ZSE opens week in extended recovery mode 20/04/21

Author Name
Tinashe W Duma
Author
Stock Market 2 weeks ago
  • ZSE opened the holiday shortened week in sustained gains on the back of improved demand, stretching the trend to 3 straight sessions coming after a protracted 7-day losing streak
  • Performance was in line with global shares which rose on Tuesday led by a stronger Chinese opening which shook off an initial drag from tech-driven Wall Street losses. The US dollar stayed at multiweek lows against other major currencies.
  • The mainstream ZSE All Share Index strengthened by 2.99%, increasing its momentum, to close at 4353.01 points. The gains trimmed month to date losses to -3.02%. Gains were stimulated by market heavies out-weighing small caps’ extended weak performance.
  • An unchanged aggregate of 41 counters exchanged hands in week opening session from which 11 sailed stable while 20 counters emerged risers. Tightly held AFDIS topped the risers set with a 18.52% gain to close at 4800c.
  • The top-performer was followed by Masimba which buttressed its prior session gains on adding 18.38% to settle at 1900c. Nampak extended gains to a 4th straight session on notching 13.39% to close at 1200c.
  • FML reversed its prior session loss on rising by 12.82% to settle at 2200.01c. Simbisa recouped its prior session loss on surging by 10.71% to close at 3000c, capping the Top 5 risers set.
  • The counter is however trading at a significant discount to its recent record high level, which it hit after reporting solid financials for the 6 months period to December 2020.
  • A pack of 10 stocks dominated by small caps partially weighed on the market. General Beltings countered prior session gains on easing by -13.04% to close at 60c while NTS shed -7.47% to settle at 925.26c.
  • Unifreight tumbled by -7.14% to close at 1300c trailed by Turnall which lost -6.77% to settle at 280.61c. BNC extended its losing streak to 5 straight sessions falling by -3.6% to close at 452.90c, capping off the Top 5 laggards pack.
  • Total turnover rose by 227% in today’s session to ZW$404.54 million against a 162% growth in volumes. FML led turnover contributors at 56% foothold of the aggregate and was trailed by Meikles, Econet, Innscor and Delta in that respective order.
  • Foreign selloffs have dominated much of the recorded turnover in the month, with today’s session recording an 84% foothold of foreign outflows.

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