Market Comment- 08.02.2021

Market opens new week on the front foot… The ZSE maintained the charge in Monday trades as market wide gains spurred the primary All Share Index to a 3.16% surge and took it to 4139.17pts while, the Top Ten Index added 2.34% ending the day at 2586.1pts. The market charge was also driven by improved activity which saw the value of trades surge 21.68% to $123.68m spurred by market heavies Econet, OKZIM and Innscor that accounted for respective contributions of 39.98%, 14.02% and 13.58%. Volumes were similarly up, rising 60.89% on prior session to 10.55m shares driven by Medtech, Econet and OKZim that claimed a combined 66% of the aggregate. Forty-five stocks were active in today’s session distributed into thirty-four risers, six fallers and five that sailed stable. Headlining the market charge was Financial services group Getbucks Microfinance Bank Limited that put on 19.88% for the day and ended trading at $0.3105 as insurance group First Mutual Holdings Limited followed on a 19.79% surge taking the group to $16.1997. Apparel retailers Edgars added 19.57% for the day and closed at $1.6500 on surging demand while, telecoms giant Econet added its weight to the risers set on an 18.75% gain taking it to $19.7532. Completing the top risers set was Willdale which advanced 17.49% to $0.4903. Meanwhile, the shakers of the day were led by Medtech which succumbed 5.41% to $0.07 while, ZHL followed on a 5.15% slip to $2.5061. CBZ shed 2.32% to $90.2500 as Dawn and Axia capped the fallers of the day on respective losses of 0.84% and 0.45%.