Bulls n Bears Daily Market Commentary : 23 April 2021

Fri Apr 23 14:59:21 CAT 2021

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Bulls n Bears Daily Market Commentary : 23 April 2021

 <https://www.cbz.co.zw/> 

ZSE commentary

The ZSE closed today's session in the negative territory closing the week
with marginal losses across all other indices except for the small caps.
Turnover declined 49.8% to ZW$104.17 million from a trade of over 6.8
million shares which exchanged hands in 383 trades. Bindura was the most
active stock at 24 trades followed by African Sun and Econet. The market
breadth was negative after 17 stocks depreciated against 16 that appreciated
in a total of 38 stocks which traded. Art Corporation was the most liquid
counter as it anchored volume aggregate after it traded 2.14 million shares
with a value of ZW$12.2 million ZB Holdings led the value aggregate at ZW$39
million The benchmark All Share Index was down 0.30% and the Top 10 Index
was down by 0.28%. The Top 15 Index shaded 0.20% to 2 918.92. The Medium Cap
Index traded lower to 10 706.35 depreciating by 0.40%, whilst the Small Cap
Index added 1.32% to close at 43 231.89.

Leading the risers pack of the day was General Beltings Holdings and Medtech
Holdings with a 16.14% and 7.59% share appreciation respectively. Ariston
Holdings   added 4.96% to 199.42c. OK Zimbabwe appreciated by 4.12%. First
Mutual Holdings gained 3.28% to close at 2100c. Leading in the shakers pack
was Art Corporation  which pared 13.10% followed Mashonaland Holdings
shading 9.54%. NMB Holdings and Lafarge pared 5.83% and 4.00% respectively.
Please find a summary of the market activity as shown below; The Old Mutual
Top Ten ETF closed at 166.93c down 5.18% after 101 000 units with a value of
ZW$168 602.72 in 20 trades exchanged hands. .-wealthaccess

 <https://www.firstmutual.co.zw/> 

Global Currencies & Equity Markets

Kenyan and Zambian currencies seen softening

Kenya's shilling is expected to face pressure next week as month-end demand
for dollars from importers increases.

On Thursday, commercial banks quoted the shilling at 108.35/108.55 against
the dollar compared with last week's close of 106.95/107.15.

NAIROBI: Kenya and Zambia's currencies are expected to come under pressure
next week though Uganda's will likely firm against the US dollar, analysts
and traders said. Nigeria and Tanzania's currencies are seen holding steady.

KENYA

Kenya's shilling is expected to face pressure next week as month-end demand
for dollars from importers increases.

On Thursday, commercial banks quoted the shilling at 108.35/108.55 against
the dollar compared with last week's close of 106.95/107.15.

Kenya's central bank on Tuesday cushioned the shilling by selling dollars in
the foreign exchange market.

ZAMBIA

The Kwacha will likely remain on the back foot against the dollar next week
as demand for hard currency continues to outweigh supply.

On Thursday, commercial banks quoted the currency of Africa's second largest
copper producer at 22.2275 per dollar from a close of 22.1800 a week ago.

UGANDA

The Ugandan shilling is seen maintaining its strengthening streak on the
back of some end-month hard currency inflows.

At 0736 GMT commercial banks quoted the shilling at 3,605/3,615 against the
dollar, compared with last Thursday's close of 3,615/3,625.

He said the shilling would likely strengthen beyond the key psychological
level of 3,600 in the days ahead.

NIGERIA

The naira is seen flat in the coming week after the central bank sold more
dollars on the spot and forwards market last week to clear a backlog of
demand from foreign investors seeking to repatriate profits, traders said.

The currency hit a low of 422 naira against the dollar on the
over-the-counter spot market on Thursday but recovered to 409.68 naira, a
range it has been trading at since February.

It was quoted at 486 naira per dollar on the black market on Thursday,
weaker than 482 naira it hit at the start of the week. The naira remains
flat on the official market , which is backed by the central bank, at 381
naira, where it has been stuck since last July.

TANZANIA

Tanzania's shilling is expected to hold steady next week as inflows from
investors balance out demand for the dollar from energy and manufacturing
importers.

Commercial banks quoted the shilling at 2,310/2,324 against the dollar on
Thursday, nearly the same levels recorded a week earlier.

 <mailto:info at bulls.co.zw> 

Global Markets

Rupee falls 12 paise to 75.06 against US dollar in early trade

The Indian rupee slumped 12 paise to 75.06 against the US dollar in opening
trade on Friday as muted domestic equities and concerns over rising COVID-19
cases kept investors on edge. Besides, foreign fund outflows also weighed on
investors' sentiment, forex traders said.

At the interbank foreign exchange, the domestic unit opened lower at 75.02
against the dollar, and lost further ground and touched 75.06, registering a
fall of 12 paise over its previous close. On Thursday, the rupee had closed
at 74.94 against the US dollar.

With a record single-day rise of 3,32,730 new coronavirus infections,
India's total tally of COVID-19 cases climbed to 1,62,63,695, while active
cases crossed the 24-lakh mark, according to the Union Health Ministry data
updated on Friday.

The 30-share BSE Sensex was trading 79.39 points or 0.17 percent lower at
48,001.28. Similarly, the broader NSE Nifty slipped 5.05 points or 0.04
percent to 14,401.10.

Foreign institutional investors (FIIs) remained net sellers in the capital
markets, as they pulled out Rs 909.56 crore on Thursday, as per provisional
data. The dollar index, which gauges the greenback's strength against a
basket of six currencies, was trading lower by 0.15 percent to 91.19.

Brent crude futures, the global oil benchmark, edged higher by 0.58 percent
to USD 65.78 per barrel.-cnbc

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold heads higher as dollar weakens

Gold rose on Friday and was set to post a third straight weekly gain after
US President Joe Biden's proposal to hike capital gains tax weighed on US
Treasury yields, while a weaker dollar also bolstered the metal's appeal.

Spot gold was up 0.2% at $1,786.87/oz at 3.32am GMT. The metal jumped to its
highest since February 25 at $1,797.67/oz on Thursday, and has added about
0.6% so far this week. US gold futures rose 0.3% to $1,786.90/oz.

US 10-year Treasury yield ticked lower on news that Biden will roll out a
plan to raise taxes for high earners. A subdued dollar also raised gold's
appeal for other currency holders.

Underlining a revival in Asian bullion demand, shipments to India leapt to
their highest since 2013, driving Swiss gold exports to a 10-month high.
Despite signs of strong pent-up demand for physical gold in India, rising
coronavirus cases and renewed lockdown measures are threatening to kill off
that revival, ANZ analysts wrote in a note. India recorded the world's
highest daily tally of Covid-19 infections on Thursday.

Palladium rose 0.1% to $2,840.20/oz but was off a record $2,891.50/oz hit on
Thursday. Many analysts expect a further run towards $3,000 levels as
automakers ramp up purchases of the metal, worsening a supply shortage.
Silver was little changed at $26.16/oz but set for a third straight weekly
gain. Platinum rose 0.1% to $1,204.77/oz.-Reuters

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

BAT

AGM

Cresta Lodge, Msasa

30/04/21 10am

Workers Day

01/05/21

FCB

AGM 

virtual

06/05/21 : 3pm

NMB

AGM

virtual

1205/21 :  3:30pm

Africa Day

25/05/21

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
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
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for guideline purposes only and sourced from third parties.

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