Market Comment - 18.05.2021

ZSE takes a breather in Tuesday’s session… The ZSE took a breather in Tuesday’s session, breaking its ten-day rising streak on the back of profit-taking across the board. The heavy caps Index was the major casualty amongst the indices as it slumped 1.09% to 3192.20pts as heavies traded mixed. The primary all Share Index went down 0.43% to 5571.69pts with the industrials sliding 0.46% to end at 18301.61pts. The Minings were the only Index to close in the positive as the resources index gained 1.02% to closet at 6455.38pts. Packaging group Nampak, continued to lose it glitter as it topped the fallers of the day on a 13.38% drop that took it back to $16.0000 on waning demand. Masimba was 11.81% down at $22.9286 while, Padenga was 10.94% down at $31.1244, where demand could be found. OKZIM was 6.95% softer at $20.3459 with brick manufacturers Willdale completing the top five fallers set on a 4.38% drop to settle at $1.5791. Other notable losses were registered in Padenga -10.90%, OKZIM -6.95%, Hippo -3.34%, Innscor -04.2%, Delta -0.10% and Econet -0.02%. Financial services group Getbucks was the best performer in the session as it added a further19.94% to $1.0375 with agricultural concern Ariston rebounding 17.63% to $2.4705 despite signs of selling pressure. Medtech rose 12.14% to $0.1681 while, sugar refiners Star Africa ticked up 10.06% to close at $0.9355. NMB was 8.14% up at $12.1109 on resurgent demand. Heavies CBZ and Cassava went up 1.71% and 0.55% to close at $80.5580 and $18.0548 respectively. Volumes exchanged dropped 27.10% to 10.61m shares yielding a value outturn of $143.50m which was 28.58% down on yesterday. Delta drove values for the day claiming 36.44% of the total while Medtech anchored the volumes on a 53.62% contribution of the outturn. Foreign purchases accounted for 18.37% of the turnover while, disposals claimed 28.89% of the same, to set a net funds outflow position.