Market Comment - 26.10.2021

Profit taking continues... The ZSE retreated in Tuesday’s session on the back of profit taking seen across the board. Resultantly, the All-Share Index tumbled 3.34% to 11456.15pts while, the Industrial Index lost 3.33% to close at 37919.50pts. The Mining Index let go 5.15% to 6903.80pts while, the Top Ten Index dropped a further 4.60% to 7175.61pts. The top gainer of the day was the rarely traded Zeco which jumped 100% to close the day at $0.2400 on paltry 1,500 shares. Conglomerate Meikles trailed after surging 13.17% to $191.7528, as the market cheered a circular in which a proposed demerger of Tanganda by way of dividend in specie was advised. Banking group NMB was up 9.22% at $13.9000 as construction firm Masimba rose 8.32% to close at $55.0000. Medtech completed the top five risers pack after gaining 6.66% to $0.2193. Topping the day’s fallers was tyre manufacturer National Tyre services which succumbed 14.29% to $7.0000 trailed by Hippo Valley which eased 12.50% to close at $280.0000. Fintech group Cassava retreated 12.22% to end at $45.2678 as National Foods dropped 11.76% to $1,500.0000. Mining house Riozim capped the top five laggards of the day on a 10.26% dip to $35.0000. The market registered a negative breadth of nine as twenty-three counters lost ground against fourteen advancers. Activity aggregates improved as volume of shares traded increased 52.80% to 2.28m while, turnover ballooned 178.03 to $181.93m. Delta, Innscor and National Foods contributed a combined 77.98% of the value traded while, volume drivers of the day were Medtech (17.18%), Ariston (13.74%), Innscor (10.63%) and Econet (8.44%). Foreign purchases amounted $1.12m while, sales stood at $0.61m. Padenga traded 2,200 shares worth USD$484.0000 at an unchanged price of $0.2200 while, no trades were registered in SeedCo International. The Old Mutual Exchange Traded Fund was 0.36% stronger at $4.5216 as 111,003 units exchanged hands.