Market Comment -04.03.2021

Market sustains gains albeit weak demand… The ZSE continued with the positive trajectory in Thursday’s session despite weak demand seen in most counters across the board. All the indices in our review closed in the black with the primary All Share putting on 2.68% to end at 4518.48pts. The Mining Index was the best performer as it surged 7.68% to 6991.03pts while, the Industrials added 2.58% to reach an all time high of 15055.46pts. The Top Ten Index ticked up 2.28% to 2716.72pts as heavies traded mixed. Activity aggregates improved from yesterday with volumes and values ballooning 201.27% and 127.18% to end at 13.41m shares and $111.78m, respectively. Econet emerged the top value driver after claiming 38.90% of the total while, MedTech topped the volume aggregate claiming 27.98% of the outturn. A total of forty-one counters exchanged hands with four of these sailing stable. Twenty-four counters traded in the positive against fourteen decliners, to leave the market with a positive breadth. NTS led the market risers of the day as it ticked up 19.88% to $2.0200 on firming demand while, Nampak followed on a 18.02% to $8.2430. Life assurer Fidelity continued with its glitter as it surged a further 16.78% that took it to $1.9000. Hoteliers RTG and African were seen in the riser’s zone as the duo added 15.29% and 10.41% to close at $1.9000 and $2.0970, post relaxation of lockdown measures by government. On the downside were losses led by Proplastics which succumbed 13.04% to see it close at $20.0000. Waning demand in First Capital helped drag the banking group lower to $1.6517 while, MedTech which is trading under caution dropped 8.84% to $0.0701. Retailer OKZIM was 6.23% down at $15.6218 where demand could be found, with the construction group Masimba easing 5.88% to $16.0000. Other notable losses in heavies were registered in Delta (-0.96%) and Padenga (-0.75%).