Market Comment -23.02.2021

The market swings into the black… The market opened the holiday shortened week in the black as selected counters across the board rebounded. The primary All Share Index improve 1.61% to 3984.96pts while, the old Industrials added 1.50% to $13276.74pts. The Top Ten Index was 0.52% up at 2379.42pts with the Minings rising 7.40% to end at 6194.72pts. Cement manufacturers Lafarge edged higher at $27.6000 while, Natfoods continued with its glitter after ticking up a further 19.99% to see it ending at $221.7500 on firming demand. Padenga was 19.95% up to $33.9000 while, Unifreight rose 19.95% to $4.6000. Property concern Mash put on 16.89% to $1.1971 and completed the top five winners. Other notable gains in heavies were registered in Cafca (+15.78%), Hippo (+13.94%), Innscor (+3.76%) and Delta (+0.23%). A positive market breadth of ten was established as twenty-six counters recorded gains against sixteen that lost the ground, as two closed unchanged. Topping the laggards of the day was SeedCo Limited which succumbed 13.46% to $21.6089, followed by Turnall that lost 13.03% and settled at $1.3045, where demand could be found. ZHL was 11.79% down at $2.0277 as demand continued to wane in the counter while, Truworths slumped 9.18% to close at $0.6043. Other losses were seen in CBZ which went down 5.99%, OKZIM that dropped 3.78% and Cassava that shed 2.43%. Activity aggregates declined as volumes exchanged dropped 43.79% to 7.93m shares, yielding a value outturn of $51.75m which was 65.41% down from prior session. Medtech and FML emerged the top volume drivers accounting for a combined 53.16% of the total while, FML again claimed 40.08% of the day’s turnover. Foreign purchases claimed 10.71% of the total turnover while, disposals added 21.95% of the same.