Market Comment- 22.03.2021

ZSE back in losses in week opener… The market swung back into losses in week opener as all the indices in our review closed in the red. The mainstream All Share was 0.71% down at 4138.52pts with the segregated Industrials easing 0.63% to 13821.86pts. Persistent waning demand in heavies dragged the Top Ten Index further down to 2349.59pts after a 1.74% slide. The resources Index was the major casualty among Indices as it succumbed 4.54% to 5713.39pts on falling Bindura. General Beltings topped the losers of the day after sliding 7.79% to $0.5587 while, Telecom giant Econet continued to lose its glitter as it followed on a 7.46% drop that took it to $15.8623. Life assurer Fidelity was 6.67% softer at $5.6000 while, Padenga lost a further 6.61% to see it close at $24.6903 as selling pressure persist. Bindura was 5.82% down at $5.5566 where demand could be found. Other significant losses across the board were seen in CBZ (-2.63%), Cassava (-1.07%), Delta (-0.54%) and Simbisa (-0.24%). Overall, twenty-two counters declined against fourteen that went up as two remained stable, leaving the market with a negative breadth. Partially mitigating losses for the day were gains led by FMP which rebounded 19.95% to $4.8100 while, Nampak recovered 10.34% as it settled at $8.0000. NTS was 7.32% firmer at $8.0000 while, Zimpapers added 5.52% to end at $1.5186. FML rose 5.40% to $20.9750 and completed the top five set. Activity aggregates improved as volumes exchanged enhanced 24.01% to 3,912,878 shares, yielding a value outturn of $85,954,734.56 which was a 33.62% up from prior session. Padenga and Delta were the most sought-after stocks of the day propelling both the volume and value aggregate with combined contributions of 45.23% and 64.17% respectively. Masimba claimed 12.80% of the volume total and 9.03% of the value outturn.