Market Comment - 24.11.2021

Losing streak extends... The ZSE continued to steam off in the midweek session ahead of the Fiscal policy presentation slated for tomorrow. The Blue-chip Index suffered the greatest knock as it shed 4.67% to 6702.24pts while, the segregated Industrials dropped 3.46% to 35637.61pts. The All-Share Index was 3.42% down at 10765.64pts which is the lowest for the month. On the contrary, the natural resources Index was the only gainer amongst the indices as it added 1.77% to 6409.34pts on rebounding Bindura. Telecoms giant Econet headlined the shakers of the day on 12.48% loss to $55.1386 while, First Mutual Properties succumbed 9.09% to $8.0000. Fintech group Cassava was 8.78% weaker at $44.7911 while, conglomerate Meikles plunged 8.31% to $175.0000. Innscor capped the top five laggards of the day on 7.76% decline to $151.1089. NTS headlined the gainers of the day as it rose by 30.00% to trade at $7.8000, trailed by Medtech which continued to buttress its gains surging 25.28% to $44.3470. Banking group First Capital advanced 12.47% to settle at $3.5564 while, nickel miner Bindura put on 3.21% to $4.4999. Packaging group Nampak capped the top five winners’ list of the day on a 3.03% jump to $11.3333. Activity aggregates for the day faltered as volumes traded declined by 97.50% to see 15.42m shares exchanging hands while, turnover dipped 94.19% to $239.58m. National Tyre Services dominated the volume category after claiming 82.81% of the aggregate as all other counters scrambled for the remaining 17.19%. Econet and National Tyre Services were the top the value drivers of the day, as the duo claimed a combined 88.70% of turnover. The Old Mutual ETF rose 1.75% to trade at $5.3816 as 11,013 units exchanged hands while, no trades were recorded on the VFEX.