Market Comment - 26.11.2021

Market rebounds in Friday trades... The market rebounded in week closing session, halting its ten-day losing streak post the budget presentation yesterday. The Minister of Finance presented the 2022 budget statement with a revenue projection of $850.8bn and projected expenditures of $927.6bn to see a budget deficit of $76.5bn which will be financed from issuance of government securities and SDR funds. The All-Share Index improved 1.03% to 10712.88pts while, the Industrial Index put on 0.99% to 35435.77pts. The ZSE Top Ten Index rose 1.70% to close at 6671.57pts as the Minings added 6.52% to end at 6966.06pts. Gainers of the day were led by Medtech that advanced 14.62% to $58.0000, followed by nickel miner Bindura that jumped 11.48% to $5.1996. BAT soared 5.84% to $2,900.0000 as spirits and wines manufacturer Afdis grew 4.76% to $110.0000. Capping the top five risers of the day was beverages group Delta that surged 4.73% to $157.1197, having traded an intraday high of $161.0000. ART headlined the shakers of the day succumbing to 8.70% to $10.0426, trailed by Star Africa that lost 5.33% to $1.2086. Hotelier RTG let go 5.03% to $5.2500 as agriculture concern Ariston slipped 4.88% to $3.6001. The Zimplow completed top five loser’s set on a 3.75% retreat to $25.0000. The gainers’ and fallers’ spectrum was equally distributed at sixteen apiece. Activity aggregates were depressed in the session with volumes dropping 76.90% to 2.35m shares while, turnover dipped 74.78% to $126.39m. The top volume drivers of the day were Star Africa, Econet, Delta and OKZIM which claimed a combined 71.93%. The top traded counters by value were Delta, Econet and Innscor with contributions of 46.59%, 22.34% and 10.03% apiece. The Old Mutual ETF shed 11.50% to close lower at $4.6637.