Bulls n Bears Daily Market Commentary : 17 Jul 2025

Fri Jul 18 09:03:13 CAT 2025

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Bulls n Bears Daily Market Commentary : 17 Jul 2025

ZSE commentary

CBZ shines on the ZSE...

CBZ Holdings highlighted the session as circa 11.03m shares worth $79.41m exchanged hands. The trade claimed 92.42% of the total volume traded and 96.88% of the total value. Turnover for the day soared 1,814.79% to $81.96m while, volume of shares traded surged 259.26% to 11.93m shares. Datvest MCS was the sole fund trade amongst its kind as 6,895 units worth $206.85 exchanged hands. The Tigere REIT added 0.10% to settle at $1.3850 on 1,057 units. Foreign purchases stood at $3,450.00 while, sales amounted to $79,505,968.00, leaving the market with a net outflow position of $79,502.518. Seventeen counters were active in the session disseminated into eight gainers, four fallers while, five traded unchanged.

Zimre Holdings Limited headlined the top performers of the day having climbed 12.00% to settle at $0.2800 as banking group CBZ Holdings trailed behind on a 10.76% jump to close at a VWAP of $7.1996. Telecoms giant Econet Wireless went up 3.84% to $3.9836 while, brick manufacturer Willdale Limited edged up 2.78% to end pegged at $0.0350. Retailer OK Zimbabwe completed the top five gainers of the day on a 2.72% rebound to finish at $0.2372. Partially weighing down the market was First Mutual Holdings that dropped 6.75% to settle at $3.5900 while, sugar refiner Star Africa fell 0.56% to $0.0411. ZSE Holdings limited capped the fallers of the day on a 0.06% loss to $2.1662. The mainstream All Share Index rose 0.99% to 197.50pts while, ZSE Top Ten Index added 1.11% to 191.92pts. The ZSE Agriculture Index improved 0.10% to

154.73pts while, the Mid Cap Index grew 0.48% to 240.94pts.

 <mailto:info at bulls.co.zw> 

South Africa

South African rand dips with focus on G20 finance meeting

(Reuters) – The South African rand weakened against a stronger dollar in early trading on Thursday, with investors focused on the G20 meeting of finance chiefs in the country’s coastal city of Durban.

At 0637 GMT, the rand traded at 17.8975 against the dollar, about 0.4% weaker than Wednesday’s close.

The dollar last traded about 0.4% firmer against a basket of currencies.

With a fairly muted domestic economic calendar, traders will keep a close eye on the meeting of the Group of 20 finance ministers and central bank governors on Thursday and Friday.

South Africa’s benchmark 2035 government bond was also weak in early trading, as the yield rose 1.5 basis points to 9.895%.

Ugandan and Zambian currencies could gain in days ahead

The Ugandan and Zambian currencies are expected to strengthen in the next week to Thursday, while Nigeria's and Ghana's could be broadly unchanged, traders said.

Uganda

Uganda's shilling is seen firming modestly thanks to low importer demand for hard currency.

Commercial banks quoted the shilling at 3,578/3,588 to the dollar, stable from last Thursday's close.

"(Forex) demand is pretty flat across the importer side and we haven't seen any signs of a rebound," one trader said.

He said the low importer FX demand was likely a result of slow consumer spending.

Zambia

Zambia's kwacha is expected to add to this week's gains due to improved foreign exchange supply helped by mining sector inflows.

Commercial banks quoted the kwacha at 23.20 per dollar from 24.39 a week ago.

Nigeria

Nigeria's naira is seen staying within a tight range, supported by the central bank's dollar sales.

The naira was quoted around 1,533 to the dollar in intraday trading on Thursday versus last week's closing quote of 1,524.50 naira.

The currency was changing hands around 1,535 to the dollar in street trading on Thursday.

"I expect it to trade within a tight range. I don't see it aggressively weakening from where we are," a trader said.

Ghana

Ghana's cedi is forecast to be little changed next week.

LSEG data showed the cedi trading at 10.40 to the dollar, from 10.35 a week earlier.

"The currency is likely to hold steady in the coming week, as we expect the daily central bank auctions to continue in coming sessions, supported by reserves which have been recently reported to be healthy and significantly above IMF targets," a trader said.

Another trader said demand for the greenback was building but central bank interventions had managed to contain the pressure for now.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar extends weekly rally as strong data delays fed cuts

The U.S. dollar looks set to record a second straight weekly rise against other major economies, driven by strong economic data that have eased worries about Fed rate cuts.

Data this week showed U.S. retail sales climbed more than analysts had forecast in June, while new claims for unemployment benefits fell to their lowest level in three months. Those results reinforced the belief that the Fed can hold rates steady for longer before considering a reduction, according to a Reuters report.

As of 00:38 GMT, the dollar index, which tracks the greenback against six leading currencies, was unchanged at 98.456. That kept it on course for a 0.64% gain this week, following a 0.91% jump in the previous seven days.

On Thursday, the index even peaked at 98.951, its highest level since June 23.

A recent report showed that U.S. consumer prices rose in June by the most in five months. This suggests that recent tariff hikes may be starting to push up inflation.

Investors now expect slightly less easing, just under 0.5% in rate cuts by December, down from about 0.5% forecast earlier this week.

Despite this week’s strength, the dollar remains 9.3% below its level at the beginning of the year.

In March and April, fears of unpredictable U.S. trade policies led to a big sell‑off that hurt confidence in U.S. assets, including the dollar, Treasury yields, and stocks.

Markets reacted to Trump firing Powell rumor

Concerns about the U.S. budget have shaken investors. Lawmakers’ large spending and tax plans have raised doubts about fiscal stability. At the same time, President Trump has repeatedly scolded Fed Chair Powell for not cutting rates faster.

Analysts at the Commonwealth Bank of Australia warned that the dollar “remains vulnerable to the downside if concerns about U.S. policymaking further undermine investor confidence in USD assets.”

They pointed to this week’s sudden dip, triggered by rumors that Trump planned to fire Powell, as proof of that risk.

Bitcoin hovered just below $120,000 after briefly hitting $123,153.22, and the market got a boost when Congress passed rules for dollar‑pegged stablecoins.

Dollar strong against yen while euro and pound made modest moves

Meanwhile Japan’s yen weakened as Sunday’s upper‑house elections approached, with polls showing the ruling party could lose its majority. A change in power could make monetary policy less predictable. It can slow down tariff talks with Washington.

On foreign exchange markets, the dollar was trading around ¥148.60, not far from Wednesday’s three‑and‑a‑half‑month peak of ¥149.19.

Japan’s lead trade envoy, Ryosei Akazawa, held talks on Thursday with Commerce Secretary Gina Raimondo in an eleventh‑hour bid to block a 25% tariff scheduled to apply once August 1 has passed.

Elsewhere, the euro climbed 0.25% to $1.1626, bouncing back from its Thursday trough near $1.1556, though it still finished the week 0.59% lower.

The British pound rose about 0.13% to $1.344, cutting its weekly loss to 0.41%.

 <mailto:info at bulls.co.zw> 

Gold heads for weekly dip on firm dollar; platinum at highest since 2014

(Reuters) - Gold prices traded flat on Friday and were headed for a weekly drop, weighed down by an overall stronger dollar and solid U.S. economic data, while platinum scaled to its highest level since August 2014.

Spot gold held its ground at $3,337.60 per ounce, as of 0503 GMT. U.S. gold futures eased 0.1% to $3,343.10. Bullion has declined 0.5% so far this week.

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The dollar edged 0.1% lower against its rivals on Friday, but was headed for a second straight weekly gain. A stronger dollar makes greenback-priced bullion more expensive for other currency holders.

"We are starting to see data coming in that is still supporting a rather vigilant U.S. economy and potentially market participants are still looking at a situation where we are not expecting a very dovish Fed," OANDA senior market analyst Kelvin Wong said.

Data showed on Thursday that U.S. retail sales rose more than expected in June, advancing 0.6% last month after an unrevised 0.9% drop in May.

U.S. initial jobless claims were better than expected, dropping 7,000 to a seasonally adjusted 221,000 for the week ended July 12. Economists polled by Reuters had forecast 235,000 claims for the week.

The strong data showed the world's largest economy remained on a stable footing, supporting the Federal Reserve's hesitance to resume monetary policy easing.

However, Fed Governor Christopher Waller said he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy.

Gold, often considered a safe-haven asset during times of economic uncertainty, tends to do well in a low-interest-rate environment.

Meanwhile, investors closely watched trade negotiations as U.S. President Donald Trump broadened his tariff war.

Elsewhere, spot platinum rose 0.1% to $1,458.80 per ounce, while palladium climbed 1% to $1,293.32 to mark its highest point since August 2023. Silver was flat at $38.13.

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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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and sourced from third parties.

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