Market Comment - 08.10.2021

ZSE maintains an upward trend... The ZSE remained upbeat in the week-ending session, taking the winning streak to the eighteenth session. The mainstream All Share Index and the Industrials gained a similar 2.92% to close at 9570.05pts and 31640.86pts respectively. The ZSE Top Ten Index added 4.03% to 5732.26pts while, the Mining Index put on 2.48% to 6547.32pts. Leading the advancers of the day was cigarette manufacturers BAT that jumped 20% to $2388.0000 as General Beltings surged 14.44% to $2.4552. Telecoms giant Econet garnered 8.68% to end pegged at $62.4476, trailed by fast foods group Simbisa which extended a further 8.60% to settle at $80.1240. National Foods completed the top five risers of the day on a 8.59% rise to close at a vwap of $1438.8144. Zimpapers faltered for the second consecutive session after trimming 12.78% to $2.6167, followed by Star Africa which let go 3.21% to $1.6225. Insurer FML retreated 2.44% to $24.3912 while, brick manufacturer Willdale shed 1.22% to $4.3938. Apparel retailer Edgars went down 0.85% to $4.4000 as it capped the top five losers of the day. Turnover ballooned 4.42% to $657.31m while, volume of shares traded advanced 38.87% to 7.53m. Twenty-three bulls charged on eight bears to leave the market with a positive breadth of fifteen. Anchoring the volume aggregates were Innscor, Simbisa, Zimplow, Hippo and First Capital that contributed a combined 66.50% of the outturn. Heavies Hippo, Innscor and Simbisa claimed 31.54%, 30.88% and 14.99% of the value total apiece. On the VFEX, Padenga slipped 12.66% to trade at $0.2450 with no trades in SeedCo International. The Old Mutual Exchange Traded Fund added a marginal 0.33% to $4.0000. Elsewhere, the ZSE has lifted the suspension of CFI and trading will commence on the 11th October 2021.