Market Comment- 09.04.2021

The southward trek continues… The market continued to lose its grip as it registered further losses for the fourth consecutive session. Two of the indices in our review ended the day lower with the mainstream All Share Index easing 0.25% to settle at 4270.34pts. The Industrials lost 0.29% to 13997.92pts while, the Top Ten index registered gains after a 0.17% rise to 2479.10pts on the back of rebounding CBZ. The resources Index was 1.80% higher at 5587.94pts spurred by firming Bindura. Activity aggregates declined in week ending session as volumes exchanged dipped 77.82% to 5.01m shares, yielding a value outturn of $84.17m which was 75.16% down on yesterday. Econet was the most liquid stock of the day as it drove both the volumes and values with 57.74% and 68.16% contributions, respectively. The other notably traded counter was CBZ which claimed 6.83% of the value outturn. Simbisa brands the worst performer after plunging 15.27% to end at $28.9159 as selling pressure continued in the counter. Milk processor Dairibord was 6.05% softer at $12.6481 while, Truworths lost 5.95% to close at $0.9815. Agricultural concern Ariston was 5.95% softer at $1.7500 on waning demand while, Conglomerate Innscor completed the top five losers set with a 2.21% drop to $65.4929 where demand could be established. Notable losses were recorded in Delta (-1.03% to $43.0294), OKZim -1.23% to $14.5005), and Padenga (-2.10% to $24.4609). Gains for the day were led by General Beltings which rebounded 11.25% to $0.7575 while, banking groups NMB and CBZ were 8.41% and 6.59% firmer at $10.3000 and $74.6104. Thirty-eight counters were active in the session, as sixteen gained against eighteen laggards to register a negative breadth of two. Foreign purchases were $1.63m against disposals of $11.36m, as the market registered a negative balance of payments.