Market Comment - 04.05.2021

Market swings back into the black… The market swung back into the black spurred by heavies Delta and Econet which rebounded 2.62% and 5% to end the session at $50.9841 and $21.0002, respectively. Other significant gains were registered in Cassava +0.25% to $12.4329, OKZIM +3.18% to $155277 and Simbisa +2.31% to $30.6923. Leading the risers of the day was banking group ZBFH, which ticked up 11.10% to $40.0000 on scrappy 1,500 shares. Hotelier African Sun added a further 6.09% to $2.3347, with agricultural concern Ariston putting on $2.0000. Willdale was 4.28% firmer at $1.0004 and completed the top five risers set. Nampak rolled back its prior session’s gains on a 11.11% loss that took it back to $16.0000 on waning demand. Turnall was 4.10% lower at $2.8788 while, Medtech lost a further 3.64% to $0.1085. Property stock Mash dropped 3.41% to $1.8353 while, First Capital bank trimmed 1.51% to end at $2.4021 Twenty-four counters traded in the positive against nine decliners and eight remained unchanged, leaving the market with a wider positive breadth of fifteen. Resultantly, the primary All Share Index gained 0.87% to 4641.26pts while, the Industrials added 0.88% to 15246.20pts. The Top Ten was the best performer amongst the Indices as it surged 1.26% to 2666.54pts while, the Minings remained stable at 5377.61pts. Activity aggregates declined as it was confined to few selected counters. Econet emerged the top value driver of the day claiming 45.40% of the total while, Medtech propelled the volume outturn on 38.44% of the outturn. Other notable trades were in OKZIM and RioZim which contributed 9.11% and 7.68% respectively. Capital flight continued as inflows of $0.49m were registered against outflows of $5.10m.