Market Comment - 21.05.2021

Waning demand continues as FBC anchors aggregates… The market saw a continued waning demand in the week ending session, albeit on improved activity mainly anchored by a block trade in FBC. The financial services group saw 43.9m shares, worth circa $1.23bn exchange hands, which claimed 80.78% and 77.30% of the volumes and values respectively. Other notable trades were seen in Delta and ZB which added 6.38% and 6.29% of the turnover. Three of the indices in our review continued with the southward trek with the primary All Share Index easing a negligible 0.07% to close at 5378.90pts. The Industrial Index lost 0.11% to 17649.93pts with the Top Ten Index succumbing 1.04% to 3020.61pts as selling pressure persisted in heavies. Getbucks continued with its glitter as it topped again the winners of the day on a 19.98% rise to reach an all-time high of $1.7900 on firming demand. Construction group Masimba was 19.71% firmer at $25.2000 on paltry shares. Mining house RioZim rose 19.51% to settle at $29.4000 with First Mutual Properties ticking up a further $18.88% to close at $9.7129. NMB was 7.10% firmer at $12.9426, having traded a high of $13.5000. Losses for the day were led by sugar manufacturers Hippo which slumped 6.59% to $130.0000 while, ART Corporation lost 6.44% to $8.2329. Milk processor Dairibord dropped 4.51% to end lower at $18.0000 with nickel miner Bindura easing 4.27% as it closed at $5.5011. Fintech group Cassava was 4.15% down to $16.0065, where demand could be found. Other losses in heavies were registered in Delta -0.30%, Innscor-3.05% and Padenga -0.27%. CBZ went down 0.73% to $81.1667, despite the group reporting an impressive set of FY20 results. Foreign participation remained depressed as inflows accounted for 6.42% of the day’s turnover while, sales added 6.99% of the same.