Market Comment -08.03.2021

Market scratches gains albeit weakness in heavies… The market sustained its gaining streak in week opening session, despite weakness seen in selected heavies. The mainstream All Share Index rose 0.21% to 4625.63pts with the old Industrials adding the same 0.21% to 15430.22pts. The Top Ten declined 0.41% to 2769.81pts with the less active Minings was 0.28% up at 6775.69pts. Activity aggregates reflected a mixed outcome as volumes enhanced 138.18% to 22.31m shares driven by Medtech and Ariston. Turnover dropped 48.18% to $61.84m as Delta, Ariston and Meikles emerged the value drivers with respective contributions of 30.83%,16.20% and 14.88%. A total of forty counters exchanged hands with three of these sailing stable. Twenty-three counters traded in the positive against fourteen laggards, to leave the market with a positive breadth. Turnall continued with its glitter as it ticked up 19.98% to close at $3.1075 in the wake of its profit waning statement. Tyre service company NTS was 19.92% firm at $2.9050 with Unifreight rebounding 11.34% to settle at $11.1308. Dairibord reversed its prior session’s loss with a 7.89% gain to see it close at $19.4000 while conglomerate Meikles added 7.67% to end at $49.5003. On the downward side was Hippo Valley leading a 11.53% slump that took it to $115.1892. Agricultural concern Ariston was 6.17% lower at $2.1517 with Sugar refiners Star Africa sliding 5.28% to $0.4735. Hotelier RTG traded 4.96% down at $1.9000 while Mash dropped 3.04% to complete the top five losers. Other notable losses in heavies were registered in Hippo down 11.50% to $115.1900, Delta shedding 1.58% to $49.1609 and Padenga dropping 0.50% to $40.2559, where demand could be found.