six counters registered price movement in today’s session with fallers outweighing gainers by a count of four. Hippo topped the winners of the day on a 14.38% jump to settle at $175.0000 as construction group Masimba followed on a 13.70% surge to $37.9686. Property Concern FMP was 10.25% stronger at $12.3500 as the group reversed previous days’ losses while, conglomerate Innscor added 5.57% to $97.0769. Agriculture concern Ariston completed the top five risers of the day on a 3.74% improvement to $3.1132. Clothing retailers Truworths was the worst performer of the day on a 5.98% fall to $2.0214 as microfinance group Getbucks followed after letting go 4.16% taking its price to $8.3857. Turnall trimmed 2.56% to $3.8000 while, Meikles capped the top five fallers of the day after shedding 2.12% to land at $88.0303, having traded an intraday low of $88.0000. Other notable fallers of the day were OKZIM (-1.87%), Cassava (-1.37%) and Delta (-0.25%). Volumes of shares traded ballooned 2257.56% to 120.73m yielding a turnover of $8.98m which was a 91.84% decline from prior session. Star Africa and Medtech accounted for 54.21% and 11.90% of the volume outturn respectively. Top value contributors were Delta (23.45%), Meikles (17.84%), Innscor (16.66%) and CBZ (12.62%). The Old Mutual Exchange Traded Fund increased 0.22% to $2.2571 as no trades were recorded on the VFEX with Padenga closing bid at $0.1800 while, SeedCo International was offered at $0.2550. Foreign purchases amounted to $1.01m as investors cherry-picked Meikles while, sales stood at $2.01m.