Bulls n Bears Daily Market Commentary : 23 December 2020

Wed Dec 23 20:10:20 CAT 2020

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Bulls n Bears Daily Market Commentary : 23 December 2020

 <http://www.zb.co.zw/> 

ZSE commentary

The market closed the day marginally gaining 0.73% to close today at a total
market capitalization of ZW$266.4 billion. The main stream All Share Index
put on 0.05% to close the day at 2215.07, the Medium Cap Index was up 2.36%
to 4478.29 while the Top 10 Index pared 1.27% to 1426.31. Headlining the
riser's pack was TSL which went up 20%, followed by Unifreight which was up
20%, while Fidelity  added 11.76%, Simbisa was up 8.89% and the brick
manufacturer Wildale added 8.00% to close at 27c. Significant losses were
noted in NMB which shaded 10.67%, First Capital Bank went down by 0.84%.
Elsewhere, losses for the day were also recorded in Aris (5.44%), FBC
(3.26%) and CBZ (5.29%) to close at 6 714.71c.

Total turnover was at ZW$107 930 099.38 in 274 trades. CBZ led the turnover
contribution at ZW$55 429 900. Among the counters that participated in
trading, 10 counters declined against 19 that appreciated. Total trades were
274 with 5 counters remaining unchanged and 17 with zero
volume.-wealthaccess

Global Currencies & Equity Markets

South Africa

Rand snaps two-day decline in thin trade ahead of holidays

In early trade the rand was at R14.65 against the US dollar.

The rand edged up in early trade on Wednesday, ending a two-day losing
streak in thinning trade ahead of holidays.

At 0528 GMT, the rand traded at R14.65 against the US dollar, 0.17% higher
than its previous close.

The rand had been battered this week as countries around the world closed
their borders to both Britain and South Africa following their
identification of new, fast-spreading variants of the coronavirus.

But it held firm even as US stock futures fell, commodities slipped and
Treasuries edged higher after President Donald Trump threatened at the last
minute to derail a long-awaited pandemic relief bill.

Uncertainty around the stimulus combined with headline-driven swings in
sentiment as Britain's Brexit date approaches and concerns about the
pandemic recovery pushed investors into and out of riskier bets, producing a
wavering dollar and helping the rand.

At 0553 GMT, the dollar index was slightly weaker at 90.448.

Government bonds were flat, with the yield on the instrument due in 2030 at
8.760%.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar wavers, pound swung by Brexit gyrations

(Reuters) - The dollar wavered against major peers in choppy trade on
Wednesday as uncertainty about U.S. fiscal stimulus, Brexit and the pandemic
recovery pushed investors into and out of riskier bets.

In holiday-thinned trade, the pound rebounded from a three-day decline as
time runs out for London to reach a trade deal with Brussels before the UK
completes its exit from the European Union at year-end.

The dollar index was little changed at 90.447 in Asian hours, after
advancing 0.5% on Tuesday. It remains on track for a more than 6% decline
this year.

The market has been positioned for a pandemic recovery that lifts global
growth, sapping demand for the greenback and other haven currencies.

The riskier Australian dollar gained 0.5% to $0.75515 , while the euro added
0.2% to $1.21875.

Sterling rose 0.2% to $1.3384, on track to end a three-day slide.

U.S. Congress passed an $892 billion COVID-19 aid package overnight, and
vaccine rollouts are gaining momentum.

That development has since been clouded by President Donald Trump's threat
not to approve the stimulus bill, saying it should be amended to increase
the amount in the stimulus checks, though this has had little impact on
currency markets so far.

The dollar slipped 0.1% to 103.47 yen, another traditional haven.

It was little changed at 6.5402 Chinese yuan in the offshore market. It
changed hands at 6.5495 yuan on-shore.

With only days left before the UK leaves the EU's trade orbit, the pound has
vacillated as it awaits signs of progress in negotiations.

A deal is possible on Wednesday, an ITV reporter tweeted, just hours after
saying there would be no agreement before Christmas.

Earlier, the EU's chief negotiator said the bloc is making a "final push"
for a trade deal, although there are still deep rifts over fishing rights.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Copper price rebounds, Kwacha holds firm

THE price of copper on the London Metal Exchange (LME) yesterday rebounded
by 0.7 percentage point to US$7,899 a tonne.

On Monday, the price of copper, which is Zambia's major foreign exchange
earner, was US$7,853 a tonne.

Gold prices jump as dollar edges lower

Gold prices jumped as much as 1% on Wednesday, bolstered by a weaker dollar,
while investors kept hopes pinned on a U.S. stimulus package even after
President Donald Trump threatened to not sign the relief bill.

Spot gold was up 0.7% at $1,872.03 per ounce, having risen as much as 1%
earlier, while U.S. gold futures rose 0.5% to $1,879.00 per ounce.

Raising gold's allure for holders of other currencies, the dollar index
dropped 0.5%, while investors also expected further declines in 2021.
President Donald Trump threatened to not sign an $892 billion coronavirus
relief bill, seen as a lifeline for the nation's pandemic-battered economy
saying the amount in the stimulus checks should be increased.

The number of Americans filing first-time claims for unemployment benefits
remained elevated but posted an unexpected fall last week. Bullion,
considered a hedge against inflation and currency debasement, has risen more
than 23% this year, benefiting from massive stimulus unleashed globally.

Alarm about a highly infectious coronavirus variant prompted a wave of
travel bans, highlighting concerns over an economic recovery after the
pandemic.

Silver rose 1.7% to $25.56 an ounce. Platinum gained 0.8% to $1,009.69 and
palladium was up by 0.6% at$2,327.61.

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

Christmas Day

25/12/2020

Boxing Day

26/12/2020

New Year's Day

01/01/2021

Counters trading under cautionary

ART

Seed co Int.

Dairibord

Starafrica

Medtech

Turnall

Seed co

Invest Wisely!

Bulls n Bears 

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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
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subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
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