Bulls n Bears Daily Market Commentary : 11 March 2025

Wed Mar 12 03:50:19 CAT 2025

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Bulls n Bears Daily Market Commentary : 11 March 2025

ZSE commentar

ZSE extends losses in Tuesday's session ...

The ZSE market extended losses in Tuesday's session as the All Share Index
was 1.28% weaker at 206.65pts. The Mid Cap Index was 0.37% lower at
227.22pts as its constituents clinched the top five spots in the losers'
list. On the contrary, Blue Chip Index was 0.10% up at 207 .51pts while, the
Agriculture Index was 0.07% up at 181.73pts. Leading the worst performers of
the day was Turnall that plunged 16.39% to $0.0500 while, property concern
Mashonaland retreated 14.29% to $1.1400.  First Mutual Holdings eased 10.00%
to $3.6000 while, TSL was 1.97% lower at $1.6000 as 399,900 shares exchanged
hands in the session. Banking group NMB capped the top five worst performers
list of the day as it slipped 0.45% to $3 .7025 . Telecommunications giant
Econet led the risers of the day as it inched up 3.11% to $3 .7778 having
traded an intraday high of $4.2125 while, beverages producer Delta put on
1.63% to end pegged at a VWAP of $15.3519. Seed technology group SeedCo
Limited was up 1.44% to close at $3.8143 having touched a high of $3.8500 in
the session. Dairy processor Dairibord added 0.42% to settle at $1.4686
while, Hippo inched up 0.14% to $6.1187.

Activity aggregates improved in the session as volumes traded ballooned
2,456 .98% to 16.30m shares while, turnover increased by 631.28% to $15.16m.
Top volume driver of the day was Star Africa that claimed 78.74% of the
volume traded while, Econet trailed behind with a 16.22% contribution. The
duo of Econet and Delta drove the turnover aggregate of the day as they
claimed a combined 88.63% of the total traded. In the ETF category, the
Morgan & Co MCS trimmed 4.98% to close at $1.9000 while, the Datvest MCS was
stable at $0.0300 as 27,382 units traded. The Tigere REIT was 1.20% higher
at $1.1349 as 39,385 shares exchanged hands-efesecrities

-

 <mailto:info at bulls.co.zw> 

South Africa

South African rand gains amid US recession fears ahead of local budget

(Reuters) - South Africa's rand edged higher on Tuesday against a weaker
dollar amid global and domestic economic uncertainty and as investors eyed a
U.S. inflation print for cues into the Federal Reserve's interest rate
stance.

At 0711 GMT, the rand traded at 18.30 against the U.S. dollar , about 0.3%
stronger than Monday's close.

The greenback traded lower against a basket of currencies and Wall Street
plunged overnight on Monday after U.S. President Donald Trump declined to
predict whether his tariff policies could lead to a recession, roiling
investor sentiment.

Traders now await U.S. inflation data due on Wednesday for hints into the
Fed's policy path amid simmering trade tensions and slowdown fears in the
world's largest economy.

"All indications are that the U.S. is about to enter a recessionary
environment and the U.S. exceptionalism argument that has supported the
dollar for so long is gradually evaporating," ETM Analytics said.

South Africa-focussed investors will look to the local budget presentation
on Wednesday after it was postponed last month over disagreements in the
coalition government over increasing value added tax by two percentage
points.

"Were it not for the government's inability to decide on a budget, the rand
might've taken greater advantage of this environment," the note added.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index (.JTOPI),
opens new tab was little changed.

South Africa's benchmark 2030 government bond was also flat, with the yield
at 9.055%.

Nigeria

Nigerian naira continues free-fall against dollar 

The Nigerian naira continued its decline against the dollar at the official
foreign exchange market on Tuesday.

This comes as the Central Bank of Nigeria's exchange rate data showed that
the naira depreciated further to N1,536.15 per dollar on Tuesday, from
N1,530.15 on Monday.

This means the naira weakened by N6 against the dollar on a day-to-day
basis.

Further analysis showed that this is the second consecutive day the naira
has depreciated against the dollar on the official FX market.

Meanwhile, on the black market, the naira remained stable at N1,580 per
dollar on Tuesday, the same exchange rate as on Monday.

 <mailto:info at bulls.co.zw> 

Global Markets

Euro and pound rise against dollar amid 'Trumpcession' fears

The euro and the pound have risen against the dollar to their highest level
since the week of the US election, as the greenback sank against other
leading currencies amid mounting "Trumpcession" fears.

The European single currency rose by a cent to $1.093, breaching the $1.09
barrier for the first time since Donald Trump won the presidential race.
Sterling hit $1.2956, its highest since 8 November, with both currencies
strengthening after the US president escalated his trade war with Canada by
lifting planned tariffs on metal imports.

Trump's move drove stocks lower on Wall Street, where the S&P 500 index was
down 1.2% in early afternoon trading, following a 2.7% slump on Monday.

Stock market sell-off deepens after Trump threatens to double tariffs on
Canadian steel and aluminium imports to 50% - as it happened

Read more

The dollar lost 0.6% against a basket of leading currencies on Tuesday and,
like the US stock market, has lost all its gains since Trump's election
victory. It hit its lowest level since the middle of October on Tuesday
morning.

After a global sell-off in stock markets on Monday, there were further
losses on Tuesday after Trump doubled the tariff being imposed on Canadian
steel and aluminium tariffs on Wednesday to 50%.

The UK's FTSE 100 share index lost 1.2%, or 104 points, to finish at 8,495
points, the lowest closing level since 16 January. Germany's DAX and the
French CAC index both shed about 1.3%.

"This latest escalation in trade tensions comes hot on the heels of a
tumultuous Monday, which marked the worst day of 2025 for US markets.
Investor fears were stoked by President Trump's aggressive tariff policies
targeting America's largest trading partners, sending shockwaves through the
financial landscape," said Fawad Razaqzada, market analyst at City Index.

"The situation has left many observers questioning the broader implications
of these trade policies on both the US economy and its international
relationships," Razaqzada added.

Before Trump's announcement, there had been a mixed session in Asia-Pacific
markets where Japan's Nikkei fell by 0.6% and the South Korean market lost
1.3%, while Chinese exchanges closed moderately higher, up between 0.3% and
0.4%.

Trump vowed to buy a Tesla car in support of the billionaire Elon Musk after
a slump in the electric carmaker's share price, amid a backlash against the
Tesla founder who has become one of the US president's biggest allies. Tesla
shares have more than halved in value since hitting a peak in December.

Writing on Truth Social, Trump accused "Radical Left Lunatics" of "trying to
illegally and collusively boycott" the business after Tesla shares tumbled
by 15% on Monday, their biggest daily decline since 2020.

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The Swiss investment bank UBS has warned there is an increased risk that the
US economy could suffer a downturn. It updated its house view scenario, and
now forecasts a 30% chance of a "stagflationary or cyclical downturn" in the
US, up from 25% at the end of last month.

Along with the Japanese yen, the euro is one of the beneficiaries as
investors have dumped the US dollar.

Vasileios Gkionakis, a senior economist and strategist at the UK fund
manager Aviva Investors, said there were several factors propelling the
European single currency higher: the unwinding of the Trump/tariff trade;
the seismic shift in Germany's fiscal stance, alongside EU-wide
announcements; and the hawkish interest rate cut by the European Central
Bank. Weaker-than-expected US economic data and a potential ceasefire in
Russia's war against Ukraine are also playing a role.

"When push comes to shove, Europe gets its act together and cracks on with
structural changes: in sum, this is a sentiment and confidence shift and
outright currency-positive," he said. "Assuming that any tariff impact will
not be material, how high can the euro go?"

Some analysts predict the euro will reach $1.15 by the end of this year and
$1.20 by the end of 2026. Gkionakis said he believes the $1.15 level could
be hit "much sooner" than the end of the year.-thegardian 

 <mailto:info at bulls.co.zw> 

Safe-haven gold firms on weaker dollar, growth concerns

(Reuters) - Gold prices gained 1% on Tuesday amid a weaker dollar and
economic slowdown worries due to tariff wars, while investors strapped in
for inflation data that could shed light on the future path of U.S. interest
rates.

Spot gold was 1% firmer at $2,917.79 an ounce as of 01:16 p.m. ET (1716
GMT). U.S. gold futures settled 0.7% higher at $2,920.90.

The U.S. dollar index hit its lowest level since mid-October. A softer
dollar makes greenback-priced bullion more affordable for other currency
holders.

"Gold is likely to remain supported amid ongoing market uncertainties,
bolstering demand for the safe-haven asset. However, any positive
developments in Russia-Ukraine negotiations could reduce risk premiums,"
said Zain Vawda, market analyst at MarketPulse by OANDA.

The tariff policies implemented by U.S. President Donald Trump against key
trading partners have caused significant volatility in global markets and
heightened concerns about economic growth.

Bullion is considered a hedge against uncertainties and tends to thrive in a
low-interest environment since it is a non-yielding asset.

Market attention will be on Wednesday's U.S. Consumer Price Index and
Thursday's Producer Price Index. According to a Reuters poll, February's CPI
is expected to have climbed 0.3%.

Traders are currently expecting the Federal Reserve to cut interest rates in
June. FEDWATCH

"The gold price is already trading at a very high level due to the sharp
rise since the start of the year, which limits the upside potential,"
Commerzbank said in a note.

Spot silver added 2% to $32.77 per ounce. Platinum was up 1.9% at $976.0 and
palladium lost 0.1% to $941.84. 

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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