Bulls n Bears Daily Market Commentary : 03 April 2025

Fri Apr 4 10:11:15 CAT 2025

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Bulls n Bears Daily Market Commentary : 03 April 2025

ZSE commentary

ZSE records marginal gains...

The market registered marginal gains in Thursday's session as selected
heavies lifted the ZSE. The mainstream All Share Index rose 0.30% to
207.24pts while, the Mid Cap Index put on 1.24% to 254.89pts. On the
contrary, the ZSE Top Ten Index and the Agriculture Index trimmed 0.01% and
0.21% to close at 200.96pts and 181.51pts respectively. Turnall led the
market charge on a 19.01% surge that took it to $0.0600. ZB garnered 14.78%
to $6.6000 as Star Africa charges 13.50% to $0.0400. First Mutual Holdings
soared 12.53% to $4.4000 while, Hippo edged up 0.49% to $6.2100. Ecocash was
the worst faller of the day as it dropped 8.98% to $0.1570 while, SeedCo
Limited eased 2.14% to $3.8500. Delta beverages slipped 1.39% to $15.0001
while, RioZim retreated 0.32% to $0.8667. Zimre Holdings capped the top five
winners of the day on a 0.18% loss to $0.2700.

Activity aggregates were depressed in the session as volumes declined 67.85%
to 1.98m while, turnover dropped 54.83% to $11.34m. Delta and Econet were
the top traded counters as they contributed 95.82% of the volume aggregate
and 99.55% of the total value traded. The Datvest ETF was stable at $0.0300
on 700 units. No trades were recorded on the REIT section.

VFEX retreats further...

The VFEX All Share Index retreated 0.12% to end at 107.92pts. Zimplow jumped
17.00% to $0.0234 while, Padenga grew 4.58% to $0.2101. Axia gained 1.39% to
$0.0800 while, SeedCo International ticked up 0.05% to $0.2106. Simbisa rose
0.03% to settle at $0.3145. African Sun shed 6.75% to $0.0359 while, First
Capital Bank came off 4.67% to $0.0510. Innscor let go 0.58% to $0.5000.

Activity aggregates were mixed in the session as volumes plummeted 80.87% to
297,007 shares while, turnover went up 3.85% to $138,809.82. Innscor claimed
90.86% of the volume aggregate and 97.21% of the turnover.- efesecurities

 <mailto:info at bulls.co.zw> 

South Africa

South African rand hit by double whammy of tariffs and shaky coalition

(Reuters) - South Africa's rand was hovering near a three-month low on
Thursday after being hit by a double-whammy of U.S. President Donald Trump's
announcement of new and higher tariffs and the passing of a contentious
budget vote that has threatened the ruling coalition's future.

At 0811 GMT, the rand traded at 18.90 against the dollar , not far from its
previous close. It hit 19.0150 per dollar earlier in the day, its weakest
since mid-January.

The Reuters Tariff Watch newsletter is your daily guide to the latest global
trade and tariff news. Sign up here.

On Wednesday, Trump announced a 10% baseline tariff on all imports to the
United States, and higher duties on dozens of countries, including South
Africa, which was hit with a 30% rate.

Trump said the tariffs were a response to duties and other non-tariff
barriers put on U.S. goods.

South Africa's parliament had earlier passed the budget's fiscal framework
on Wednesday after weeks of political wrangling, but the second-biggest
party in the coalition, the pro-business Democratic Alliance (DA), voted
against the measure and said it would challenge the outcome in court.

The rand gradually weakened over the course of the day on Wednesday as
markets fears grew that the DA may potentially exit the coalition, and went
into freefall after the tariff announcement. It slipped as much as 2.6%
against the dollar.

On the stock market, the Top-40 (.JTOPI), opens new tab index was down about
2.5%.

South Africa's benchmark 2030 government bond was weaker in early deals,
with the yield up 7.5 basis points to 9.39%.

Our Standards: The Thomson Reuters Trust Principles

Nigeria

Naira falls sharply after Trump's trade tariff

The naira on Thursday fell sharply against the dollar in the official
foreign exchange (FX), a day after Donald Trump, President of the United
States of America, increased the global trade tariff by 10 percent.

After trading on Thursday, the naira lost N20.75 or 1.3 percent of its value
as the dollar was quoted at N1,552.53 compared to N1,531.25 quoted on
Wednesday at the Nigerian Foreign Exchange Market (NFEM), according to data
from the Central Bank of Nigeria (CBN).

The naira also depreciated against the dollar, losing N5 to close at N1,560
as against N1,555 closed on Wednesday.

Nigeria's gross external reserves declined by 0.3 percent to $38.17 billion
as of April 2, 2025, from $38.30 billion recorded on March 28, 2025, data
from the CBN indicated.

Oil fell after US President Donald Trump rolled out stiff tariffs on major
trading partners, including China and the European Union, that spared energy
but ratcheted up a trade war that threatens global demand, Bloomberg
reports.

Brent crude declined as much as 3.2 percent to $72.52 a barrel, tracking a
slump in wider markets. West Texas Intermediate was below $70. The latest
salvo of levies represents Trump's biggest assault yet on a global economic
system he has long bemoaned as unfair, and comes after earlier rounds of
tariffs against countries including Canada, Mexico and China.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar sinks as investors grapple with tariff aftermath

(Reuters) - The U.S. dollar sank against major peers on Thursday, dropping
to six-month lows against the euro, and the safe haven yen and Swiss franc,
as investors grappled with how U.S. President Donald Trump's far-reaching
tariffs will impact global trade and economic growth.

The harsher-than-expected tariffs announcement sent shockwaves through
markets, sinking global stocks and sending investors into the safety of less
risky currencies, bonds and gold, fearing that a full-blown trade dispute
could trigger a sharp global economic slowdown and fuel inflation.

Trump said he would impose a 10% baseline tariff on all imports to the
United States and higher duties on some of the country's biggest trading
partners.

"What the FX market is telling you, (is) that U.S. growth is going to
suffer, and that U.S.-built systems are falling apart in global trade," said
Adam Button, chief currency analyst, ForexLive.

"The U.S. dollar was the most crowded trade in the world coming into the
year. And today, the knee-jerk reaction to tariffs is to sell everything.
Any trade that was crowded is thinning out, and that includes the dollar."

The dollar, meanwhile, showed little reaction to weaker-than-expected data
from the Institute for Supply Management (ISM) on Thursday, showing the U.S.
services sector slowed to a nine-month low in March, amid uncertainty caused
by import tariffs.

That report adds to downbeat consumer and business surveys, as well as
consumer spending and inflation reports that raised stagflation concerns.

Meanwhile, the number of Americans filing new applications for unemployment
benefits fell last week, showing continued stability in the labor market.

As markets digest the tariff fallout, they are looking to Friday's non-farm
payrolls report for further signals about how the labor market is holding up
and the possible path of the Federal Reserve interest-rate policy.

They are also eyeing Fed Chairman Jerome Powell's speech on Friday, as a big
risk if he is more hawkish than expected.

"They have all been saying, 'we have less confidence that inflation is
coming down'. Now you take away the rate cuts that are in the market, (it)
can really get ugly fast," said Button.

The euro, hitting a six-month high, was last up 1.74% at $1.1037, and saw
its biggest intraday advance since November 2022 . The dollar fell 1.95%
against the Japanese yen to 146.445 yen, and sank 2.35% on the Swiss franc
to 0.8608 franc .

Both safe havens were at their strongest on the greenback in six months.

Britain's pound was up 0.66% at $1.3093.

CRISIS OF CONFIDENCE

Deutsche Bank warned on Thursday of the risk of a crisis of confidence in
the U.S. dollar, saying major shifts in capital flow allocations could take
over from currency fundamentals and currency moves become disorderly.

Trump has already imposed tariffs on aluminum, steel and autos, and
increased duties on all goods from China.

Investors are worried that some U.S. trading partners could retaliate with
measures of their own, leading to higher prices.

EU chief Ursula von der Leyen described the tariffs as a major blow to the
world economy and said the 27-member bloc was prepared to respond with
countermeasures if talks with Washington failed.

"I don't think we're seeing any threats of a trade war, but are we going to
see some of these U.S. trade partners, that historically had good relations,
start to diversify away from the U.S., and maybe look at some other trading
counterparts," said David Song, senior strategist, Forex.com.

"I think this is where are seeing the sort of diversification away from U.S.
dollar, at least over the near term, because of the uncertainty."

China's onshore yuan slid to its weakest level against the dollar since
mid-February. China's offshore yuan also hit a two-month low against the
dollar, but later steadied. The dollar was last down 0.2% versus the yuan at
7.2791.

The Mexican peso and Canadian dollar strengthened, with the U.S. dollar more
than 1% weaker against both.

Canada and Mexico, the two largest U.S. trading partners, already face 25%
tariffs on many goods and will not face additional levies from Wednesday's
announcement.

This map shows the percentage of reciprocal tariffs imposed by the U.S.
administration on each economy.

Our Standards: The Thomson Reuters Trust Principles

 <mailto:info at bulls.co.zw> 

Gold falls as traders gauge risk outlook on Trump's tariff clarity

(Reuters) - Gold prices fell on Friday as investors reassessed their risk
outlook in the wake of U.S. President Donald Trump's tariff measures, which
have provided more clarity on market trends but raised concerns over
economic slowdown.

Spot gold was down 0.4% at $3,101.01 an ounce, as of 0710 GMT. Still,
bullion was on track for a fifth consecutive weekly gain, buoyed by its
safe-haven appeal that aided gold to reach three record highs this week.

The Reuters Tariff Watch newsletter is your daily guide to the latest global
trade and tariff news. Sign up here.

U.S. gold futures edged 0.1% higher to $3,123.00.

In the previous session, gold dropped more than 2% as a broader market
sell-off sparked by Trump's import tariffs, weighed on bullion traders.

This sharp pullback came just hours after gold reached a record high of
$3,167.57.

"Gold tends to rally amid difficult-to-price uncertainty - like the start of
a war - but tends to lose that support once markets learn how to price the
risks involved," said Ilya Spivak, head of global macro at Tastylive.

"The Trump administration seems to have picked a road, and while sentiment
clearly doesn't like it, at least the path of least resistance is more
visible and easier to price. That is trimming some of gold's "market
confusion" premium."

Trump said he would impose a 10% baseline tariff on all imports to the U.S.
and higher duties on some of the country's biggest trading partners.

U.S. trading partners threatened to ratchet up a trade war with Washington
as these tariffs ignited fears of steep price increases in the world's
largest consumer market.

Federal Reserve officials, seeking more detail on Trump's trade plans, got
perhaps more than they anticipated when he unveiled sweeping tariffs,
analysts said, noting that it could dramatically reshuffle the country's
economic outlook.

The market now awaits the U.S. non-farm payrolls report, which could provide
insights into the Fed's interest rate path.

Spot silver declined 1.5% to $31.4 an ounce, platinum lost 0.8% to $944.80,
and palladium was steady at $928.33.

Our Standards: The Thomson Reuters Trust Principles.

INVESTORS DIARY 2025

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

Bulls n Bears 

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