Market Comment- 15.03.2021

Market opens mid-month session on a low note… The market opened the mid-month session on a low note as illustrated by all measures which closed in the red. Volumes exchanged dipped 63.62% to a mere 2,273,075 shares, yielding a value outturn of $12,642,896.55 which was 31.17% down from prior session. Delta and OKZIM emerged as value contributors claiming 27.22% and 27.18% in that order while, Medtech claimed 50.16% of the volume aggregates. Foreign participation remained depressed as $9,350 inflows were recorded against disposals of $13,566, contributing 0.07% and 0.11% of the day’s turnover, respectively. Overall, thirty-eight counters were active in the market as twenty-three traded in the negative territory while, eleven registered gains, leaving the remainder of four sailing stable. The mainstream All Share Index lost 1.84% to 4379.17pts while, the Industrials dropped 1.85% to end at 14640.38pts. The Top Ten Index was the major casualty amongst indices as it succumbed 2.76% to close at 2528.45pts, with the Minings easing 1.29% to 5723.25pts. Small cap counter Turnall led the losers of the day on a 11.58% slide to $3.3918 with heavy cap Econet following on 8.23% slump that took it to $18.0867. Brick manufacturers Willdale declined 8.07% to $1.0065 while, BAT was 8.05% down at $800.0000. Padenga lost 7.79% to close at $35.2247 where demand could be found. Other notable losses were registered in Cassava (-4.19%), Axia (-4.90%), Delta (-1.83%), OKZIM (-3.71%), Hippo (-0.54%). NTS continued with its glitter as it topped the risers set on a 19.84% surge to $6.0100. Life assurer Fidelity reversed prior session’s losses on a 8.12% gain to $5.8107. AFDIS was 6.71% firmer at $42.7500 while, First Capital bank rose 3.59% to $1.8703, albeit on scrappy shares. Conglomerate Innscor added 3.19% to $69.2064 to complete the top five set.