Market Comment - 02.07.2021

Market swings back into the red… The ZSE see-sawed back into the red in the week ending session to see all the indices in our review closing pointing southwards. The primary All share Index slumped 1.11% to 6169.15pts with the Industrials sliding 1.10% to 20299.09pts, reversing prior sessions’ gains. The Top Ten Index lost 1.19% to 3147.49pts as profit taking took its toll in heavies while, the Minings succumbed 1.77% to 6353.05pts on waning Bindura. Small cap counters led the risers of the day with apparel retailers Truworths topping on a 19.35% surge that took it to $2.2792 while, life assurer Fidelity ticked up a further 19.89% to end at $10.7000 on firming demand. Hotelier RTG was 15.07% firmer at $5.2440 with Unifreight rising 12.21% to close at $29.9647. Medtech continued with its glitter as it rose a further 7.19% to $0.2593 where supply could be found. Sugar refiners Star Africa led the laggards of the day on a 19.06% decline to $2.2778 reversing all previous gains. GetBucks rolled back to $12.3000 on a 11.51% slide while, construction group Masimba lost 8.55% to close at $38.9314 where demand could be found. Telecom giant Econet found its way in the fallers zone as it dropped 5.04% to $26.1017, post the announcement on the extension of publication of its FY21 results to 31 July 2021. General Beltings was 3.30% lower at $2.7559 and completed the top five losers set. Activity aggregates reflected a mixed outcome as seen in volumes which went down 22.84% to 8.32m shares while, value outturn enhanced 63.51% to $199.36m. Foreign participation remained depressed as inflows accounted for 25.61% of the day’s turnover while, outflows anchored 8.63% of the same.