Market Comment - 23.04.2021

ZSE breaks rising streak… The market swung back into the red in the week ending session as three of the benchmarks in our review closed pointing southward. The mainstream All Share Index lost 0.30% to 4444.19pts while, the Top Ten Index slumped 0.28% to 2563.85pts. The Old Industrial was 0.31% softer at 14616.54pts on waning demand in selected mid and small cap counters. The risers list was topped by small cap counters with General Beltings leading on a 16.14% surge to close at $0.7000 while, Medtech followed putting on 7.59% to $0.1347. Agricultural concern Ariston added 4.96% to $1.9942, reversing prior session’s gains. OKZIM ticked up 4.12% to end at $15.1092 with FML rebounding 3.28% to settle at $21.0000 on firming demand. The market registered a negative breadth as seventeen counters lost ground against sixteen that went up while, five remained stable. Art Corporation led the losses of the day on a 13.10% slide that took it to $5.3008 as 2.14m shares exchanged hands. Property concern Mash trimmed 9.54% to $1.7000 with banking group NMB dropping 5.88% to $10.0000. Cement manufacturer Lafarge was 4% down at $48.0000 where demand could be established. Sugar refiners Star Africa declined 2.93% to $0.5838 on profit taking. Other significant losses were seen in CBZ-2.65%, Econet -1.97%, Simbisa -1.79%, Delta -0.07% and Innscor -0.06%. Activity aggregates declined in the week ending session with volumes dipping 85.06% to $6.15m, yielding a turnover of $104.20m which was 49.80% down on yesterday. Zb anchored the value totals, claiming 37.48% while, ART propelled the volume aggregates contributing 34.75% of the outturn. Foreign inflows contributed 38.66% of the day’s purchase turnover while, outflows added 19.96% of the same.