EFE Securities •

3 years ago •

Market Commentary

Market Comment - 28.04.2021

Heavies sustain market gains… Firming demand in selected heavies helped sustain the market in mid-week session, stretching the winning streak to three consecutive session. The primary All Share Index added 0.52% to 4592.87pts with the old Industrials ticking up 1.08% to reach an all-time high of 15082.23pts. The Mining Index was 7.48% higher at 5429.92% on rebounding Bindura. Art Corporation topped on a 14.84% surge to $6.0075 as Nampak continued to shine on a 13.58% rise to $16.0143. Nickel miner Bindura added 10.89% to $4.8662 albeit thin volumes. First Mutual Holdings rose 9.32% to $22.9595. Apparel retailers Edgars recovered 5.86% to $3.1900 and completed the top five risers. Other significant gains were in CBZ +2.44%, Delta +2.57%, PHL+1.79% and Econet +0.27%. Overall, seventeen counters traded in the positive against sixteen that went down ad seven remained unchanged, leaving the market with a narrow positive breadth. Masimba led the losers of the day on a 7.11% decline to $19.6000 while, Willdale lost 6.46% to $0.9337 on waning demand. Star Africa dropped 3.89% to $0.5725 with engineering company General Beltings dropping 2.52% to $0.6998. TSL rolled back its prior session’s gains on a 2.24% loss to $42.0000, despite improved prices in the ongoing tobacco selling season. Activity aggregates declined in the session with volumes exchanged shedding 28.82% to $61.98306, yielding a value outturn of $132.80m which indicated a 27.64% drop on yesterday. Innscor, Axia and Hippo anchored the value outturn on respective contributions of 20.90%, 19.45% and 18.16%. Axia and FML propelled the volume aggregates claiming 26.17% and 21.76% apiece. Foreign Inflows dropped 9.03% to $14.38m while, outflows dipped 98.89% to $0.49m.