Market Comment - 07.10.2021

Market rally continues... The market continued on its upward trajectory on Thursday’s trades, as the All-Share Index added a further 1.30% to close at 9298.45pts. The old Industrials ticked up 1.38% to 30741.76pts while, the Blue-chip Index rose 1.53% to 5510.05pts. On the contrary, the Mining Index was the only laggard amongst the indices as it shed 6.46% to 6388.67pts, weighed down by waning Bindura. Logistics group Unifreight led the gainers of the day as it jumped 16.63% to $34.9900, trailing behind was National Foods that advanced 10.42% to register an all-time high of $1325.0000 for the year. Fast foods group Simbisa was 6.65% higher at $73.7789 while, Ok Zimbabwe was 5.70% firmer to trade at $21.0678. Wine and Spirits manufacturer Afdis capped the top five gainers pack as it went up 5.56% to settle at $95.0000. Fidelity life Assurance led the fallers of the day after shedding 11.01% to $8.0000 while, Bindura continued to lose ground for the second consecutive day in a row as it eased 9.73% to $5.1450. Pharmaceutical distributors Medtech declined 8.15% to trade at $0.2334 while, Zimre Holdings was 4.51% weaker at $3.5919. Media group Zimbabwe Newspapers capped the top five losers of the day on a 3.23% loss to 3.23%. The market recorded a negative breadth of three as twenty-one counters declined against eighteen risers. Activity aggregates improved as volume of shares traded enhanced 20.68% to 5.42m yielding an outturn of $248.58m for the day. Top volume contributors of the day were Zimplow, Simbisa, Axia, Star Africa and OK which accounted for 11.82%, 11.22%, 10.29% and 9.63% of the outturn respectively. Top value drivers of the day were Innscor, Simbisa, Seedco Limited, Delta and Zimplow which claimed a combined 81.88% of the aggregate. The Old Mutual ETF faltered for the second consecutive day as it let go 0.51% to trade at $3.9870 as 47,757units exchanged hands. Elsewhere, no trades were registered on the VFEX.