Market Comment -03.02.2021

Heavies help drive ZSE gains… Resurgent demand in most market heavies helped drive gains on the market to see the Top Ten Index tick up 4.34% to 2374.05pts. The primary All Share Index edged 3.41% higher to 3755.24pts while, the Industrials put on 3.38% to 411.80pts. The Minings rebounded 4.67% to 4397.39pts, buoyed by mining house RioZim which surged 20% to trade at $15.6000. Unifreight rose 20%to see it ending at $0.7950, while, Proplastics was 19.90% firmer at $16.6000. Property concern Mash was 18.18% higher at $0.9600 with Ariston adding a further 17.38% to reach $1.8791, having traded a high of $1.9000. Other notable gains in heavies were seen in Delta, Econet, Cassava, Innscor, Padenga SeedCo and Simbisa. A total of forty-three counters were active in the session as twenty-one registered gains against twelve that went down, leaving the remainder of ten to sail stable. Leading the laggards of the day was Art Corporation which slumped 18.83% to $4.2187 while, ZHL lost 8.22% to settle at $2.5699. RTG reversed yesterday’s gains on a 6.41% loss to $1.6846 where demand could be found with African Sun easing 6.06% to $1.3535. Dawn was 6.06% down at $0.4334. Volumes exchanged enhanced 45.73% to 6.61m shares, yielding a value outturn of $49.42m which was 17.17% down from prior session. Delta, OKZim and Hippo propelled the value outturn after claiming 14.91%,14.27% and 12.96% in that order.