Market Comment - 04.11.2021

Meikles and CBZ weigh down the market... Conglomerate Meikles and banking group CBZ weighed on the market in Thursday’s session as the duo trimmed 14.32% and 13.64% to close at $210.6957 and $95.0000 apiece. Other fallers of the day were National tyre service which shed 16.67% to $7.0000 and First Mutual Holdings which slipped a further 11.54% to $23.0000. Digital and media group Zimpapers capped the top five losers of the day as it succumbed 9.90% to $3.5000. Property concern Mashonaland headlined the winners of the day as it surged 18.28% to settle at $3.3711, trailed by fintech group Cassava that rose 6.48% to trade at $44.19126. Mining house RioZim advanced 5.71% to $37.0000 while, banking group FBC climbed 2.72% to end pegged at $31.9986 Conglomerate Innscor capped the top five gainers’ list on a 2.38% jump to $175.3327. A total of thirty-six counters registered price movements on the market as fallers outweighed gainers by a count of four. Activity aggregates were mixed as turnover declined by 54.55% to $72.71m while, volume increased by 21.64% to see 5.05m shares exchanging hands. Truworths was the top volume driver of the day with a contribution of 66.92% of the aggregate trailed by Star Africa, FBC, First Capital and Simbisa with a combined contribution of 17.37%. Anchoring the value aggregate were Delta, Simbisa, Truworths, FBC and Econet which accounted for a shared 47.04% of the outturn. The Old Mutual ETF let go 1.22% to close $4.4115 with no trades on the VFEX. Three of the benchmarks under our review closed in the red with the Industrial Index leading the losers as it gave up 0.52% to 38636.97pts while, the All-Share Index eased 0.50% to 11673.80pts. The Blue-chips Index was 0.20% down at 7368.20pts as heavies traded mixed.