Market Comment - 23.06.2021

Market rebounds in mid-week session… The market registered gains in the mid-week session to see all the indices in our review closed pointing northwards. The primary All Share Index rose 1.58% to 5970.81pts with the old Industrials adding 1.59% to 19653.92pts. The Minings were 0.18% firmer at 5991.59pts, spurred mainly by rebounding Bindura which reported an increase in Trojan life span with the major shareholder declared a USD $5.2m dividend. National Foods led the risers of the day as it closed 19.99% higher at $398.4481 on firming demand. General Beltings continued its rising impetus as it extended 19.97% to $3.1950 on retail demand. Hotelier RTG was 16.20% firmer at $4.1272 while Turnall added 10.07% to close at $3.3200. Sugar refiners ticked up 9.48% to end the session at $1.4031 and completed the top five set. Losses for the day were led by property concern FMP which was 4.44% down at $17.2000 while, banking group NMB slumped 3.88% to $11.5500 where demand could be found. Proplastics lost 3.57% to $27.000 while, heavy Cap Cassava was seen in the losers top five list after easing 2.78% to close at $14.9625. Zimre Holdings Limited lost 2.68% to close at $2.9189. Activity aggregates reflected a mixed outcome as volumes exchanged dropped 1.09% to 8.70m shares, yielding a value outturn of $261.77m. The duo in heavies Delta and Econet emerged the top value drivers of the day claiming 33.72% and 11.25% of the totals, respectively. Bindura and Delta again anchored the volume aggregates on a 14.29% and 13.94% in that order. Foreign participation remained depressed as purchases accounted for a mere 0.14% of the day’s turnover while, disposals added 3.77% of the same.