Market Comment - 29.03.2021

ZSE in gains albeit thin trades… The market sustained gains into the week opener albeit waning demand witnessed across the board to see the All-Share Index scratch a 0.82% gain to 4468.64pts while, the old Industrials added 0.83% to end at 14662.45pts. The Minings were 0.07% firmer at 5535.77pts while, the Top Ten ticked up 0.98% to $2605.68 as heavies traded mixed. Willdale topped the winners on a 17.28% surge to $1.0607 albeit closing well offered at $0.9500. Construction group Masimba rebounded 12.90% to $15.8903 with Padenga putting on 10.37% to end at $29.9119 despite waning demand on the counter. Telecoms giant Econet ticked up 9.62% to $20.8779 while, banking group ZB recovered 6.94% to close at $34.2222. Other significant gains were in Innscor +3.30%, Simbisa +3.16%, Axia +2.78% and OKZIM +0.02%. A positive market breadth was registered as twenty counters rose against fifteen that went down while, four traded unchanged. TSL led the losers list on a 6.98% drop that took it back to $40.0000 where demand could be found. Unifreight lost 5.96% as it closed at $15.0000 while, Ariston continued to lose its glitter after easing 4.77% to $1.9929. Zimplow dropped 3.97% to $7.2020 while, top capitalised stock CBZ found its way in the fallers zone as it dropped 2.92% to $69.8983 and completed the top five losers set. Other losses were registered in Delta which went down 2.42% to $47.7749 and Cassava which slumped 0.62% to $13.0597. Activity aggregates declined as volumes exchanged dipped 69.21% to 4,27m shares while, turnover dropped 61.41% to $43m. OKZIM and Cassava emerged the top value drivers of the day as the duo claimed a combined 36.35% of the total. Foreign purchases accounted for a mere 1.42% of the turnover while, disposals claimed 35.07% of the same.