Bulls n Bears Daily Market Commentary : 24 February 2025

Tue Feb 25 08:57:01 CAT 2025

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Bulls n Bears Daily Market Commentary : 24 February 2025

ZSE commentar

ZSE starts new week in gains...

The ZSE market started the new week in gains as the All Share Index gained
0.49% to  190.80pts  while, the  Blue Chip  Index added 0.72% to 187.80pts.
The Agriculture Index gained 2.29% to 159.68pts while, on the contrary the
Mid Cap Index lost 0.16% to 222.09pts. Brick manufacturer Willdale headlined
the top performers list of the day on a 12.26% jump to $0.0240 followed by
cigarette manufacturer BAT that surged 10.77% to $72.0000. Econet ticked up
6.77% to close at $3.0186 while, retailer Ok Zim surged 2.76% to $0.3200.
Art capped the top five performers list of the day on a 0.98% uplift to
$0.3605. Trading in the negative was Ecocash that dropped 9.06% to

$0.1409 while, Star Africa shed 4.76% to $0.0286. ZBFH tumbled 4.02% to
$4.5100 while, CBZ parred off 2.98% to settle at $7.5000. Mash Holdings
completed the top five worst performers list of the day on a 2.29% retreat
to end the day pegged at a VWAP of $1.5475. The market closed on a negative
breadth of two after eight counters recorded losses against six that gained.

Activity aggregates declined in the session as volume traded dropped 92.72%
to .24m shares while, turnover shed 72.01% to $1.79m. Top volume drivers of
the day were Ok Zim (72.11%), Delta (6.58%) and Ariston (5.35%) . Delta, Ok
Zim and Econet were the top value drivers of the day after contributing
60.19%, 16.05% and 9.82% respectively. Morgan and Co Multi Sector ETF inched
up 0.03% to end the day pegged at $2.0000 on scrappy 43 units. Tigere REIT
charged 0.08% to end the day pegged at $1.1495 after 12,885 units exchanged
hands in the session .

 <mailto:info at bulls.co.zw> 

South Africa

South African rand gains amid data whirlwind

(Reuters) - South Africa's rand strengthened on Monday after soft U.S. data
and ahead of a data-packed week, as investors shrugged off the return of
rolling blackouts to Africa's most industrialised economy.

At 1502 GMT, the rand traded at 18.38 against the U.S. dollar , about 0.4%
firmer than its closing level on Friday. The dollar traded about 0.1%
stronger against a basket of currencies.

"The rand has continued its recent appreciation against the dollar largely
due to U.S. specific factors including soft economic data and tariff
uncertainty," said Warren Venketas, trading services manager at IG Group.

"The possibility of a peace treaty between Russia and Ukraine may well
extend rand strength as geopolitical tensions subside," Venketas added.

Domestic investors will focus on South Africa's monthly consumer inflation
reading on Wednesday, producer inflation figures on Thursday and trade and
budget balance data on Friday.

Markets will also look to second quarter gross domestic product estimates
out of the U.S. on Thursday and the Federal Reserve's preferred measure of
inflation reading on Friday for clues on the health of the world's biggest
economy.

Annabel Bishop, an Investec economist, said the rand had shrugged off the
latest bout of power cuts at the weekend, with investors now used to South
Africa's blackouts.

On the stock market, the Top-40 (.JTOPI), opens new tab index closed down
about 1.8%.

South Africa's benchmark 2030 government bond was stronger, with the yield
down 5.5 basis point to 9.115%.

Malawi

No plans to devalue local currency, value Kwacha at K1750

The Reserve Bank of Malawi (RBM) has given assurance to the general public
that it has no plans to devalue the Malawian Kwacha, despite the economic
challenges facing the country.

This assurance comes as the black market exchange rate hits K5,000 per
dollar, far exceeding the recommended exchange rate.

Speaking to the local media, RBM governor Macdonald Mafuta Mwale said that
they are in the process of cracking down on black markets as a way of
stabilising the Country's economy.

"We have discussed with all relevant institutions on issues surrounding the
black markets and so soon the measures will be implemented.

We assure you that the value of Kwacha is K1,750, not beyond K4,000, so
anything that is speculated to distort the economy will be dealt with," he
said

He added that all the strategies and measures will be presented in the
parliament by Minister of Finance, Simplex Chithyola Banda in the next
Parliamentary meeting 

 <mailto:info at bulls.co.zw> 

Global markets

Rupee set for weaker opening as dollar recovers amid tariff worries

(Reuters) - The Indian rupee is likely to decline at open on Tuesday in the
wake of renewed worries over U.S. tariffs, which helped the dollar claw back
losses.

The 1-month non-deliverable forward indicated that the rupee will open at
86.75-86.78 to the U.S. dollar compared with 86.6950 in the previous
session.

The Indian currency "has broadly resolved" itself into a 86.50 to 87 range
for the time being, a currency trader at bank said.

The hurdle for it to move past 86.50 "is a lot higher" than for it to slip
past 87, he said.

The realized volatility on the rupee has cooled off largely in part due to
the Reserve Bank of India's heavy intervention near the 88 level. The
1-month realized volatility is now at 3.3%, having hit more than 4% two
weeks back.

The dollar index , having climbed to an over 2-month low of 106.35 on
Monday, recovered to 106.70. Asian currencies dipped and risk appetite
soured amid the return of worries over U.S. tariffs.

U.S. President Donald Trump on Monday said that tariffs on Canadian and
Mexican imports are "going forward on time and on schedule" in reply to a
question whether Canada and Mexico had done enough to avoid the 25% U.S.
duties.

The U.S. president had previously agreed to a 30-day pause on the tariffs.

Meanwhile, there was more disappointing U.S. data with regional
manufacturing faltering amid uncertainty on tariffs. This follows the weak
reading on a U.S. business activity index.

"While markets wait with bated breath on the exact shape and magnitude of
tariffs, the broader macro backdrop seems to suggest that U.S. economic
activity is slowing down and more importantly disappointing market's
expectations," MUFG Bank said in a note.

KEY INDICATORS:

** One-month non-deliverable rupee forward at 86.96; onshore one-month
forward premium at 17 paise

** Dollar index down at 106.65

** Brent crude futures up 0.4% at $75.1 per barrel

** Ten-year U.S. note yield at 4.37%

** As per NSDL data, foreign investors sold a net $396mln worth of Indian
shares on Feb. 21

** NSDL data shows foreign investors sold a net $279.9mln worth of Indian
bonds on Feb. 21

 <mailto:info at bulls.co.zw> 

Gold hits new record high on tariff worries, exchange-traded fund inflows

(Reuters) - Gold prices surged to a record high on Monday, driven by
safe-haven demand amid concerns over U.S. President Donald Trump's tariff
plans, with additional support coming from inflows into the world's top
gold-backed exchange-traded fund.

Spot gold rose 0.4% to $2,947.48 an ounce as of 01:55 p.m. ET (1854 GMT). It
hit $2,956.15 earlier in the session - its eleventh record high in 2025.

U.S. gold futures settled 0.3% higher at $2,963.20.

U.S. dollar index (.DXY), opens new tab touched its lowest level since
December 10 earlier in the session, making bullion more affordable for
buyers using other currencies.

"Investors believe that in the coming weeks and months or longer than that
gold prices are going to continue to appreciate," said Jim Wyckoff, a senior
market analyst at Kitco Metals.

"The path of least resistance for gold remains sideways to higher and as
long as uncertainty persists, gold is likely to continue rising."

U.S. President Donald Trump warned of imminent new tariffs last week. These
plans are broadly viewed as inflationary and capable of sparking trade wars,
thereby increasing the demand for safe-haven assets like bullion.

SPDR Gold Trust , the world's largest gold-backed ETF, said its holdings
rose to 904.38 metric tons on Friday, the highest since August 2023.

Prices holding above $2,950 per ounce are drawing investor focus toward the
$3,000 mark, with the metal up more than 12% in 2025.

Investors will watch Friday's U.S. Personal Consumption Expenditures report,
the Fed's preferred inflation gauge.

The Fed is likely to wait until next quarter before cutting rates again,
according to a majority of economists in a Reuters poll who previously
expected a March cut.

Also, on the radar are speeches from at least nine U.S. central bank
officials this week, who are expected to reinforce a cautious stance on
further rate cuts.

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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