Market Comment -13.01.2021

Market swings back into the red… The ZSE swung back into the red in mid-week session, dragged down mainly dragged by mid-tier counters and the duo of heavies in CBZ and Meikles. Resultantly the mainstream All Share Index closed 0.88% lower at 2451.05pts while, the Industrials took a knock of 0.91% as it ended at 8164.33pts. The Top Ten Index lost 0.45% to1505.66pts with the less active Mining Index adding 0.84% to 3860.76pts. FMP led the laggards of the day on an 16.67% slump to close at $4.0000 while, Art was 9.90% down at $4.3700. Zimplow dropped 9.09% to settle at $5.0000, where demand could be established. Overall, thirty-five counters were active in the session as fifteen rose against twelve fallers, leaving the remainder of eight to sail stable. Mitigating the day’s losses were gains led by property concern Mash which rose 14% to $0.9000, followed by TSL which rebounded 7.14% to $15.000. Telecoms giant Econet was also in the gainers set after putting on 5.98% to $8.4930, having traded an intra-day high of $8.6000. Banking group First Capital added 4.75% to $1.0483 with Innscor completing the top five set on an 4.32% drop to $3355.72. Activity aggregates improved from prior session with the turnover ballooning 107.07% to $88.73m while, volumes exchanged enhanced 43.47% to 8.13m shares. FML was the most sought-after stock as it drove both the volume and value aggregates with respective contributions of 45.57% and 40.49%.