Market Comment -24.02.2021

Resurgent demand sustains ZSE in the black… Resurgent demand witnessed on the bourse helped maintain the market in the black. The primary All Share Index ticked up 2.28% to close at 4075.87pts while, the old Industrials put on 2.29% to see it settle at 13581.09pts. The Top Ten Index was 2.24% higher at 2432.78pts with the less active Minings putting on 1.73% to close at 6302.12pts. Topping the winners of the day were Natfoods and Unifreight that ticked up by a an identical 20% as the duo settled at $266.1000 and $5.5200 apiece. Firming demand in NTS took the tyre service company to an all time high of $0.8150 having added 19.85%, with Fidelity adding 17.65% to $3.0000. AFDIS was also seen on the rising tide after a 14.29% lift as it ended at $40.0000. Other notable gains were registered in CBZ (+7.63), Innscor (+3.35%), Delta (+3.35%) and Hippo (+4.61%). A total of twenty-six counters recorded gains against thirteen that went down as four traded unchanged, leaving the market with a positive breadth. Leading the laggards of the day were losses seen In African Sun which slumped 11.64% with the Zimpapers group following on a 10.71% drop as it closed at $1.0000. Padenga was 6.95% down at $31.5437, where demand could be found while, RTG eased 6.31% to close at $1.5573. Proplastics lost 6.09% to $24.4167 and completed the top five losers. Other losses were seen in OKZIM which went down 2.02%, Meikles that dropped 1.34% and Cassava that shed 0.14%. Activity aggregates improved as volumes exchanged enhanced 58.95% to 12.61m shares, yielding a value outturn of $89.58m which was 73.22% up from prior session. Medtech and OKZIM emerged the top volume drivers accounting for a combined 68.59% of the total while, OKZIM again claimed 23.48% of the day’s turnover. Foreign purchases claimed a mere 0.03% of the total turnover while, disposals added 36.60% of the same.