Market Comment - 13.10.2021

All-Share breaches the 10,000pts mark... The market continued to strengthen in midweek trades as the All-Share Index surpassed the 10000pts mark after firming 0.75% to end at 10054.49pts while, the old Industrials added 0.71% to 33237.31pts. The resources Index was 4.95% stronger at 6659.73pts while, the Blue-chips Index rose 1.05% to 6098.88pts. Mining house Riozim headlined the gainers list as it jumped 10.00% to $33.0000, trailed by OKZIM that improved 6.87% to $24.3994. Banking group CBZ put on 5.47% to $100.2494 while, telecoms giant Econet continued to buttress prior sessions’ gains as it advanced 5.22% to $69.9759. Axia continued with its recovery path as it added a further 2.71% to $31.2763. Paper and stationery manufacturer ART led the laggards of the day after declining 10.69% to $8.0515 while, packaging group Nampak tumbled 8.25% to trade lower at $11.0000. Microfinance group GetBucks eased 6.80% to $7.9100 while, brick manufacturer Willdale continued to lose ground for the third consecutive session as it declined 4.58% to $3.9128. Banking group NMB completed the top five fallers’ pack on a 4.08% fall to $13.4286 on waning demand. Activity aggregates declined as volumes traded dropped 45.42% to 4.48m shares while, turnover trimmed 64.07% to $131.32m. The value aggregate was anchored by Simbisa and Meikles which claimed a combined foothold of 53.12% of the outturn. Medtech, Ariston, Star Africa, Zimre and Turnall were the top volume drivers as the quintet claimed a combined 57.51% of the outturn. A total of thirty-four counters registered price movements distributed into thirteen gainers and twenty-one fallers to leave the market with a negative breadth of eight. The Old mutual ETF added 0.98% to close at $4.0393 as 49,568 units exchanged hands. Elsewhere, on the VFEX Padenga gained 6.52% to trade at $0.2450 as 2,757 share exchanged hands while, no trades were recorded in SeedCo International.