EFE Securities •
2 years ago •
Market Commentary
Market Comment - 28.07.2021
Market rises further to record new highs… The market rose further in the midweek session ahead of the Mid-Term Budget and Economic review presentation slated for tomorrow. Three of the indices in our review have all reached new highs with the primary All Share Index ticking up 0.89% to 6765.30pts. The segregated Industrial Index extended 0.88% to 22299.43pts with the Minings adding 1.25% to 6116.85pts. The Top Ten scratched 0.20% to 3568.36pts as gains were lessened by CBZ which found its way in the losers’ zone after succumbing 5.26% to close at $90.0000 on scrappy 100 shares. Apparel retailer Edgars lost 7.89% as it led the fallers set to close at $4.1632 on selling pressure. Art Corporation lost 3.84% to $8.1829 while, Fintech group Cassava also weighed on the Top Ten Index on a 2.16% plunge that took it to $15.5838. ZHL was 0.30% lower as it completed the top five losers set. AFDIS topped the risers of the day as it ticked up 13.24% to reach an all-time high of $80.4000 with FML trailing on a 12% rise that took the insurer back to $28.0000. Truworths rebounded 9.92% to $2.6600 while, Fidelity added 8.70% to end at $10.0000. Hotelier RTG was 8.21% up to $5.3000, albeit on scrappy shares. Other notable gains across the board were seen in Innscor +3.81%, Delta +1.16%, OKZIM +1.46%, SeedCo +1.41%, Axia +1.12%, Hippo+0.81%, Econet +0.52%. SeedCo Limited’s gains came in the aftermath of an impressive set of FY21 results released today, in which the group recorded a 789% and 639.34% increase in revenue and profit after tax in historical terms, respectively. Activity aggregates improved as reflected in volumes that went up 30.51% to 8.85m shares while, values ballooned 117.55% to $233.88m. Delta, NMB and Econet emerged as the value drivers of the day as the trio accounted for 33.57%, 23.69% and 12.38% respectively. NMB again anchored the volume aggregates, claiming 36.85% of the outturn. Foreign Inflows accounted for 19.89% of the day’s turnover while, outflows added 31.19% of the same.