Market Comment - 29.09.2021

ZSE strengthens as Minings falter... Gains on the bourse persisted into the penultimate session of the month as the All share Index gained 1.96% to 8421.17pts while, the Blue-chip Index ticked up 1.14%. The Industrial Index added 2.03% to close at 28363.25pts with the Mining Index dropping 3.46% to close at 6450.59pts weighed down by Bindura. Cigarette manufacturer BAT led the risers of the day as it jumped 20% to end at $1793.0600, trailed by National foods which surged 19.90% to $753.0000. Wine and Spirits manufacturer Afdis garnered 19.26% to trade at $90.0000 while, African Sun added 17.91% to $9.2624. Construction group Masimba capped the top five risers list on a 16.35% rise to end the day at $53.1545. Bindura Nickel Company led the shakers of the day on a 4.85% drop to settle at $5.7023 while, Proplastics trimmed 3.43% to $30.0000. Fintech group Cassava declined 2.68% to $30.1591 while, microfinance GetBucks weakened 1.95% to trade $8.0400. Sugar refiners Star Africa completed the laggards of the day after shedding 1.76% to $1.7069. The market recorded a positive breadth of one as eighteen counters advanced against seventeen decliners, while four sailed stable. Activity aggregates faltered as volumes of shares traded declined 78.27% to 2.09m while, turnover slumped 67.51% to $137.31m. Delta was the most liquid stock of the day driving both the volumes and value aggregates, claiming 26.68% and 44.54% respectively. Other notable value contributors were Innscor and CBZ which anchored 29.44% and 11.64% in that respective order. Elsewhere, on the VFEX Padenga plunged 13.67% to US$0.2590 as 637 shares exchanged hands while, no trades were recorded in SeedCo International. The Old Mutual Exchange traded fund closed 3.87% lower at $3.0571 as 617,228 units exchanged hands. The market recorded a negative balance of payments as foreign outflows outweighed purchases.