Bulls n Bears Daily Market Commentary : 14 April 2025

Tue Apr 15 10:08:25 CAT 2025

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Bulls n Bears Daily Market Commentary : 14 April 2025

ZSE commentary

ZSE starts new week in gains...

The ZSE market started the new week in gains as the primary All Share Index
rose 0.04% to 200.SOpts while, the Blue-Chip Index put on 0.18% to 193.52pts
. The Agriculture Index went up 1.24% to 179.62pts while, the Mid Cap Index
lost 0.36% to 250.03pts. Sugar processor Hippo headlined  the  top
performers of the day on a  10.35% jump to $8.0998 followed by retailer
OKZIM that surged 0.96% to $0.3428. Cigarette manufacturer BAT ticked up
0.82% to close at $82.7572 while, FBC added 0.27% to $7.5300. Telecoms giant
Econet completed the top performers of the day on a 0.21% uplift to end the
day pegged at $2.7004. Trading in the negative territory was Ecocash that
fell 14.93% to $0.1450 while, seed producer SeedCo slipped 9.32% to settle
at $2.6297. Tanganda was 0.99% weaker at $1.0000. The market closed with a
positive breadth of four as seven counters recorded gains against  three
that  faltered.

Activity aggregates were depressed in the session as volumes dipped 92.78%
to 2.46m shares while, turnover shed 74.02% to $11.lm. Top volume drivers of
the day were Econet (45.94%), Delta (12.48%) and Hippo (10.19%). The Duo of
Delta and Econet highlighted today's turnover aggregate they contributed
42.22% and 27.50% respectively. Morgan & Co Multi Sector ETF dropped 0.16%
to end the day pegged at $1.8900 .Tigere REIT firmed up 0.94% to settle at
$1.1477 after 5,000 units exchanged hands in the session..- efesecurities

 <mailto:info at bulls.co.zw> 

South Africa

South Africa's rand gains on report ANC may scrap VAT hike

(Reuters) - The South African rand firmed on Monday, boosted by a news
report, opens new tab that the country's biggest political party may back
down on a plan to raise value-added tax (VAT) and dollar weakness on global
markets.

At 1404 GMT, the rand traded at 18.89 against the dollar , about 1.4% firmer
than Friday's closing level.

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

The Sunday Times newspaper reported that the African National Congress was
likely to drop its insistence on a VAT hike in this year's budget after
indications that none of the parties it has been talking to would support
it.

The ANC has clashed with its main coalition partner, the Democratic Alliance
over the budget's proposal to raise VAT by 0.5 percentage points on May 1
and another 0.5 points next year.

The pro-business DA voted against the budget's fiscal framework in
parliament and is challenging the VAT hike in court, raising investor
concern it could quit or be forced from the coalition government.

Andre Cilliers, currency strategist at TreasuryONE, said scrapping the VAT
increase would keep the government intact and that prospect was supporting
the rand.

The ANC and DA met on Saturday to discuss the impasse. Neither party gave a
detailed readout of their talks, but both described them as constructive.

The rand was volatile last week on U.S. President Donald Trump's changing
tariff policies and local political news.

Trump's tariffs have escalated tensions between the U.S. and China, South
Africa's biggest trading partner.

Shares on the Johannesburg Stock Exchange's blue-chip Top-40 index (.JTOPI),
opens new tab also rose, trading about 2% higher.

South Africa's benchmark 2030 government bond gained, as the yield fell 8
basis points to 9.225%.

Reporting by Tannur Anders and Bhargav Acharya; Editing by Alexander Winning
Bernadette Baum and Toby Chopra

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Nigeria

Naira appreciates against dollar on black market

The naira appreciated against the dollar at the parallel foreign exchange
market on Monday, beginning the week on a positive note.

A Bureau de Change operator in Wuse Zone 4, Abubakar Alhasan, told DAILY
POST that the naira strengthened to N1610 per dollar on Monday from N1620
exchanged on Friday last week.

"It is due to weak demand for the dollar on Monday," he told DAILY POST.

This means that the naira gained N10 on a day-to-day basis on Monday.

Meanwhile, at the official market, the naira depreciated slightly to
N1,603.78 per dollar on Monday from N1,604.48 at the close of last week.

This indicates that the naira marginally lost N0.70 against the dollar on
Monday, according to the Central Bank of Nigeria exchange rate.

DAILY POST reports that last week Friday, the naira depreciated to end the
week on a negative note at the official FX market.

Monday's FX data comes ahead of the release of Nigeria's consumer price
index and inflation figures, which are due to be released by the National
Bureau of Statistics on Tuesday.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar struggles near three-year low against euro

(Reuters) - The dollar was flat against the euro on Monday after a bruising
week last week sent it to a three-year low against the single currency and
left it oversold by some technical metrics.

The greenback fell against the yen, meanwhile, as U.S. President Donald
Trump's erratic implementation of tariffs damages confidence in the world's
reserve currency.

The dollar has decoupled from U.S. Treasury yields, which last week rose
even as the dollar fell. That has raised speculation that investors are
moving investments out of the country as they worry about the longevity and
impact of trade levies.

"The policy-making is so chaotic that it's tough to think beyond the next 24
hours in terms of where the policy rates might be or where the economy is
headed," said Adam Button, chief currency analyst at ForexLive.

"The uncertainty is now at an intolerable level for most businesses in
international trade and the question is how quickly that hits the consumer
in the real economy. Right now, the market is taking a dim view on future
U.S. growth and that has come through most clearly in the currency market,"
Button said.

The Trump administration's tariff policies are a major shock to the U.S.
economy that could lead the Federal Reserve to cut interest rates to head
off a recession even if inflation remains high, Fed Governor Christopher
Waller said on Monday.

Americans' expectations for near-term inflation in March hit the highest
level since the autumn of 2023, amid a souring in the public's assessment of
their personal finances and hiring prospects, a report from the New York Fed
said on Monday.

The euro was little changed on the day at $1.1359. It reached $1.1473 on
Friday, the highest since February 2022.

Against the Japanese yen , the dollar weakened 0.39% to 142.93. It fell to
142.05 on Friday, the lowest since September.

The dollar underwent a four standard-deviation decline over the past week,
Bilal Hafeez, CEO at Macro Hive, said on Monday in a note. "Normally, this
would point to a likely rebound. But if we are witnessing a structural
regime change, similar to the early 1970s breakdown of Bretton Woods, then
all bets are off."

Trump on Sunday said he would be announcing the tariff rate on imported
semiconductors over the next week, adding that there would be flexibility
with some companies in the sector.

The White House on Friday granted an exclusion from steep tariffs for
smartphones, computers and certain other electronics imported largely from
China. U.S. Commerce Secretary Howard Lutnick said on Sunday, however, that
they would face separate new duties along with semiconductors within the
next two months.

"Markets right now are trading the uncertainty, and that has not been helped
over the weekend by the contradictory stories coming out of the U.S.
administration," said Nick Rees, head of macro research at Monex Europe.

"That really skews risks for the time being towards further dollar weakness
as markets try to avoid some of this uncertainty by hiding basically
anywhere that isn't in the U.S."

Trump on Monday also suggested he might grant exemptions on auto-related
levies already in place.

Japanese Prime Minister Shigeru Ishiba said his country does not plan to
make big concessions and will not rush to reach a deal in upcoming tariff
negotiations with Trump's administration.

Japanese Economy Minister Ryosei Akazawa also said that foreign exchange
issues would be dealt with between Finance Minister Katsunobu Kato and U.S.
Treasury Secretary Scott Bessent.

Against the Swiss franc , the dollar weakened 0.18% to 0.814 francs.

Sterling gained 0.88% to $1.3195.

The Australian dollar was up 0.84% at $0.6338 extending its more than 4%
gain from last week.

The offshore yuan fell 0.35% to 7.307 per dollar. It struck a record low
last week as the trade war between the United States and China intensified.

Data showed China's exports rose sharply in March after factories rushed out
shipments before the latest U.S. tariffs took effect.

In cryptocurrencies, bitcoin gained 1.90% to $85,066.

Reporting by Karen Brettell. Additional reporting by Rae Wee in Singapore
and Yadarisa Shabong in Bengaluru. Editing by Saad Sayeed, Chizu Nomiyama,
and Mark Potter and Marguerita Choy

 <mailto:info at bulls.co.zw> 

Gold hits record amid Trump's tariff agenda

Gold climbed to a record as markets weighed the latest US trade news from
President Donald Trump, who has driven a flight to safety assets amid
mounting confusion over his tariff agenda.

Bullion edged higher yesterday to a new all-time high above $3 245 an ounce,
beating the previous record posted Friday. It gained more than 6 percent
last week, supported by an ongoing declines in the dollar.

Markets looked past an apparent tariff reprieve on popular consumer
electronics, after Trump on Sunday signaled separate duties were being
planned on those products. A weaker greenback makes gold cheaper for foreign
investors, as it is priced in the currency.

The precious metal is up more than 20 percent so far this year as investors
have rushed to safety, with Trump's fast-evolving trade policy leading to
large convulsions in US stocks, bonds and the dollar amid fears of a
worldwide recession. In particular, a selloff in US government bonds is
highlighting eroding appetite for American assets - prompting questions
about whether the nation's debt remains a haven in times of turmoil.

"Gold seems to be the clear beneficiary of the debates raging around the US
dollar, and we've witnessed the gold price in absolute beast mode," Chris
Weston, head of research at Pepperstone Group, said in yesterday note. The
view among some traders is that "gold is simply too hot to short, but also
too overbought to chase," he said.

Elsewhere this week, traders will be focused on how some of the world's
biggest central banks approach the rapidly shifting global outlook, with
Singapore and the European Central Bank expected to ease monetary policy.
Lower rates are typically positive for non-interest bearing bullion. -
Bloomberg

INVESTORS DIARY 2025

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

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