Market Comment -09.03.2021

Market slips into the red… The market slipped into the red breaking its two-week rising streak in Tuesday’s session. Banking group CBZ with the heaviest weight on the market was the main casualty of the day, leading the losers on a 12.91% slump that took it to $84.4805, where demand could be established. FBC followed sliding 6.62% to end at $28.0149 on waning demand. Milk processor Dairibord rolled back yesterday’s gains on a 5.7% loss to see it trading at $18.2934 on scrappy shares while, TSL was 4.34% down at $43.0000. Zimplow lost 3.16% to $7.9778 and completed the top five set. Other notable losses in heavies were registered in Padenga -1.68%, Econet -0.94%, Delta -0.17% and Cassava -0.11%. Forty-two counters exchanged hands in the session as twenty-two rose against eighteen decliners, as a positive market breadth was established. Foreign participation improved from prior session, as inflows enhanced 84.77% while, outflows added 21.84%, to register a deficit balance of payment. Partially mitigating the losses for the day were gains led by Simbisa Brands which ticked up 18.16% to $29.9890, albeit on paltry shares. Medtech which is trading under cautionary statement, rebounded 17.77% to end at to $0.0835. Fidelity edged higher 16.51% to $5.9419 with hotelier African Sun putting on 14.48% to $2.5005. Property concern Mash was 13.03% up at $1.9764. Activity aggregates reflected a mixed outcome with volumes exchanged dropping 35.19% to 14.46m shares, yielding a turnover of $881.46m which was 1325.36% higher. CBZ was the most sought-after stock of the day accounting for 57.24% of the volumes exchanged and 87.32% of the value outturn.