Market Comment -14.01.2021

Market seesaws into the black… Gains registered in selected heavies and mid-tier stocks helped the market to a rebound in Thursday trades. Three of the indices we review swung back into the black with the mainstream All Share Index adding 0.66% to settle at 2467.15pts. The Industrial Index was 0.74% up from prior session with the Top Ten Index ticking up 1.62% to 1530.01pts. The Mining Index ended the session in the red after a 3.18% slide that took it to 3737.84pts. Conglomerate Meikles topped the risers set as it recovered 18.08% to close at $24.0000 on firm demand. CBZ was 7.36% higher at $74.0772 while, ZB put on 5.17% to $36.8102. Nampak and Innscor were 4.92% and 3.10% firmer to close the session at $2.7300 and $34.5971 apiece. Other notable gains were seen in Padenga which rose (+2.04%), RioZim (+1.26%) and Axia (+0.15%). Overall, thirteen counters traded in the negative territory against fifteen winners, leaving the market with a positive breadth. Leading the losers of the day was Art which succumbed 19.96% to $3.4977 while, hotelier African Sun followed, after easing 19.22% to $1.0756, where demand could be found. Star Africa dropped 16.96% to $0.2076 while, Afdis was 8.33% softer at $22.0000. ZHL completed the top five laggards set after letting go 7.98%, taking its price to $2.8000 on waning demand. Activity aggregates improved as reflected in the day’s turnover which ballooned 174.56% to $243.61m while, volumes exchanged enhanced 114.41% to 17.42m shares. Foreign participation remained depressed as purchases accounted for 6.06% of the turnover while, sales added 13.15% of the same.