Market Comment- 09.09.2021

Heavies spur market gains … The market continued on its positive trajectory for the fourth consecutive session spurred by resurging demand in selected heavies. The ZSE All Share Index put on 0.83% to end at 6769.01pts while, the Industrial Index added an almost similar 0.84% to 22273.92pts. The ZSE Top Ten Index rose 1.90% to close at 3640.24pts while, the Mining Index went up 0.27% to 6942.08pts, which was 0.83% shy of the 7000 mark. Gainers of the day were headlined by financial services group ZB which surged 20% to $96.0000, albeit on paltry shares as Simbisa trailed on a 9.88% jump to $43.9735 having traded an intraday high of $44.0000. Conglomerate Innscor gained 7.15% to trade at $100.0000 while, Truworths advanced 2.54% to $2.0000. Fintech group Cassava capped the top five winners of the day on a 1.68% rise to settle at a vwap of $19.3376. Other notable trades were in heavies CBZ (+1.59%), Econet (+1.57%) and Delta (0.62%). Hotelier African Sun succumbed 13.82% to $8.2556 followed by SeedCo Limited that trimmed 6.66% to $70.0014. Brick manufacturers Willdale let go 4.75% to $3.1929 as Zimplow retreated 3.28% to $15.4117. Completing the top five shakers of the day was Getbucks which declined 3.17% to settle at $7.3750. Gainers outweighed fallers by a count of two leaving the market with a positive breadth. Activity aggregates were mixed in the session with volumes dropping 17.22% to 4.67m while, turnover improved 29.54% to $135.97m. Volume drivers of the day were Econet and Bindura with respective contributions of 28.07% and 15.97%. Value outturn was anchored by Econet, SeedCo Limited, Hippo and Delta which claimed a combined 80.77%. The Old Mutual Exchange Traded Fund slipped 1.75% to $2.4013 while, SeedCo International climbed 8.33% to $0.2600 as 465,402 shares exchanged hands.