Market Comment- 15.04.2021

Market rebounds in Thursday’s session …. The market recovered in Thursday’s session breaking the seventh consecutive losing streak. The All-Share Index gained 0.72% to close at 4189.94pts. The Industrials and Blue-Chip Indices rose 0.74% and 0.75% to settle at 13733.78pts and 2379.11pts, respectively. The Mining Index extended its losses declining 0.71% to end at 5496.25pts weighed down by waning Bindura which came off 1.00% to end at $4.9500. Dairibord which is trading under cautionary led the gainers having jumped 19.82% to close at $13.0000, followed by apparel retailers Edgars that added 19.45% to $3.0000. Meikles rebounded 16.73% to close at a vwap of $48.8462, in the wake of its dividend announcement to be paid in May and the unbundling and relisting of Tanganda Tea processing company. Packaging group Nampak improved 10.92% to $9.9818 as banking group CBZ capped the top five risers of the day on a 7.47% uplift to $79.9769. Headlining the losers’ pack was banking group NMB that tripped 14.53% to $10.5067, trailed by financial services group ZB which lost 12.99% to close at $33.0000. Cigarette producer BAT fell by 10.51% to close at $715.0000 while, African Sun and Axia Corporation settled at $2.1032 and $15.0000 after losing 8.87% and 8.74% apiece. A positive market breath of seven was registered as twenty-one counters gained against fourteen counters that lost ground. Volumes traded ballooned 142.84% to 8.86m shares resulting in a turnover of $150.32m which was a 162.99% jump from prior session. Top volume drivers were Star Africa (37.96%), Delta (46.42%) and Turnall (10.73%) while, Delta again, Innscor and Hippo anchored the value aggregate with a combined contribution of 74.76%. Elsewhere, Takura Ventures is set to acquire a 57.4% stake in Star Africa from Zamco.