Market Comment - 25.08.2021

ZSE losses stretch in mid-week session… Waning demand seen across the board dragged the market lower in the mid-week as profit taking took its toll. The primary All Share Index trimmed 1.94% to settle at 6690.89pts while, the ZSE Top Ten rolled back to 3621.75pts after dropping 0.88% as heavies traded mixed. The segregated Industrials were 1.97% softer at 22059.77pts while, the Minings was the only index to gain as it added 0.16% to 5931.35pts on the back of rebounding Bindura. A total of twenty-three counters weighed on the market with cigarette manufacturer BAT emerging as the worst performer, slumping 20% to $920.6500. Trailing was First Mutual Properties which succumbed 19.99% to end the day at $11.2021 while, Hippo Valley declined 19.46% to $153.0000. Construction group Masimba shed 15.46% to close at $33.3932 while, Axia capped the losers of the day on a 8.40% drop that took it to $21.9373. Leading the gainer’s pack was fintech group Cassava which garnered 18.06% to close at $19.9959 on resurgent demand as hotelier African Sun trailed on 11.43% surge to $7.8000. Sugar refiners Star Africa recovered 4.34% to $1.9982. Apparel retailers Edgars added 3.85% to close at $3.9000 while, banking group First Capital capped the top five risers list on a 3.69% gain to $3.4914. Activity aggregates enhanced as turnover recorded a 10.34% rise to $110m while, volume of shares exchanged was 23.21% up to 5.12m. The trio of Star Africa, Econet and Cassava led the volume aggregates with a combined foothold of 41.16%. Econet drove the turnover as it contributed 35.53%, trailed by Cassava which added 16.76% of the total. Elsewhere, no trades were registered in Padenga and SeedCo International on the VFEX.