Market Comment - 20.07.2021

Market losses extend… The ZSE closed Tuesday’s session in the red, stretching losses to three consecutive sessions. The primary All Share was 0.72% down at 6487.73pts with the segregated Industrials sliding 0.75% to 21367.73pts. The Top Ten lost 0.99% to 3401.71pts as heavies traded mixed while, the Minings was the only Index to end the session in the black. Aggregates improved with volumes exchanged rising 80.44% to 10.35m shares, yielding a value outturn of $84.74m which was 58.72% up from previous session. Cassava, Willdale and Lafarge emerged as the value drivers of the day accounting for 16.53%, 12.35% and 12.12% respectively. Medtech was the top volume driver claiming 56.49% of the total. Foreign participation remained depressed as inflows accounted for 6.89% of the day’s turnover while, outflows added 31.33% of the same. Elsewhere, Padenga registered a second trade where 730 shares exchanged hands at USD$0.1900 on the VFEX as SeedCo International closed offered at USD$25.2000. Sixteen counters traded in the positive against seventeen fallers while, four remained unchanged to leave the market with a negative breadth. Hotelier RTG was the session’s worst performer as it rolled back to $4.0000 on a 11.11% drop while, Medtech followed after losing 7.92% to $0.3919 on profit taking. Hippo Valley reversed yesterday’s gains on a 6.42% drop that took the sugar manufacturer to $163.7706. Zimplow lost 4% to $15.5250 where demand could be found while, ZHL completed the top five fallers set on a 3.67% loss as it settled at $4.0399. Other significant gains were registered in Delta -2.60%, OKZIM -0.23% and Simbisa -0.73%. FML topped the risers of the day on a 3.70% uplift to $28.0000 with Lafarge stretching gains to $80.8032, having reached an intra-day high of $93.6000. Innscor was 2.22% firmer at $94.6756 while, FMP ticked up 2.19% to $15.4000. Star Africa added 1.92% to close at $2.2206 where supply could be found.