Market Comment -11.03.2021

ZSE slips on profit taking in heavies… The market swung back into the red on the back of profit taking in heavies. Resultantly, all the indices in our review closed pointing southwards with the primary All Share Index easing 1.38% to 4576.78pts. The Industrials were 1.29% down at 15282.80pts while, the Minings suffered most on a 5.89% fall to 6369.34pts. The Top Ten Index lost 2% to 2690.86pts on selling pressure in heavies. Activity aggregates declined in the session with the turnover dropping 95.94% while, volumes exchanged fell 61.36% to 10.85m shares. Delta and FMP emerged the value driver of the day as the duo claimed a combined 53.63% of the total while, FMP again and Medtech topped the volume aggregates with respective contribution of 33.53% and 24.13%. Foreign participation remained depressed as a mere $7.08m worth of purchases was registered against outflows of $3.02m. A negative market breath was registered as twenty-two counters traded in the negative against sixteen fallers, while four remained unchanged. Banking group ZB topped the laggards of the day on a 20% slump that took it to $31.8000 where demand could be found. FBC followed on a 10.69% loss to $25.0088 as demand continued to wane in the counter. Life assurer Fidelity reversed its prior gains on a 9% loss to $5.4600 with nickel miner dragging the Minings into the negative after letting go 7.76% to close at $5.9955, having traded a low of $5.8000. Hippo was 5.98% down at $129.2914 and completed the top five fallers’ set. Other notable losses were recorded in CBZ-4.89%, OKZIM-2.81%, Econet -1.99%, Padenga -1.13%, Cassava -0.17% and Axia -0.10%. Mitigating the losses for the day were gains seen in small counters as NTS topped after surging 19.94% to $4.1800 while Medtech followed, adding 19.88% to settle at $0.1176 on resurgent demand. Apparel retailer Truworths rebounded 12.84% to reach an all-time high of $1.0000 while, NMB was 12.21% firmer at $7.5632.