EFE Securities •

3 years ago •

Market Commentary

Market Comment - 28.05.2021

Market halts gains in week-ending session… The ZSE rolled back gains accumulated for the past three consecutive sessions in week ending trades to see three of the indices in our review closing in the red. The index that suffered most was the heavy cap which succumbed 3.31% to 2964.82pts, mainly dragged down by Delta which topped the fallers of the day on a 12.07% slump that took it back to $58.6274 as investors anxiously await for the beverages FY21 results. The Industrials followed on a 1.77% drop to see it close at 17761.99pts with the mainstream All Share Index sliding 1.70% to 5415.23pts. The Minings were the only Index to close in the positive as it rose 2.47% to 6825.09pts spurred by rebounded nickel miner Bindura. Construction group Masimba reversed yesterday’s gains after dropping 9.91% to $29.6943 while, Zimplow holdings lost 9.52% to $6.1450. Retailers OKZIM were 4.62% down at $17.6482 as selling pressure persisted in the counter. Art Corporation eased 4.30% to $8.1348 and completed the top five losers. Other losses that helped drag the market were registered in Cassava -0.03%, Innscor -0.49% and Padenga 0.11%. Eighteen counters lost ground against seventeen gainers as three remained unchanged, leaving the market with a negative breadth. On the upward side was Getbucks which topped again on a 12.16% increase to $2.9610, having traded a high of $3.1600 on scrappy shares. ZHL rebounded 11.42% to $2.9975, albeit closing well offered. Medtech rose 5.86% to $0.1698 with Bindura ticking up 3.76% to $5.7517. FML was 3.44% firmer at $28.7987 as a chunk of 6.26m shares exchanged hands. The Insurer anchored the volumes and value aggregates of the day as it claimed 68.93% and 73.44% of the totals, respectively.