Market Comment - 23.07.2021

ZSE ends week on the upside... Gains on the ZSE stretched into the week-ending session as three of the benchmark indices in our review closed pointing northwards. The mainstream All Share Index gained 0.21% to 6618.23pts while, the Industrials added an almost similar 0.22% to close at 21805.82pts. The blue chips Index was up 0.76% at 3473.03pts while, the resources index declined 0.35% to 6176.37pts weighed down by a 0.53% loss in nickel miner Bindura. Hotelier RTG was the top gainer of the day on a 13.51% upsurge to settle at $4.3961 reversing previous days’ losses. ART trailed on a 6.42% rise to $8.5000 as conglomerate Innscor put on 4.10% to end at a vwap of $99.0079. Spirits and wines manufacturer AFDIS enhanced 2.90% to $71.0000 while, conglomerate Meikles completed top five risers’ set on a 1.53% improvement to $94.4511. Leading the fallers’ pack was microfinance Getbucks that let go 16.86% to $5.8000, followed by Zimpapers which trimmed 6.39% to close at $3.5000. Medtech slipped 6.21% to $0.3566 while, banking group NMB was down 5.24% at $16.1087. Axia capped the day’s fallers on a 4.33% loss to $25.3507. The market closed with a negative breadth of three as nineteen stocks closed in the red against sixteen risers. Activity aggregates faltered in the session with volumes retreating 24.99% to 6.86m shares while, turnover shed 46.16% to $131.15m. Econet and Delta anchored the value outturn of the day with respective contributions of 38.16% and 34.12%. Driving the volume aggregate were Econet, Medtech, Star Africa and Ariston claiming a combined 67.95% of the aggregate. Foreign purchases stood at $10.17m while, sales were $18.84m to leave the market with a net funds outflow position. Elsewhere, on the VFEX, Padenga traded 4.73% down to USD18.1000 as 9,600 shares exchanged hands while, no trades where recorded in SeedCo international .