EFE Securities •

3 years ago •

Market Commentary

Market Comment -29.01.2021

Econet trade highlights month end session… A parcel of 22.75m shares worth circa $311m exchanged hands in telecoms giant Econet in the month end session. The block trade propelled both the volume and value aggregates of the day claiming 76.10% and 66.52% of the turnover. Resultantly, volumes exchanged enhanced 356.98% to 29.90m shares while, value outturn was 417% up to $483.88m from prior session. Other notable trades were in Innscor and Meikles which accounted for 10.53% and 9.74% of the total value respectively. Foreign participation remained depressed with inflows at 19.04m claiming 3.93% of the turnover while, outflows at $43.69m being 9.03% of the same. Contrastingly, a negative market breadth of five was registered as fifteen counters recorded gains against twenty that went down, leaving the remainder of five trading unchanged. Three of the indices in our review closed the final session of the month in the black with the primary All Share Index adding 1.20% to 3600.82pts while, the Industrials put on 1.35% to 12054. 64pts. The Top Ten ticked up 1.81% to 2238.20pts with the less active Minings dropping 7.06% to 4356.70pts. Unifreight topped the winners of the day for the third running session as it surged 19.91% to $0.5540, albeit on scrappy shares. The trio of banking groups FBC, NMB and First capital found their way in the risers’ zone after ticking up 19.57%, 19.51% and 13.63% to $21.5313, $6.0951 and $1.9314 in that order. Conglomerate Meikles was 13.30% firmer at $37.6797 to complete the top five risers set. Other gains were seen in Delta, Padenga, OKZIM and AFDIS. CAFCA led the laggards set on a 19.31% slide that took it to $64.5698 while, Seedco Limited was 15.18% down at $25.8792. Willdale lost 15.06% to $0.3932 with Dawn properties shedding10.91% to 0.4900 as the dispute with the remaining 9% minority shareholders continued with African sun.