Market Comment - 29.11.2021

ZSE gains persist in penultimate session... ZSE gains extended into the penultimate session of November as four of the benchmark indices under our review closed pointing northwards. The All-Share Index put on 0.34% to 10749.54pts while, the Industrial Index added 0.32% to 35548.00pts. Thirty-four counters registered price movements in the session with gainers outnumbering losers by a count of eight, leaving the market with a negative breadth. The Blue-chip Index went up 0.66% to 6715.62pts as the Minings rose 3.16% to 7185.91pts. Headlining the winners of the day was construction group Masimba that surged 18.75% to settle at $57.0000, trailed by ART which advanced 9.53% to end at $11.0000. Telecoms giant Econet garnered 8.40% to close at a vwap of $62.4398 while, life assurer Fidelity grew 6.67% to end pegged at $9.6000. Nickel miner Bindura capped the top five risers’ pack as it charged 5.31% to $5.4759. Axia led the decliners of the day on a 7.64% loss to trade at $30.7110, followed by BAT that reversed prior session gains to close at $2,700.00, having trimmed 6.90%. Property concern FMP shed 6.32% to $7.9938 while, hotelier RTG went down 3.24% to $5.0800. Retailer OKZIM completed the top five laggards of the day after letting go 2.03% to $25.2467. Volume of shares traded jumped 63.72% to 3.84m while, turnover ballooned 111.34% to close at $267.11m. Financial services group ZB highlighted the activity aggregates of the day as circa 2.03m shares worth $156.11m exchanged hands in the counter. The trade in ZB accounted for 52.77% of the total volumes and 58.47% of the value outturn. Star Africa was the other notable volume driver with 11.97% contribution while, Delta claimed 20.36% of the turnover. The VFEX recorded no trades in the session. The Old Mutual ETF improved 7.66% to $5.0209 on 13,366 units worth $67,108.75.