Market Comment - 09.07.2021

Market swings back to gains… The ZSE see-sawed back into the black in the week ending session to see all the indices in our review closing pointing northwards. The primary All share Index rose 0.92% to 6094.95pts with the Industrials ticking up an almost similar 0.93% to 20063.97pts, on slight gains seen in selected counters across the board. The Top Ten Index was 1.17% firmer at 3164.59pts while, the Minings added a negligible 0.02% to see it ending at 6081.31pts. Brick manufacturers Willdale topped the risers of the day as it surged 15.29% to $3.4797 with Zimplow following on a 11.46% that took it to $13.0497, on the back of firming demand. Banking group ZB rebounded 8.45% to settle at $77.0000 where supply could be found, with Proplastics adding 7.56% to close at $26.5322. Hotelier African Sun reversed prior session’s losses on a 5.57% rebound as it closed at $5.4000. Other significant gains were registered in OKZIM +5.50% to $16.3525, Simbisa +5.35% to $36.9101, Delta +1.33% to $69.0711, Innscor +1.78 to $85.0500, and Econet +0.47% to $27.0190. Apparel retailers Truworths led the laggards of the day on a 19.03% decline to $2.0000 reversing all previous session’s gains. Zimpapers rolled back to $2.6466 on a 14.43% slide while, life assurer Fidelity lost 4.00% to close at $12.0000 where demand could be found. Milk processor was seen in the fallers zone as it dropped 3.63% to $30.9363 on waning demand. First Mutual Properties was 3.15% lower at $14.5278 and completed the top five losers set. Activity aggregates reflected a mixed outcome as seen in volumes which went up 24.26% to 7.87m shares while, value outturn dropped 21.13% to $87.67m. Foreign participation remained depressed as inflows accounted for a mere 0.46% of the day’s turnover while, outflows anchored 23.65% of the same.