Market Comment - 21.07.2021

Mid-tier and small caps spur the market rebound… Gains registered in selected mid-tier and small cap counters helped spur the market rebound in mid-week session. Three of the indices we review swung back into the black with the mainstream All Share Index adding 0.64% to settle at 6529.36pts. The Industrial Index was 0.67% up from prior session with the Top Ten Index adding 0.21% to 3408.93pts. The Mining Index ended the session in the red after a 1.61% slide that took it to 6130.61pts. Sugar refiners Star Africa topped the risers set on 17.69% surge to close at $2.6135 on resurgent demand. Axia was 15.03% higher at $26.5000 while, Art put on 14.03% to $7.9875 where supply could be found. Lafarge was 7.42% firmer at $86.8000 while, Zimre Holdings completed the top five risers set on a 5.47% rise as it closed at $4.2610. Other notable gains were seen in Delta which recovered 0.45% to $80.4467, Innscor which ticked up 0.33% to $94.9883, Hippo which rose 0.14% to $163.7706 and Seedco which went up 1.07% to $69.6198. Overall, nineteen counters traded in the negative territory against sixteen winners, to register a negative market breadth. Leading the losers of the day was Getbucks which succumbed 6.93% to $8.6667 while, apparel retailer Edgars followed after easing 4.17% to $4.6000 on waning demand. Life assurer Fidelity dropped 4.17% to $11.5000 while, banking group First Capital was 3.02% softer at $3.0064. Willdale completed the top five laggards set after letting go 2.84%, taking its price to $3.3303. Activity aggregates declined as reflected in the day’s turnover which slumped 5.19% to $80.34m while, volumes exchanged dropped 26.62% to 4.94m shares. Dairibord and Delta drove the value aggregate of the day as the duo claimed a combined 45.50% of the total. First Capital and Medtech contributed 28.40% and 20.56% of the volumes exchanged. Elsewhere, no trades were in Padenga and SeedCo International on the VFEX.