Market Comment - 13.09.2021

The market faltered in the week opening session reversing its five -day rising streak as BAT dragged down the market. The cigarette manufacturer was the major casualty of the day as it plunged 20% to settle at $912.0000 on 700 shares that exchanged hands. Trailing was apparel retailers Edgars which trimmed 8.88% to $3.5000. Banking group NMB shed 6.25% to $15.0000 while, Dairibord tripped 3.52%to end pegged at $40.0000 on waning demand. The mainstream All Share Index let go 0.17% to 6866.98pts while, the Industrial Index slipped 0.13% to 22641.48pts. The Mining Index retreated 3.37% to 6059.697pts weighed down by Bindura that retreated 5.12% to end at $4.9237, having reached an intra-day low of $4.7500. The ZSE Top Ten Index was the only gainer amongst the indices we review as it rose a 0.90% to close at 3757.02pts. Leading the winners of the day was Zimpapers which jumped 7.14% to $2.7000, followed by fast foods group Simbisa that surged 3.69% to $43.6593. Bankers First Capital put on 3.65% to $3.1155 as Ariston improved 2.63% to $3.0787. Medtech completed the gainers’ list on a 1.77% uplift to $0.2351. Activity aggregates were mixed in the session as volumes traded advanced 19.58% to 5.84m while, turnover succumbed 13.07% to $137.45m. Other notable risers of the day were Innscor (+1.69%), Delta (+1.55%) and Econet (+0.62%). The market closed with a positive breadth of three as nineteen counters gained against fourteen that lost ground. Medtech, Delta, Cassava and Econet were the top volume drivers of the day with a shared contribution of 76.02% to the aggregate. The top value contributors were Delta and Econet which accounted for 40.09% and 15.40% of the outturn apiece. No trades were recorded on the VFEX as SeedCo International closed with an offer at $0.3000 while, Padenga was bid at 0.1800. The Old Mutual Exchange Traded Fund went down 0.32% to $2.3030 having traded 2.24m units worth $5,159,739.0000.