Market Comment - 03.09.2021

ZSE caps the week in gains… The market sustained gains in week-ending session spurred by gains mainly in mid-cap counters. The primary All Share Index advanced 0.99% to close at 6658.25pts while, the Industrial Index added an almost identical 0.98% to end at 21934.71pts. The ZSE Top Ten Index was up 0.62% at 3583.93pts as the Mining Index ended 1.62% higher at 6279.88pts buoyed by Bindura which saw a 2.48% rise that took its price to $5.2001. The market closed with a positive breadth of thirteen with twenty-one gainers against eight fallers while, twelve stocks sailed stable. Headlining the twenty-one risers of the day was Dairibord which rebounded 11.72% to close at $35.7176 reversing the previous losing streak. Banking group First Capital jumped 9.19% to close $3.3683 as apparel retailer Edgars gained 8.57% to settle at $3.8000. NMB extended 6.10% to end at a vwap of $15.9957 while, conglomerate Meikles which is trading under cautionary capped the top five winners of the day on a 5.65% improvement to $95.0321. NTS topped the fallers of the day for the second day in a row after letting go 2.72% to $8.7548 as TSL trailed on a 1.81% retreat to $48.0000. Medtech shed 1.44% to $0.2469 while, Innscor went down 0.90% to settle at $100.0606. Telecoms giant Econet completed the fallers’ set after declining 0.79% to close at $35.0164. Volume of shares traded grew 8.60% to 2.98m while, turnover ballooned 111.93% to $121.70m. OKZIM and ZB claimed a combined 64.27% of volumes traded and 68.60% of turnover. The other notable value driver was Meikles which accounted for 15.09% of the value outturn. Foreign purchases at $1.04m represented 0.86% of turnover while, sales claimed 8.42% of turnover. The Old Mutual Exchange Traded Fund advanced 0.05% to end pegged at $2.5313 having traded an intraday high of $2.7500. On the VFEX, SeedCo International retreated 5.88% to settle at USD$0.2400 as 12,079 shares exchanged hands, yielding a value outturn of USD$2898.9600 following the approval of cash or scrip dividend offer by shareholders.