Bulls n Bears Daily Market Commentary : 13 October 2025

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Bulls n Bears Daily Market Commentary : 13  October 2025

 

 	



 

 	


ZSE commentary

 

ZSE Heavies drag down the market...

 

The market was depressed in the last session of the week as losses in
selected heavies dragged down the market. The Primary All Share Index
trimmed 2.36% to close at 197.85pt while, the Blue Chips Index followed suit
after a 2.74% loss to 194.45pts. The Mid Cap Index shed 0.91% to end at
229.82pts while, on the contrary the ZSE Agriculture Index rose 0.67% to
169.47pts. Leading the decliners of the day was the duo in FML and
Proplastics that dropped a similar 15.00% to close the day at $2.2100 and
$0.9350 apiece. Mashonaland Holdings was 14.67% down at $1.1947 while,
Turnall completed the top five fallers of the day on a 9.08% drop that took
it to $0.1182. Star Africa was the top gainer of the day after a 20.34%
surge that took it to $2.2100. TSL trailed on a 4.49% uplift to $1.8600 as
milk processor Dairibord grew 4.00% to end pegged at $1.3000. Banking groups
NMB and CBZ rose 0.03% and 0.01% to $4.1000 and $8.2000 respectively.

 

 

Eighteen counters recorded price movements disseminated into five decliners
and thirteen losers to see the market end with a negative breath of eight.
Foreign purchases amounted to $10.57m while, sales stood at $27.87m to
record a net funds outflow position of $17.30m. Activity aggregates were
mixed in the session as volume of shares traded succumbed 83.16% to $8.24m
while, turnover ballooned 667.28% to $79.11m. Delta and Econet were the top
traded stocks by volume and value claiming a combined 94.91% of the former
and 99.62% of the latter. Morgan and Co MCS gained 0.50% to $2.0000 on
scrappy 80 units. The Tigere REIT was stable at $2.0000 on 

60,765 units while, the Revitus was unchanged at $1.0000 on 50
units..-efesecrities

 

 <mailto:info at bulls.co.zw> 

 

Nigeria

 

Naira depreciates against US dollar 

 

The Naira depreciated against the United States Dollar at official foreign
exchange markets to begin the week on a bearish note.

 

The Central Bank of Nigeria's data showed that the Naira dropped to
N1,457.51 per dollar on Monday, down from N1,455.17 traded on Friday last
week.

 

This means that the country's currency weakened by N2.34 on Monday when
compared to Friday.

 

 

Meanwhile at the black market, the Naira remained stable at N1503 per dollar
on Monday, the same rate as last week.

 

The development comes despite the country's continued external reserves,
which stood at $42.59 billion as of 10 October 2025.

 

Recall that last week, the Naira appreciated significantly across FX markets
on Friday.

 

 

 

South Africa

 

South African rand lifted by gold as markets reflect on US-China trade
tension

(Reuters) - The South African rand was buoyed by record gold prices on
Monday as investors opted for the safe-haven metal after U.S. President
Donald Trump renewed tariff threats against China.

 

The commodity-backed currency fell about 1.7% after Trump's announcement on
Friday, but has tried to pare some of its losses.

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At 1422 GMT, the rand traded at 17.3425 against the dollar , roughly up 1%
on Friday's close, while the greenback last traded 0.2% stronger against a
basket of currencies.

 

Like other risk-sensitive currencies, the rand often takes cues from global
drivers such as U.S. policy and economic data.

"Risk appetite appears to be back at this week's start, so one should expect
the ZAR to make a modest recovery," said ETM Analytics in a research note.

 

Domestically-focused investors will look to a business confidence survey,
mining production (ZAMNG=ECI), opens new tab data and retail sales
(ZARET=ECI), opens new tab figures this week for clues to the health of
Africa's largest economy.

"A harsh reminder of the opportunity cost SA has suffered will likely come
in the form of the latest mining production data later this week,
highlighting SA's inability to take advantage of the commodity price boom,"
said ETM Analytics.

 

On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab
was last up 0.8%.

South Africa's benchmark 2035 government bond was slightly stronger as the
yield fell one basis point to 9.115%.

 

 

 <mailto:info at bulls.co.zw> 

 

Global Markets

 

Dollar up against yen and euro on receding US-China trade tensions

 

(Reuters) - The dollar advanced against the euro and yen on Monday, after a
change in rhetoric from U.S. President Donald Trump lowered the temperature
of simmering trade tensions with China.

 

The U.S. dollar strengthened 0.61% to 0.804 against the Swiss franc ,
rebounding from the previous session when Trump threatened to impose 100%
tariffs on China.

 

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start your day. Sign up here.

The broadside revived bad memories of Trump's Liberation Day rollout of
sweeping tariffs in April and sparked a selloff in stocks and
cryptocurrencies on Friday.

 

 

"It's kind of a repeat of what happened after Liberation Day," said Eugene
Epstein, head of trading and structured products at Moneycorp in New Jersey.

 

"Traditionally, the U.S. dollar strengthens when there's any kind of
risk-off or any kind of stress across asset classes or markets and, like
Liberation Day, the opposite happened because of trade tensions between the
U.S. and fellow trade partners in this case, China. Any time something like
that comes up, people actually sell the U.S. dollar," Epstein said.

The dollar index , which measures the U.S. currency's performance against a
basket of six others, was last up 0.2% at 99.25, recovering from the
previous session's drop.

 

"I still believe across all developed currencies, the U.S. dollar is still
the primary safe haven; obviously, the Swiss franc is as well. With what
happened last week, it was just essentially the same playbook: any kind of
trade tensions means sell the U.S. dollar. Today, things are reversing
because the trade tensions are seemingly de-escalating a little bit,"
Epstein added.

 

TRUMP SOFTENS TONE

After announcing the 100% tariffs on Friday, Trump said on Sunday: "Don't
worry about China, it will all be fine!"

"Highly respected President Xi just had a bad moment," he posted on the
Truth Social network. "He doesn't want Depression for his country, and
neither do I. The U.S.A wants to help China, not hurt it!!!"

Trump remains on track to meet Chinese leader Xi Jinping in South Korea in
late October as the two sides try to de-escalate tensions over tariff
threats and export controls, U.S. Treasury Secretary Scott Bessent said on
Monday.

 

 

 

 <mailto:info at bulls.co.zw> 

 

Commodities

 

Gold hits record high on US rate cut bets; silver follows suit

 

(Reuters) - Gold prices climbed to a record high above $4,100 on Tuesday on
increased U.S. Federal Reserve rate cut prospects, while resurgent
U.S.-China trade woes boosted safe-haven bets, including those for silver,
which also reached an all-time peak.

Spot gold rose 1.7% to a record high of $4,179.48 per ounce, as of 0521 GMT.

 

 

U.S. gold futures for December delivery gained 1.3% to $4,187.50.

Gold has surged 57% year-to-date, breaking the crucial $4,100 threshold for
the first time on Monday.

Bullion has been bolstered by geopolitical and economic uncertainties,
rate-cut expectations, strong central bank buying, and robust
exchange-traded fund inflows.

 

Bank of America and Societe Generale now expect gold to hit $5,000 by 2026,
while Standard Chartered raised its price forecast for next year to $4,488.

Spot silver jumped 2.2% to $53.60, buoyed by the same factors supporting
gold and spot market tightness.

 

"The trade tensions are not the primary driver for the rally (today) as
increasing bets for the Fed to continue its interest rate cut trajectory,
reducing long-term funding costs eventually lowering the opportunity cost
are (also supporting gold)," OANDA senior market analyst Kelvin Wong said.

Philadelphia Federal Reserve chief Anna Paulson said that rising risks to
the labour market have bolstered the case for further U.S. rate cuts.

Investors now await Fed Chair Jerome Powell's speech at the NABE annual
meeting on Tuesday for further insight into the Fed's monetary policy path.

Traders expect a 99% and 94% chance of a 25 basis point cut in October and
December, respectively. Non-yielding gold tends to do well in
low-interest-rate environments.FEDWATCH/

 

Elsewhere, U.S. President Donald Trump remains on track to meet Chinese
leader Xi Jinping in South Korea in late October, U.S. Treasury Secretary
Scott Bessent said on Monday.

 

The latest tensions followed China's announcement on Thursday to expand
rare-earth export controls, prompting Trump to respond with a 100% tariff
threat on Chinese goods and export controls on critical U.S.-made software,
effective November 1.

 

The ongoing U.S. federal government shutdown, now in its 13th day, is
starting to affect the nation's economy, Bessent added.

Platinum rose 1.9% to $1,677.0, and palladium gained 2.1% to $1,505.75.

 

 


 

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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