Market Comment - 22.09.2021

ZSE remains firm in midweek session... The market remained upbeat in the midweek session as three of the benchmark indices that we review extended gains. The primary All Share Index gained 1.90% to end at 7151.79pts while, the Top Ten Index improved 2.72% to 3986.97pts. The Industrial Index was 1.95% stronger at 23589.54pts while, the Mining Index relinquished prior session gains by a 2.52% drop to 6120.28pts as losses in Riozim outweighed gains in Bindura. Banking group NMB emerged the top on the gainers’' list with a 16.07% jump to $13.0000, followed by conglomerate Innscor that jumped 12.20% to $121.0000, despite on scrappy 200 shares. SeedCo Limited added 7.17% to $75.0183 as telecoms giant Econet improved 6.60% to close at a vwap of $38.7673. Nickel miner Bindura rose 5.94% to $4.9995 as it completed the top five gainers’ category for the day. Riozim was the biggest loser as it suffered a 15.15% knock to $28.0000 trailed by pharmaceutical distributors Medtech which eased 3.91% to $0.2114. Mashonaland Holdings let go 3.30% to $2.9009 while, First Mutual Properties was 3.01% lower at $14.5000. Zimre Holdings capped the top five losers’ pack after a 1.35% slip to $3.3000. Advancing stocks outnumbered decliners by a six-to-five ratio as seven counters traded stable. Volumes traded were 23.26% lower at 3.92m shares while, turnover also decreased by 45.23% to $74.60m. Star Africa and Medtech were the major volume contributors as they claimed a combined 56.03% of the aggregate. Delta was the top value driver with 35.35% of the outturn as Simbisa and Meikles had respective contributions of 12.96% and 12.53%. The Old Mutual Exchange Traded Fund went up 1.10% to $2.5000 as 15,100 units worth $37,750.00 exchanged hands. Elsewhere, on the VFEX, Seedco International retreated 7.69% to $0.2400 with no trades in Padenga.