Bulls n Bears Daily Market Commentary : 12 September 2025

[Bulls n Bears]

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:bulls at bulls.co.zw> Views & Comments
<http://www.bullszimbabwe.com> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:%20bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

 

 	

 

 

 	

Bulls n Bears Daily Market Commentary : 12 September 2025

 

 	



 

 	


ZSE commentary

 

ZSE slips into the red...

 

The market slipped into the red in Thursday's session as the mainstream All
Share Index retreated 0.51% to end at 207.88pts. ZSE Top Ten Index declined
0.64% to  05.77pts while, the ZSE Agriculture Index eased 0.63% to end at
175.11pts. The Mid Cap Index went down by 0.12% to close the day at
234.86pts. Zimre Holdings was the major casualty of the day having dropped
10.40% to close at $0.2240 while, Mashonaland Holdings trailed on a 9.20%
retreat to $1.5301. Tea company Tanganda shed 4.21% to settle at $0.9100
while, SeedCo Limited trimmed 3.50% to $3.8463. First Mutual Holdings capped
the top five shakers of the day on a 3.23% loss that took the insurer to
$3.0000. Leading the winners of the day was Unifreight that charged 15.00%
to close at $1.7135. Following was TN Cybertech that jumped 10.31% to land
at $0.1164. ZSE Holdings notched up 7.54% to $1.8500 as milk processor
Dairibord edged up 3.68% to $1.9000. CBZ held the fifth position of the
gainers' table after a negligible 0.07% rise to close at $8.1000.

 

Volumes traded rose by 0.96% to see 1.71m shares exchange hands while,
turnover succumbed 28.10% to $10.72m. The top volume drivers of the day were
Econet (46.44%), Delta (18.94%) and NMB (15.16%). Delta, Econet and FBC
claimed a combined 88.57% of the value outturn. The Datvest MCS lost 3.23%
to close at $0.0300 while, on the contrary the Cass Saddle ETF rose 0.42% to
$0.1200. A total of 1.15m units worth $34,695.72 exchanged hands in the
session. The Tigere REIT added 0.89% to close the day at $1.1096 on 4,970
units while, the Revitus REIT was stable at $0.8900 on 450 units.-fx

-fx

 

 <mailto:info at bulls.co.zw> 

 

Uganda's currency could extend gains, Zambia's slide further

 

(Reuters) - Uganda's currency is expected to extend gains against the dollar
in the next week to Thursday, Zambia's could fall further, and the Kenyan,
Nigerian and Ghanaian currencies should be steady, traders said.

 

UGANDA

Uganda's shilling is seen trading with a firming tone as some companies keep
their local-currency holdings for mid-month tax payments.

 

Commercial banks quoted the shilling at 3,510/3,520 to the dollar, compared
to last week's close of 3,515/3,525.

 

"Being around mid-month we anticipate a slowdown in (dollar) appetite
because of tax obligations," one trader said.

 

The shilling has been posting steady gains on the back of weak dollar
appetite and strong inflows from coffee exports.

 

ZAMBIA

Zambia's kwacha is likely to stay on the back foot because of liquidity
constraints.

 

On Thursday the kwacha was trading at 24.32 per dollar from 24.10 a week
earlier.

 

"The kwacha is likely to remain on its weakening trajectory," Access Bank
said in a note.

 

KENYA

Kenya's shilling has been little changed all year, and that trend is
forecast to continue.

 

Commercial banks quoted the shilling at 129.00/129.50 on Thursday, unchanged
from last Thursday.

 

 

A trader forecast "a very stable currency at the same levels, because I
think we're adequately funded. I don't foresee it losing or gaining".

 

NIGERIA

Nigeria's naira could stabilise after appreciating this week, helped by
dollar sales by the central bank, exporters and portfolio investors.

 

The naira was quoted around 1,502 to the dollar on Thursday versus last
week's closing quote of 1,524.

 

The currency was changing hands around 1,538 to the dollar in street trading
NGNP= on Thursday.

 

"We are seeing some resistance around 1,502/03 level. Into next week demand
will play a major role. I think we would hover around 1,500 level," a trader
said.

 

GHANA

Ghana's cedi should be stable as the central bank has increased the size of
its forex auctions to meet demand on the interbank market.

 

 

LSEG data showed the cedi trading at 12.15 to the dollar on Thursday,
compared to 11.95 at last Thursday's close.

 

"(The cedi) is likely to remain range-bound in the coming week as interbank
liquidity improves and the central bank doubles FX auction sizes to $200
million from $100 million. Corporate demand, particularly from the services
sector, is expected to stay firm," said Andrews Akoto, head of trading at
Absa Bank Ghana.

 

"Upcoming inflows from the cocoa sector, reportedly totalling $4 billion
from international buyers in the coming months, are also expected to support
the currency," he added.

 

South Africa

 

ZIDA licenses US$10 bln investment projects in 8 months to August

 

HARARE - The Zimbabwe Investment Development Agency (ZIDA) says it has
licensed close to US$10 billion in projected investments for the eight
months to August 31, 2025, up 194% from US$3.40 billion received in the same
period last year.

The energy sector leads with US$4.654 billion, followed by mining with
US$2.170 billion. These sectors have seen significant growth, with Chinese
investors dominating the energy sector.

License renewals rose 142.5% to 291, while new licenses grew 21.5% to 543.
According to ZIDA's report, the overall projected investment value from
projects licensed between January 2022 and June 2025 reached US$14.9
billion. Projected investment value from monitored projects totaled US$4.15
billion, with actual investment valued at US$1.03 billion.

Breaking down the actual investment, ZIDA chief executive Tafadzwa Chinamo
told the ZIDA Stakeholders' Engagement Forum that US$617.37 million went
towards capital equipment, US$231.03 million towards foreign loan debt
injection, and US$148.75 million towards foreign exchange equity injection. 

 

ZIDA also noted 32 projects worth US$3.1 billion in 2025, including the
rehabilitation of the Hwange Thermal Power Station units 1-6 and
auxiliaries.

Adding on, Chinamo said to date approved PPP projects include Zimbabwe Power
Company (ZPC), Rehabilitation of Hwange Thermal Power Station Units 1 to 6
and auxiliaries which is estimated at US$455 million. Mining Promotion
Corporation (MPC) to conduct exploration and mine development over the
reserved Area Mid 004 in Midlands Province estimated at US$3.1 million.

To date, ZIDA has designated two Special Economic Zones with a total
projected investment value of US$530 million. These include the Dinson Iron
and Steel Industrial Park projected to have an investment amounting to
US$410 million and Drumcorp AgroProcessing with an estimated investment of
US$130 million.

Deputy Chief Secretary - Finance, Administration and Human Resources in the
Office of the President and Cabinet Zvinechimwe Churu (pictured below)
emphasized the role of ongoing reforms and infrastructure development in
attracting investment. "Fiscal and monetary consolidation have contributed
to stabilising the macroeconomic environment," he said, adding that targeted
incentives in mining, agriculture, tourism, and renewable energy continue to
lure both domestic and foreign investors.

 

 

 

 

 

 <mailto:info at bulls.co.zw> 

 

Global Markets

 

Dollar steady as traders await US inflation data, ECB meeting

 

(Reuters) - The dollar held onto small gains on Thursday as traders awaited
key U.S. consumer price data for a steer on the Federal Reserve's rate
cutting path, while the euro was unchanged ahead of a European Central Bank
meeting.

"The main event is the U.S. CPI... The market is looking for reasons to
reprice the Fed lower and push the USD down," said Michalis Rousakis, G10 FX
strategist at Bank of America.

 

.

"The question is whether the Fed can be re-priced lower, given that a cut or
a little more is priced for September, and almost three cuts are priced by
year-end," he said. Bank of America's house view is for two more Fed rate
cuts this year.

 

The dollar index nudged up 0.2% to 97.97, with the dollar largely steady
against major currencies.

Elsewhere, an unexpected drop in U.S. factory-gate prices on Wednesday has
bolstered expectations that the Federal Reserve will cut rates next week.

 

The data followed Tuesday's revision to U.S. employment growth figures, with
the U.S. having created 911,000 fewer jobs in the 12 months through March
than previously estimated.

 

Meanwhile, the European Central Bank was expected to hold rates steady when
it meets later in the day.

The euro was unchanged at $1.1686 ahead of the rate decision. Analysts said
policymakers may strike a more dovish tone to counter a fraught trade and
political outlook across the continent.

 

 

The common currency is stabilising after a two-day streak of declines as
geopolitical tensions continue on the EU's eastern flank. Poland said it
shot down suspected Russian drones in its airspace on Wednesday with the
backing of aircraft from its NATO allies, the first time a member of the
Western military alliance is known to have fired shots during Russia's war
in Ukraine.

 

Commerzbank analysts said in a note that hopes of the ECB meeting being a
catalyst for greater movement in EUR/USD are likely to be dashed, given no
new information is likely to be forthcoming.

 

"If anything, hopes may lie with ECB President Christine Lagarde. After all,
she sounded surprisingly hawkish at the last two press conferences," they
wrote.

 

Given that a rate cut is not expected until next June, they added, Lagarde
is unlikely to reveal her hand so far in advance.

U.S. consumer prices rose more than expected in August, and the annual
increase in inflation was the largest in seven months.

 

 

 

 

FED FIRMLY IN FOCUS

Attention remains on the Fed's likely rate cut trajectory.

Markets are trading on expectations that the prospect of the Fed easing is a
certainty and the only remaining question is by how much. Traders are
pricing in an 8.9% chance of a jumbo 50 basis points (bps) rate cut at the
central bank's September 16-17 meeting, while a cut of at least 25 bps is
viewed as a done deal, according to the CME Group's FedWatch tool.

 

Appointments to the Fed's rate-setting panel remained in focus, as President
Donald Trump's administration on Wednesday moved to appeal a federal judge's
ruling temporarily blocking Trump from taking the unprecedented step of
firing Federal Reserve Governor Lisa Cook. The White House is seeking to
remove her before next week's Fed meeting.

 

Stephen Miran also moved closer to becoming a Federal Reserve governor,
furthering Trump's effort to exert more direct control over interest rate
policy. The Senate Banking Committee voted to advance Miran's nomination,
though lawmakers involved said it is far from certain if the process can be
completed in time for him to participate in the coming meeting.

 

Against the yen, the dollar was trading 0.3% higher at 147.96 yen , after
data showed Japanese wholesale prices rose 2.7% in the year to August,
accelerating from the previous month in a sign of sticky inflationary 

 

 

 <mailto:info at bulls.co.zw> 

 

Commodities

 

Gold sticks to gains as Fed rate cut bets, weaker USD and geopolitical risks
boost demand

 

Gold (XAU/USD) sticks to its intraday gains through the Asian session on
Friday and remains close to the record high touched earlier this week amid a
supportive fundamental backdrop. Softer labor market data overshadowed a
higher-than-expected US consumer inflation reading on Thursday and lifted
bets for a more aggressive policy easing by the Federal Reserve (Fed). This,
in turn, keeps the US Dollar (USD) depressed near its lowest level since
July 24 and benefits the non-yielding yellow metal.

 

Apart from this, political turmoil in France and Japan, along with
persistent trade-related uncertainties and rising geopolitical tensions,
turn out to be other factors acting as a tailwind for the safe-haven Gold.
Bulls, meanwhile, seem rather unaffected by the prevalent risk-on mood,
which tends to undermine the precious metal. This suggests that the path of
least resistance for the XAU/USD pair is to the upside, though overbought
conditions, though overbought conditions warrant some caution.

 

Daily Digest Market Movers: Gold bulls retain control amid rising Fed rate
cut bets, safe-haven demand

 

The US Bureau of Labor Statistics (BLS) reported that the headline Consumer
Price Index (CPI rose by a seasonally adjusted 0.4% in August, pushing the
annual inflation rate to 2.9% from 2.7% recorded in July. Meanwhile, the
core gauge, which excludes volatile food and energy prices, climbed 0.3% for
the month and 3.1% on a yearly basis in August, matching the previous
month's print and consensus estimate.

The higher-than-expected US consumer inflation reading, however, was
overshadowed by a rise in the US Weekly Initial Jobless Claims to the
highest level since October 2021. This comes on top of a weak US Nonfarm
Payrolls report last Friday and provides further evidence about the
softening labor market, which, in turn, backs the case for a more aggressive
policy easing by the Federal Reserve and underpins the Gold.

The markets have now almost fully priced in three rate cuts for the rest of
the year. According to the CME Group's FedWatch Tool, traders see a 100%
chance of a 25-basis-point rate cut at the FOMC meeting next week and expect
two more rate cuts, in October and in December. This dragged the yield on
the benchmark 10-year US government bond to a five-month low and the US
Dollar to its lowest level since July 24.

The British daily Financial Times reported that the Donald Trump
administration in the US will pressure G7 countries to hit India and China
with sharply higher tariffs for buying Russian oil in an attempt to force
Moscow into peace talks with Ukraine. Moreover, Japan's Trade Ministry
announced on Friday that the country will impose additional export
restrictions on several foreign entities as part of sanctions against
Russia.

Poland has intercepted Russian drones that were flying over its airspace
after completing a mission in western Ukraine. This was the first time a
NATO member nation has fired shots in Russia's war on Ukraine, raising the
risk of a further escalation of geopolitical tensions. Apart from this, the
ongoing conflicts in the Middle East contribute to driving flows towards the
safe-haven bullion and back the case for further gains.

Traders now look to the release of the Preliminary University of Michigan US
Consumer Sentiment and Inflation Expectations. The data might influence the
USD price dynamics and produce short-term trading opportunities around the
XAU/USD pair heading into the weekend. Nevertheless, the aforementioned
fundamental backdrop suggests that the path of least resistance for the
precious metal remains to the upside.

Gold needs to consolidate before the next leg up amid still overbought RSI
on the daily chart

 

The daily Relative Strength Index (RSI) remains in overbought territory and
warrants some caution for the XAU/USD bulls, or positioning for any further
appreciating move. That said, some follow-through buying beyond the
$3,657-3,658 region should allow the Gold price to retest the all-time peak,
around the $3,675 zone touched on Tuesday. The momentum could extend further
and allow the commodity to conquer the $3,700 round-figure mark.

 

On the flip side, the Asian session low, around the $3,630 area, now seems
to act as an immediate support ahead of the overnight swing low, around the
$3,613-3,612 region and the $3,600 round figure. This is followed by the
weekly low, around the $3,580 region, below which the Gold price could
extend the corrective slide towards the $3,565-3,560 intermediate support en
route to last Thursday's swing low, around the $3,510 region.

 

 

 

 

 

 


 

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 

 

 

 Invest Cellphone:            +263 71 944 1674 | +27 79 993 5557 

Email:               bulls at bullszimbabwe.com

Website:            www.bullszimbabwe.com 

Blog:                 www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:          www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 



 

 

 	

 

 

 	

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.

 

 	

 

 

 	


 (c) 2025 Web: www.bullszimbabwe.com Email: bulls at bullszimbabwe.com Tel: +27
79 993 5557 | +263 71 944 1674

 

 	

 

 

 	
							

 

 

 

 

 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250912/da6fbd49/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250912/da6fbd49/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29359 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250912/da6fbd49/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250912/da6fbd49/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130902 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250912/da6fbd49/attachment-0001.obj>