Market Comment -16.03.2021

The southward trajectory continues… The ZSE continued with the southward trend in Tuesday’s session to see the primary All Share Index shedding 0.63% and closed at 4351.46pts. The Industrials lost a further 0.64% to 14546.84pts with the Top Ten Index easing 0.62% on the back of selling pressure in heavies. The less active Minings was 0.30% down at 5706.29pts Leading the losers of the day was FMP which slumped 15.72% to close at $4.5088 with Medtech following on a 14.06%, reversing its previous gains. Hotelier African Sun lost 7.23% as it ended at $2.2513 while, conglomerate Meikles was 7.06% down at $46.4706 where demand could be found. Simbisa brands completed the top five set on a 5.22% fall that took it to $28.4332. Other notable loses were in Econet, Innscor, Hippo, OKZIM and Padenga. Banking group ZB topped 19.28% to $39.5000 with Axia trailing after adding 6.18% to $15.9275. Fintech group Cassava was 4.18% higher at $14.2374 with Unifreight putting on 3.99% to $14.2374, albeit on weak demand. ART Corporation rebounded 3.85% to end at $6.7500 on scrappy shares. Activity aggregates improved on yesterday as reflected in volumes which enhanced 526.25% to 14.24m shares, yielding a value outturn $112m which was 786.27% up from previous session. Delta anchored the value aggregate claiming 31.82% of the total while, First Capital emerged the top volume contributor claiming 54.76% of the total. Capital flight continued as a mere inflow of $0.73m were registered against inflows of $16.56m. Foreign inflows contributed 0.65% of the total turnover while, outflows added 14.95% of the same.