Bulls n Bears Daily Market Commentary : 02 Jul 2025

Thu Jul 3 08:39:30 CAT 2025

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Bulls n Bears Daily Market Commentary : 02 Jul 2025

ZSE commentary

ZSE falters in midweek session...

The market faltered in midweek session as the All-Share Index shed 0.15% to
close at 198.16pts. The ZSE Top 10 Index eased 0.48% to 193.25pts. The
Agriculture Index advanced 1.82% to 165.18pts while, the Mid-Cap firmed up
0.85% to 239.57pts. Leading the idlers of the day was agro-industrial farmer
Ariston that dropped 6.67% to end pegged at $0.0400. Telecommunications
giant Econet dipped 2.02% to settle at $3.8015 while, banking group CBZ gave
up 1.39% to $7.1000 on weakening demand. Turnall retreated 0.28% to $0.0702
as SeedCo Limited was 0.19% softer at $2.3810, ahead of its FY24 Financial
results. Headlining the winners of the day was TSL that soared 13.82% to
$2.8455, having reached a high of $2.8750. Zimpapers edged up 0.50% to
$0.1005 while, Zimre Holdings Limited went up 0.18% to $0.2600. Ecocash and
Dairibord added an identical 0.14% to settle at respective prices of $0.1351
and $1.7800 as the duo completed the top five risers set.

Foreigners were net sellers in the session as inflows stood at $60,907.00
while, outflows amounted to $7,620,900.00. Activity aggregates enhanced as
volume ballooned 233.56% to 3.65m shares while, turnover surged 102.08% at
$11.77m. Econet and TSL drove the aggregates as the duo claimed a combined
86.50% of the volumes traded and 95.56% of turnover. The Tigere REIT gained
a negligible 0.01% to close at $1.3356 on 109,203 units as the Revitus REIT
firmed up 1.45% VALUE LEADERS to $0.7000 after 83 units exchanged hands.

.-efesec

 <mailto:info at bulls.co.zw> 

South Africa

South African rand softer as investors eye inflation expectations survey

(Reuters) - The South African rand weakened against a stronger dollar in
early trade on Wednesday, ahead of the release of a domestic inflation
expectations survey, while U.S. jobs data and trade negotiations remained in
focus.

At 0630 GMT the rand traded at 17.6250 against the dollar , about 0.2%
weaker than Tuesday's close.

South Africa's Bureau for Economic Research will release its second-quarter
inflation expectations survey around 0800 GMT, showing how analysts,
business people and trade union officials expect inflation to develop over
the next three years.

Inflation expectations are an important data point for the central bank when
it takes interest rate decisions. Its next decision is due to be announced
later this month.

The dollar last traded about 0.2% stronger against a basket of currencies as
investors awaited U.S. ADP employment data, due later in the day, and
nonfarm payroll figures on Thursday for further insights into labour market
conditions.

Meanwhile, with the July 9 tariff day creeping closer, countries including
South Africa are scrambling to agree trade deals with the U.S.

Trump imposed a 31% tax on U.S. imports from South Africa in April as part
of his global "reciprocal" tariffs.

The Southern African country has asked for more time to negotiate a trade
deal before the deadline.

South Africa's benchmark 2035 government bond was marginally stronger in
early deals, as the yield fell 1.5 basis points to 9.84%.

Nigeria

Naira roars back, records major gains against Dollar

In a positive development for Nigeria's economy, the naira appreciated by
N3.42 against the U.S. dollar on Wednesday, closing at N1,526.15 at the
official market, according to data from the Central Bank of Nigeria (CBN).

This marks a 0.22 percent gain from the previous day's rate of N1,529.57,
signaling a modest but encouraging step toward currency stability.

The naira's uptick coincides with high praise from the International
Monetary Fund (IMF) in its 2025 Article IV Consultation report on Nigeria.

The IMF commended the CBN for its bold reforms to the foreign exchange (FX)
market, which have significantly enhanced price discovery, liquidity, and
market transparency.

These measures, including targeted foreign exchange interventions, have
played a pivotal role in curbing volatility and fostering greater confidence
in the naira.

The IMF highlighted that the CBN's reforms have not only stabilized the
local currency but also strengthened the integrity of Nigeria's forex
market.

By improving access to foreign exchange and promoting a more transparent
trading environment, the CBN has addressed longstanding challenges that
previously undermined investor trust and economic predictability.

The report underscores the central bank's commitment to aligning Nigeria's
monetary policies with global best practices, a move seen as critical to
sustaining economic growth.

Analysts view the naira's recent gains as a reflection of these reforms'
early success, though challenges such as inflationary pressures and external
economic uncertainties persist.

The CBN's proactive approach is expected to further bolster market
confidence, potentially attracting foreign investment and supporting
Nigeria's broader economic recovery.

This development marks a significant moment for Nigeria's financial
landscape, as the CBN's strategic interventions begin to yield tangible
results.

 <mailto:info at bulls.co.zw> 

Global Markets

US dollar rises, British pound falls as markets weigh trade deals, Fed rate
cut

(Reuters) - The U.S. dollar rose against major currencies on Wednesday as
data supported market expectations of a Federal Reserve interest rate cut,
while the pound sterling fell amid a selloff in British government bonds.

Traders were also positioning ahead of the Labor Department's employment
report for June, due to be released on Thursday, and the July 4 holiday.

The Reuters Daily Briefing newsletter provides all the news you need to
start your day. Sign up here.

The dollar had lost ground briefly but regained momentum after the ADP
National Employment Report showed U.S. private payrolls fell for the first
time in more than two years in June, suggesting the Fed might cut rates as
soon as September.

President Donald Trump's massive tax-cut and spending bill passed the U.S.
Senate on Tuesday by the narrowest of margins, which is expected to add $3.3
trillion to the national debt. Debate over the legislation has now returned
to the House of Representatives.

Trump announced Vietnam had struck a trade deal with the U.S., which lowers
planned tariffs and could push other countries to reach similar agreements
on duties ahead of the July 9 deadline for higher tariffs to kick in.

"I think the market logic is if nobody agrees to a deal, then the pressure
is on the U.S. and that's dollar negative because it serves to adjust
everything, including the fiscal bill since the tariffs are in the
background even if they are not formally in the bill," said Steve Englander,
head of global G10 FX Research at Standard Chartered.

"But if you get countries settling, it's the countries that are left out
that are in trouble. It's becomes risk positive generally because you're
comfortable that there will be (trade) deals."

The dollar was up 0.15% to 143.635 against the Japanese yen , on track to
snap two straight sessions of losses. It was up 0.06% to 0.79150 against the
Swiss franc , on track for gains after seven consecutive sessions of
declines.

"The dollar is bouncing against G10 currencies and it's not coincidental as
it is coming with almost a 20 basis point rise in U.S. interest rates," said
Marc Chandler, chief market strategist at Bannockburn Global Forex LLC.

British bonds suffered their worst selloff since October 2022, the day after
the government sharply scaled back plans to cut benefits and there was
speculation about the future of the country's finance minister. Sterling
weakened 0.79% to $1.3634 against the dollar, dropping to a one-week low and
poised to snap two straight sessions of gains.

"It's not just the British pound that is sharply lower but the gilts are
under a lot of pressure as well. I think it's just a crisis of confidence in
the Labour government," Chandler added.

The euro fell 0.08% to $1.179725 against the dollar but gained 0.9% versus
the pound sterling .

Eurozone inflation edged up last month to the European Central Bank's 2%
target, confirming the era of runaway prices is over and likely shifting
policymaker focus to tariff-related volatility.

The dollar index , which measures the greenback against a basket of
currencies including the yen and the euro, rose 0.154% to 96.786, on track
to snap nine straight sessions of losses. The index was still trading at
multi-year lows after having its worst half-year since the 1970s, weighed by
trade uncertainty.

The 2-year note yield, which typically moves in step with interest rate
expectations for the Federal Reserve, rose 1.2 basis points to 3.789%,
reversing earlier losses.

The Canadian dollar strengthened 0.35% versus the greenback to C$1.36 per
dollar. The dollar strengthened 0.03% to 7.161 versus the offshore Chinese
yuan.

 <mailto:info at bulls.co.zw> 

Gold price Philippines Gold price today: Gold falls, according to FXStreet
data

Gold prices fell in Philippines on Thursday, according to data compiled by
FXStreet.

The price for Gold stood at 6,068.03 Philippine Pesos (PHP) per gram, down
compared with the PHP 6,080.62 it cost on Wednesday.

The price for Gold decreased to PHP 70,784.72 per tola from PHP 70,923.19
per tola a day earlier.

Unit measure        Gold Price in PHP

1 Gram       6,068.03

10 Grams    60,687.41

Tola  70,784.72

Troy Ounce 188,736.90

FXStreet calculates Gold prices in Philippines by adapting international
prices (USD/PHP) to the local currency and measurement units. Prices are
updated daily based on the market rates taken at the time of publication.
Prices are just for reference and local rates could diverge slightly.

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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