Market Comment - 22.04.2021

Winning streak extends… The market extended the winning streak to five consecutive sessions in Thursday’s trades on the back of resurgent demand mainly in heavies. Resultantly, the heavy cap stocks Index was the best performer amongst the Indices as it ticked up 1.26% to 2571.04pts, as the primary All Share Index added 0.99% to 4457.53pts. The Industrial Index was 1% firmer at 14662.06pts while, the Mining Index continued in losses as it dropped 0.22% on waning Bindura. Construction group Masimba topped the risers list on a 13.55% surge that took it to $19.5763, with BAT following having rebounded 11.88% to 799.9500 on paltry 200 shares. Medtech added 9.92% to $12.5200 as banking groups First Capital and ZB found their way in the risers’ zone after putting on 9.52% and 8.57% to $2.3000 and $38.0000, respectively. Overall, nineteen counters traded in the positive against fifteen that went down as three remained unchanged, leaving the market with a positive breadth. Losses for the day were led by small cap counters with Unifreight topping on a 20% slide that took it back to $10.0000. Hotelier African Sun rolled back its prior session’s gains on a 9.86% drop to close at $2.0398. FML eased 6.67% to $20.3325 while, RTG lost 4.76% to $2.0000. Zimplow was 4.29% lower at $6.7000 on waning demand. Other significant losses were seen in Econet -3.91%, Cassava -1.50% and Padenga -0.70%. Activity was confined in a few counters as a block trade in FMP helped improve the aggregates. The property counter claimed 76.26% of the turnover and 80.60% of the volume totals. Turnover went up 97.85% to $207.56m while, volumes exchanged enhanced 447.70% to 41.17m shares. Foreign participation remained depressed as inflows contributed 4.85% of the day’s turnover while, outflows claimed 3.12% of the same.