Market Comment - 09.11.2021

ZSE gains spread ... The market continued to accumulate gains in Tuesday’s session, spurred mainly by firming demand seen in blue chips and mid cap counters. The primary All Share Index inched up 0.58% to 12030.44pts while, the Top Ten Index added 0.93% to 7682.85pts. Gains in RioZim helped push the Minings higher as it ticked up 3.47% to close at 7097.15pts while, the Industrial Index was 0.97% firmer at 39827.47pts. The mining house RioZim topped the gainers’ list on a 10.27% surge to $40.8000 followed by Mashonaland Holdings which extended 7.37% to finish at $4.2946. Meikles was 4.06% firmer at $213.9191 as Zimplow advanced 2.22% to end at $22.5133. Milk processor Dairiboard completed the top five risers’ set as it went up 1.70% to $49.8333. General Beltings was the major casualty as it dwindled 10.12% to $1.7999 while, Medtech slid 9.95% to $0.1439. First Mutual Properties lost 7.17% to trade at $11.0000 while, Willdale was 5.61% softer at $3.3950. Star Africa completed the losers’ pack on a 5.14% knock to $1.3095. The market recorded a negative breadth of one as sixteen counter lost ground against fifteen gainers. Volumes traded dipped 42.80% to 3.03m shares while, turnover jumped 161.19% to $446.02m. The top value drivers of the day were National Foods and Innscor which held a combined 78.21% of the outturn. Volume drivers were Medtech (14.24%), Cassava (13.97%), OK Zimbabwe (13.59%), Innscor (10.35%) and Bindura (6.69%). The Old Mutual ETF traded 455,092 units on a 0.48% rise to $4.7147 while, no trades were recorded in Padenga and SeedCo International on the VFEX. Foreign participation remained depressed as inflows accounted for a mere 0.77% of the day’s turnover while, outflows added 0.42% of the same.