Market Comment - 03.11.2021

Activity aggregates falter... Aggregates were depressed in midweek session as volumes of shares traded declined 3.55% to 4.15m while, turnover plunged 52.89% to $159.98m. Driving today’s turnover were heavies Econet, Cassava, Innscor and Delta which accounted for a combined 86.10% of the outturn. Volumes were anchored by Edgars, Cassava and Econet with respective contributions of 35.37%, 25.79% and 14.88%. The Old Mutual ETF let go 3.56% to close at $4.4662 on 36,168 units. Elsewhere, SeedCo International slipped 0.32% to close at USD$0.2800 while, Padenga added 0.41% to end at USD$0.1958. The market registered a negative breadth of two as seventeen counters recorded losses against fifteen gainers. National Tyre Services headlined the winners of the day on a 20% surge to $8.4000, trailed by Meikles which jumped 19.96% to $245.9000. Insurer First Mutual Holdings rose 13.04% to $26.0000 as Unifreight ended 8.57% stronger at $38.0000. Zimpapers completed the top five risers’ list after putting on 7.90% to $3.8845. General Beltings was the worst performer of the day on a 16.18% loss to $2.0000 trailed by Mashonaland Holdings which suffered a 8.04% knock to $2.8500. Nickel miner Bindura closed 7.57% weaker at $5.3612 as Zimplow Holdings fell 2.98% to end at $21.1673. Banking group CBZ capped the top five losers of the day after a 2.94% loss to end pegged at $110.0000. The All-Share Index ticked up 1.07% to land at 11731.91pts while, the Industrial Index grew 1.12% to 38838.14pts. The Top Ten Index firmed up 1.40% to 7382.50pts as the Mining Index emerged the only faller amongst the indices as it succumbed 4.79% to 6942.04pts dragged mainly by losses in Bindura.