Market Comment- 07.04.2021

Market declines further on waning demand… The market extended losses in Wednesday’s session to see three of the benchmark Indices in our review closing in the red. The mainstream All Share Index lost 2.08% to 4362.06pts with the segregated Industrial Index easing a further 2.18% as it closed at 14313.06pts. The Top ten Index eased 1.66% to 2523.29pts while, the Mining was the only Index to close in the positive as it rebounded 4.09% to 5377.52pts. Activity aggregates improved as volumes exchanged enhanced 275.33% to 9.25m shares, yielding a value outturn of $137.03m which was 435.80% up from yesterday. Retailer OKZIM was the most sought-after stock of the day as it anchored both the volume and value aggregates, claiming 78.39% and 79.34% respectively. Other notable trades were in Econet, Padenga and Innscor. Foreign purchases accounted for a mere 1.99% of the turnover while, disposals claimed 2.87% of the same. A negative market breath was registered as fifteen counters lost ground against thirteen that went up while, five remained unchanged. FML led the shakers of the day after succumbing 17.15% that took it to $17.3983, having reached low of $16.85000. Simbisa brands rolled back its prior session’s gains on a 12.02% slide to settle at $35.1863 where demand could be found. Hotelier RTG was 8.40% down at $1.9235 while, Truworths dropped 7.38% to end at $0.9624. Property concern Mash was 5.11% softer at $1.8211 on the back of selling pressure. Mitigating the losses for the day were gains led by ZHL which ticked up 9.52% to $2.3000 with nickel miner Bindura rebounding 5.89% to $4.7999. FMP was 4.84% firmer at $5.2000 while, Medtech added 4.81% to $0.1154. Banking group First Capital firmed up 4.34% to $2.0718 and completed the top five gainers’ set.