Market Comment - 10.12.2021

Losses persist into the week-ending session... The market continued to weaken in Friday’s session to register losses for the third consecutive day on waning demand and liquidity constrain. The primary All Share Index let go 1.02% to 10596.90pts while, the Industrial Index slipped 1.03% to 35020.17pts. The Blue chips Index went down 1.29% to end pegged at 6668.26pts while, the resources Index retreated a negligible 0.000405% to close at 7586.51pts. TSL was the major casualty of the day with a 12.80% dip to $75.0000 trailed by, Turnall that shed 9.09% to settle at $5.0000 reversing previous day gains. Construction group Masimba trimmed 7.01% to $50.0000 as Zimre holdings tumbled 4.16% to $3.6973. Axia capped the top five fallers of the day on a 3.62% loss to trade at a vwap of $28.1942. Partially offsetting the session’s losses were gains in hotelier RTG that surged 17.65% to $5.0000. Following was spirits and wines manufacturer Afdis that put on 10.28% to $121.3118. Agriculture concern Ariston grew 9.49% to $3.5717 as African Sun added 8.76% to $6.0000. Banking group FBC completed the top five winners of the day on a 5.24% uplift to $32.8864. The market registered a negative breadth of six as nineteen counters lost the ground against thirteen gainers. Volume of shares traded rose 1.99% to 2.75m while, turnover was down 16.62% at $165.82m. Top volume drivers of the day were Delta, OKZIM, African Sun and Zimplow with a combined contribution of 68.16%. Delta and Innscor claimed 49.29% and 10.21% of the value outturn apiece. No trades were recorded on the VFEX in the three counters. The Old Mutual ETF improved 1% to $4.9185 having traded a high of $5.0000 for the day.