Market Comment - 26.03.2021

Heavies sustain the market in the black… Firming demand in selected top capitalised counters mainly Delta and Hippo helped to keep the market in the black in week ending session. The Top Ten Index was the best performer amongst the Indices as it surged 5.64% to end at 2580.33pts. The All-Share Index was 3.42% firmer at 4432.50pts while, the Industrials added 3.55% to settle at 14541.99pts as mid and smaller cap counters traded mixed. The Minings were the only Index to close in the negative as it slumped 5.52% to 5532pts on the back of selling pressure in Bindura. Beverages group Delta topped the winners on a 19.02% surge to end at $48.9555 on firming demand. Hippo was 13.16% firmer at $149.3712 while, hotelier African Sun rebounded 15.07% to $2.2000. Apparel retailer Truworths added 11.75% to close at $1.1000. General Beltings put on 10.48% to $0.6629. Other significant gains were in Econet +6.10%, Innscor +2.01%, Axia +3.10%, Simbisa +1.68%, Cassava +1.15% and Padenga +1.12%. A positive market breadth was registered as twenty-one counters rose against fifteen that went down while, four sailed stable. Banking group ZB led the laggards list on a 17.95% drop that took it to $32.0000 where demand could be found. Medtech which is currently trading under cautionary lost a further 5.78% as it closed at $0.1093 while, Bindura continued to lose its glitter after easing 4.87% to $4.9953. Turnall dropped 3.03% to $3.2000 while, ART was 1.45% lower at $6.4056. Activity aggregates improved on yesterday as volumes exchanged ballooned 127.08% to 13.88m shares while, turnover rose 57.86% to $111.45m. Delta and Econet emerged the top value drivers of the day as the duo claimed a combined 56.13% of the total. Foreign purchases accounted for a mere 0.18% of the turnover while, disposals claimed 50.13% of the same.