Market Comment -19.02.2021

Market softens as profit taking takes its toll… Selling pressure seen across the board dragged the market downward in the week ending session. All the Indices clocked in the red with the primary All share easing 2.10% as it settled at 3921.68pts. The old Industrials was 2.07% lower at 13081.14pts while, the Minings succumbed 3.51% to 5767.82pts. The Top Ten lost 1.93% to end at 2367.01 as banking group CBZ led the heavies in the losers’ zone after sliding 9.27% to close at 82.1105. Mashonaland holdings topped the laggards of the day after succumbing 11.52% to $1.0241, having traded an intra-day low of $1.0000. Truworths followed on a 11.28% drop that took it to $0.6654 while, hotelier African Sun was 10.73% down at $1.5456 as room occupancy remained depressed. TSL rolled back its previous gains on a 6.56% loss and closed at $42.0025. Other notable losses were registered in Cassava (-5.33%), Padenga (-5.79%), Simbisa (-4.81%), OKZIM (-3.70%) and Econet (-1.92%). Overall, twenty-two counters recorded losses against fourteen risers as four remained unchanged, leaving the market with a negative breadth. Mitigating the day’s losses were gains led by logistics company Unifreight which surged 19.94% to settle at $3.8350 albeit on scrappy 200 shares. NTS continued with its glitter after ticking up 19.82% to $0.6800 while, General Beltings was 17.86% up to $0.2475. Hippo Valley rebounded 6.25% to $100.9974 on firming demand while, banking group NMB added 5.33% to $6.3200. Activity aggregates improved with the volumes exchanged ballooning 3.5121% to 14.11m shares, yielding a value outturn of $149.59m which was 2908.47% up on yesterday. Insurer FML was the most sought-after stock of the day as it anchored both the volume and value of the day claiming 26.37% and 35.02% in that order.. Foreign purchases claimed 1.66% of the total turnover while, disposals added 26.88% of the same.