Bulls n Bears Daily Market Commentary : 28 April 2025

Tue Apr 29 08:33:14 CAT 2025

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Bulls n Bears Daily Market Commentary : 28 April 2025

ZSE commentary

VFEX reverses prior session gains...

The VFEX market reversed prior session's gains as the All-Share Index fell
0.18% to 113.69pts. Axia led the laggards of the day on a 7.40% decline to
$0.0801, trailing was First Capital that slipped 7.20% to close at $0.0464.
Conglomerate lnnscor completed the fallers of the day on a 3.88% dip to end
the day pegged at $0.4608. Partially mitigating today's losses was Padenga
that jumped 7.51% to $0.3478 while, seed producer SeedCo Limited added 0.05%
to settle at $0.2105.

Activity aggregates were mixed in the session as volumes added 49 .86%to
2.52m while, turnover  dropped  10.67% to

$247,733.54. Axia, First Capital and lnnscor were the top traded counters by
volume claiming 57.27%, 23.19% and 11.79%. respectively. Top value drivers
of the day were lnnscor (55.21%); Padenga (19.29%) and First Capital
(10.94%)..efesecurities

 <mailto:info at bulls.co.zw> 

Nigeria

Nigeria's naira continues to appreciate against dollar in black market 

Nigeria's currency, the naira, continued its appreciation against the dollar
at the parallel foreign exchange market on Monday.

Exchange rate data shared by the National President of the Association of
Bureau de Change Operators, Aminu Gwadebe, showed that the naira
strengthened to N1605 per dollar on Monday from N1610 on Friday last week.

This indicates that the naira gained N5 against the dollar on a day-to-day
basis.

Meanwhile, at the official market, the naira dropped slightly by N0.41
against the dollar to exchange at N1,599.95 on Monday, compared to N1,599.54
at the close of last week.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, in his closing
remarks at the 2025 IMF/World Bank Spring Meetings in Washington, D.C.,
United States of America, at the weekend, stated that Nigeria's foreign
reserves have exceeded $38 billion.

"Our foreign reserves now exceed $38 billion, providing nearly ten months of
import cover," he said.

Recall that last Friday, the naira closed in bullish territory in both the
parallel and official markets.

South Africa

South African rand stable as investors await budget clarity

OHANNESBURG (Reuters) - South Africa's rand was steady on Friday as
investors awaited clarity on a disputed national budget which has roiled
domestic markets.

At 1236 GMT, the rand traded at 18.8125 against the dollar, near its
Wednesday closing level of 18.81.

South Africa's biggest political parties have clashed over a proposal to
raise the value-added tax rate by 1 percentage point over the next two
years.

The VAT increase was withdrawn on Thursday and domestic-focused investors
are awaiting details on the next steps in the budget process.

"The scrapping of the VAT increase and the subsequent questions on where
Treasury is going to find the shortfall in the budget has put the rand under
some renewed pressure," said Andre Cilliers, currency strategist at
TreasuryONE.

Like other risk-sensitive currencies, the rand often takes its cue from
global factors and domestic drivers.

In addition to the budget dispute, the rand has experienced bouts of
volatility linked to uncertainty over U.S. President Donald Trump's tariff
plans.

South Africa's President Cyril Ramaphosa said on Thursday he had spoken to
Trump and discussed fostering good relations between the two countries,
which have soured since Trump took office in January.

On the stock market, both the Top-40 index and the broader all-share index
were last trading about 0.7% higher.

South Africa's benchmark 2030 government bond was also stronger, with the
yield down 4 basis points at 8.83%.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar falls broadly ahead of US data, tariff uncertainty

(Reuters) - The U.S. dollar slid across the board on Monday, as investors
waited warily for further news of U.S. trade policy and braced for a week
packed with economic data, which may initially provide an indication on
whether U.S. President Donald Trump's trade war is hitting home.

"Today has been characterized by a correlation between the dwindling buck
and doubt affecting equities," said Juan Perez, director of trading at Monex
USA in Washington.

"While earnings will keep markets eager, the main issue remains the lack of
faith in having a good economic situation developing in the U.S. as it tries
to act unilaterally and use leverage as the world's largest economy."

Both the S&P 500 (.SPX), opens new tab and Nasdaq (.IXIC), opens new tab
fell on Monday, with the Dow (.DJI)

 <mailto:info at bulls.co.zw> 

Gold bars and coins in the safe at Pro Aurum gold house in Munich

(Reuters) - Gold prices reversed course to edge higher on Monday as
bargain-hunting kicked in, while market focus was on U.S.-China
tradedevelopments and a slew of economic data.

Spot gold was up 0.5% at $3,335.30 an ounce as of 2:06 p.m. ET (1806 GMT)
after falling as much as 1.8% earlier in the session. U.S. gold futures
settled 1.5% higher at $3,347.7.

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

"We're starting to see the first signs of selling exhaustion," TD Securities
commodity strategist Daniel Ghali said, adding that the downside risk in
gold is extremely limited.

"Western investors, particularly discretionary traders or macro funds, have
been completely under-positioned in this last leg of gold's rally and as a
result of that, there's limited amount of selling activity and gold prices
are drifting higher to reflect that."

Bullion, a traditional hedge against political and financial instability,
rose to an all-time high of $3,500.05/oz last week due to elevated
uncertainties.

U.S. President Donald Trump says progress has been made with China. However,
Beijing has denied that trade talks are occurring and Treasury Secretary
Scott Bessent failed on Sunday to back Trump's assertion that tariff talks
with China were under way.

"Until we witness clear patterns of lower highs, lower lows, and firm trade
agreements rather than more political bluster from the Trump administration,
the prospect of fresh highs for gold cannot be dismissed," said Fawad
Razaqzada, market analyst at City Index and FOREX.com

The risk is high that the global economy will slip into recession this year,
according to a majority of economists in a Reuters poll.

Data due this week includes the U.S. job openings report on Tuesday,
Personal Consumption Expenditures on Wednesday, and the nonfarm payrolls
report on Friday. Market participants will scan these to gauge the impact of
the latest tariffs on the U.S. economy.

Spot silver eased 0.1% to $33.03 per ounce, platinum gained 1.5% to $986.05
and palladium fell 0.4% $947.27.

INVESTORS DIARY 2025

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

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