Market Comment - 07.05.2021

ZSE stretches gains in weekending session… The primary All Share Index firmed up 1.15% to 4774.55pts in the week ending session spurred mainly by resurgent demand in selected heavies, albeit on thin volumes. The old Industrials were 1.16% up at 15688.31pts with the Top Ten Index ticking up 1.79% to close at 2758.97pts. The resources Index recovered a negligible 0.09% to 5438.60pts. Diversified group ART Corporation topped the winners of the day on a 9.13% rise that took it to $6.8231 while, Simbisa followed on a 9.05% surge to settle at $33.8143, having reached an intra-day high of $36.0000. Padenga was 8.25% higher at $32.9267 while, Fintech group Cassava rebounded 7.99% to $13.5000. Conglomerate Meikles added 5.40% to reach an all-time high of $64.9117. Other significant gains were in Delta, Econet, Cassava and Innscor. Overall, thirty-eight counters exchanged hands in the session as twenty-two gained against thirteen that went down while, three remained unchanged. Activity aggregates improved on yesterday as volumes exchanged enhanced 27.64% to 7.11m shares while, turnover rose 17.86% to $123m. Retailer OKZIM was the most liquid stock of the day propelling both volumes and value aggregates, claiming 37.52% and 33.61% in that order. Other significant trades were in Meikles and Delta which contributed 27.90% and 21.53% respectively. FML rolled back yesterday’s gains on a 11.38% drop to close at $20.0452 with agricultural concern Ariston sliding 4.75% to $2.0002. Cable manufacturers Cafca dropped 4.55% to $105.0000, where demand could be found. TSL was 4.50% down at to $40.0000 on selling pressure. Life assurer Fidelity lost 3.33% to $5.8000 and completed the top five losers set.