Market Comment - 16.09.2021

Turnover drops to a six -month low… Turnover dropped to a six -month low in Thursday’s session declining 98.06% to close at $22.53m. Volume of shares traded slumped 99.92% to 2.15m shares. Top value drivers of the day were Cassava, Bindura, Delta and FBC with a shared contribution of 60.04%. Volume outturn was anchored by Bindura and Medtech with respective contributions of 36.31% and 20.98% to the aggregate. Foreigners were net sellers in the session with outflows amounting to $0.21m while, inflows stood at $0.15m. No trades were recorded on the VFEX while, on the Old Mutual Exchange Traded Fund 37,265 units exchanged hands at a stable price of $2.3000. The market registered a negative breath of nine as eleven stocks gained while, twenty declined and four remained unchanged. Headlining the gainers’ list was BAT that garnered 19.96% to close at $1094.00 despite trading a paltry 100 shares, as Zimre Holdings followed with a 7.18% jump to $3.7668. Construction group Masimba rose 2.74% to $40.0198 as beverages giant Delta advanced 2.43% to $89.5816. Completing the day’s risers was conglomerate Meikles which improved 2.04% to end at $94.9010. First Mutual Holdings was the biggest loser on a 18.52% plunge to $22.0000 trailed by milk processor Dairibord which eased 9.20% to $35.4138. Sugar refinery Star Africa lost a further 8.40% to close at $1.6365, as banking group NMB traded at $14.0000 after a 6.67% dip. Completing the fallers pack was Medtech which dropped 3.55% to $0.2283 relinquishing previous day’s gains. The All-Share Index gained 0.02% to close at 6895.66pts while, the Top Ten Index was 0.38% stronger at 3804.43pts. The Industrial Index inched up 0.04% to finish the day at 22734. 57pts.The Mining Index dropped 1.76% to end pegged at 6115.30pts dragged by losses on waning Bindura.