Market Comment - 07.06.2021

Slow start on the ZSE… The Zse opened the new week on a low note albeit on slight gains. Activity aggregates declined in the session to see all the measures closing in the red. Turnover for the day dipped 80.71% to $30.00m as volumes exchanged dropped 62.10% to 2.46m shares. OKZIM, Delta and BAT emerged the top value drivers of the day as the trio accounted for 46.23%, leaving the remaining counters scrambling for the balance. First capital and Star Africa led the volume aggregates on contributions of 22.82% and 14.21% respectively. Foreign participation remained depressed as inflows claimed a mere 0.49% of the turnover while, outflows anchored 25.39% of the same. The mainstream All share rose 0.57% to 5678.20pts with the Industrials adding 0.59% to 18649.70pts. The Top Ten lost a negligible 0.01% to 3082.53pts while, the Minings slipped 0.70% to settle at 6619.15pts on falling Bindura. Nineteen counters traded in the positive against sixteen that went up as six traded unchanged, leaving the market with a positive breadth. Topping the risers of the day was financial services group Getbucks which surged by a further 17.12% to set an all time high of $4.3586, albeit on 4,700 shares. Banking group ZB followed on a 14.12% charge that took it to $67.2558. Proplastics was 7.69% firmer at $28.0000 while, Dairibord rose a further 5.93% to $26.0217, having traded a high of $27.7500. Hotelier African Sun recovered 4.63% to $3.1038 and completed the top five set. Apparel retailers Truworths and Edgars were the session’s worst performers as the duo slumped 8.45% and 6.06% to settle at $1.0071 and $3.1000 apiece. Axia was 2.30% lower at $22.4706 with FBC easing 1.51% to $28.5625. Nickel miner Bindura lost 1.06% to $5.4913, having traded a low of $5.0000 where demand could be established.