Market Comment - 30.08.2021

ZSE continues to wane in penultimate session…. The market continued to falter in the new week as losses in heavies and mid-cap counters weigh on the ZSE. Three of the benchmark indices in our review closed in the red with the mainstream All Share Index letting go 0.26% to 6718.29pts. The Blue-chip Index was down 0.25% to close at 3638,28pts while, the old Industrial Index was 0.29% lower at 22143.27pts. On the contrary the Mining Index was only gainer of the day amongst the indices as it was 2.22% stronger to end the session at 6102.68pts. Milk processor Dairiboard headlined the losers of the day as it fell 14.55% to $35.0000, post the withdrawal of the cautionary statement. Banking group First capital dipped 8.48% to $3.1609 while, Conglomerate group Innscor was 5.17% softer at $90.3625. Pharmaceutical company Medtech reversed prior session gains as it was 4.38% weaker to $0.2575 while, property concern FMP tumbled 2.83% to $12.0000. The market recorded a negative breadth of two as nineteen counters declined against seventeen gainers. Brick manufacturer Willdale led the gainers of the day as it buttressed prior session’s gains on a 10.01% jump to $3.3033 while, cigarette manufacturer BAT surged 8.59% to $999.0000. Sugar manufacturer Hippo climbed 8.57% to end the day at $190.0000 as Bindura nickel company added 3.60% to settle at a vwap of $4.9774. Agriculture concern Ariston capped the top five winners’ set on a 3.21% rise to $3.1038. Activity aggregates faltered as turnover shed 44.43% to $38.26m while, volumes trimmed 36% as 2.59m shares exchanged hands. Bindura Nickel company was the top volume contributor claiming 30.74%, trailed by Medtech, OKZim and Star Africa with respective contributions of 16.24%, 11.82% and 11.57% of the aggregate. Delta, Innscor, OKZIM and Bindura were the top value drivers of the day with a combined contribution of 62.97% of the outturn. Elsewhere, on the VFEX no trades were registered today while, the Old Mutual Exchange Traded Fund slipped 1.74% to trade at $2.1147.