Market Comment - 12.04.2021

ZSE falters in new week… The ZSE remained in the red in week opening trades as heavies continued to falter to see three of the benchmark indices in our review closing pointing southwards. The All-Share Index let go 0.55% to close at 4246.64pts while, the Blue chips Index was down 0.96% to 2455.20pts. The Industrials came off 0.57% to end at 13918.26pts while, the resources Index added 0.20% to 5599.03pts with gains in Bindura outweighing losses in Riozim. The top faller of the day was General beltings which plunged 8.61% to $0.6923 reversing previous session’s gains. Innscor trailed on a 7.11% drop to $60.8334 while, hotelier African Sun shed 6.01% to settle at $2.2475. Dairiboard trimmed 5.12% to $12.0000 as construction group Masimba completed the top five shakers of the day on a 4.77% loss to $15.2362. The risers’ pack was headlined by insurer FML which jumped 17.91% to $18.9838 followed by banking group NMB which garnered 4.99% to end pegged at $10.8143. Crocodile skin producers Padenga rose 2.02% to $24.9553 while, Star Africa was 1.15% firmer at $0.5293. The market closed with a negative breadth of sixteen as twenty-five counters lost ground against a mere nine risers. Volume of shares traded gained 71.36% to see 8.59m shares exchange hands yielding an outturn of $169.35m which was a 101.20% higher than Friday . FML was the top traded counter by volume and value claiming 72.44% of the former and 69.75% of the latter. The other notable value driver was Innscor with an 18.74% contribution to the aggregate. Foreign purchases stood at $0.29m while, sales were $148.71m to record a net funds outflow position of $148.42m.