Bulls n Bears Daily Market Commentary : 11 August 2021

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Bulls n Bears Daily Market Commentary : 11 August 2021

 

 	

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ZSE commentary

 

The All Share Index opened the new week stronger at 7,036.02 points after gaining 53.43 points . PROPLASTICS added $5.6000 to $33.6000, AFDIS  rose by $2.4746 to $75.0000 and INNSCOR traded $2.4330 firmer at $99.1870. ECONET also increased by $2.1388 to end at $34.2515 and NTS was $1.7985 up at $10.8000

 

Trading in the negative; MASIMBA lost $3.8917 to $39.9988, SIMBISA eased $2.0702 to end at $45.0107 and UNIFREIGHT traded $0.3750 lower at $28.7750. AXIA

also decreased by $0.2975 to $25.6680 and SEEDCO was $0.2429 weaker at $80.7035.-zse

 

 



 

Global Currencies & Equity Markets

 

 

South Africa

 

Rand weakens over expectations of tighter Fed

The rand softened in delayed reaction to US monetary policy normalisation concerns as domestic markets were closed for a public holiday on Monday, according to NKC Research.

 

The latest jobs report confirmed that the labour market recovery remained on a healthy track in July. On balance, the US economy passed a key milestone in Q2 as it has now more than recouped output lost during the Covid-induced recession.

 

 

At the close of local trade, the rand quoted 0.5 percent weaker at R14.81/$, after trading in range of R14.73/$ - R14.85/$. The rand traded flat overnight. The expected range of the rand against the dollar today is R14.70/$ - R15.00/$.

 

South African bourse

 

The JSE All Share (+1.35 percent) ended higher yesterday, as investors anticipated a decision by the US Senate on a significant infrastructure package. The biggest winners were technology (+10.4 percent) and industrials (+3.2 percent) offsetting losses in telecommunication (-0.6 percent) and financials (-0.2 percent). Tech stocks including Naspers (+10.8 percent) and Prosus (+10.3 percent) ended the day in the black. In the overall emerging market sphere, the MSCI Emerging Market Index (+0.5 percent) traded firmer.

 

The Brent oil price traded higher yesterday, as demand in the US and eurozone overshadowed global concerns over the rise of Covid-19 infections in Asia and its impact. At the close of local trade, benchmark Brent crude futures quoted 1.5 percent higher at $70.8pb. Crude prices lost some of its gains during Asian trade this morning.

 

BUSINESS REPORT ONLINE

 

 

 

Zambia

 

Kwacha continues on strong footing

THE Kwacha has continued to trade under pressure against the United States (US) dollar as demand continues to mount from corporates and importers seeking the greenback for their various business operations. 

 

And Government, through Bank of Zambia (BoZ), is today expected to start borrowing K1.4 billion through issuance of treasury bills whose settlement is scheduled for Monday August 16. According to the Absa Bank Zambia Plc daily treasury bulletin, commercial banks in Lusaka opened the market at 08:30 hours and quoted the Kwacha at K19.25 and K19.30 on the bid and offer respectively.

 

The local currency traded on this range until close of the market, and this was weaker than Friday’s close of K19.22 and K19.27.

 

 

 <mailto:info at bulls.co.zw> 

 

 

Global Markets

 

Sterling slips versus dollar and euro

(Reuters) - Sterling fell slightly against the dollar and slipped further from a 18-month high against the euro on Wednesday, with traders holding off major bets ahead of British GDP figures due a day later.

 

Sterling fell 0.2% against the dollar to $1.38150 as the greenback rose against a basket of major currencies to a three-week top of 92.139, close to its highest this year 2021.

 

Buoying the dollar has been impressive U.S. jobs data and from remarks by Federal Reserve officials about tapering bond buying and, eventually, raising rates, sooner than policymakers elsewhere. Stronger U.S. inflation data due later on Wednesday could add to pressure on the Fed to wind back policy support.

 

Against the euro, sterling slipped 0.1% to 84.77 pence. .

 

It had risen on Tuesday to its highest against the single currency since February last year, as signs of economic recovery and falling COVID-19 rates spur expectations of a far earlier interest rate lift-off compared to the euro zone.

 

In recent weeks, the pound has performed well as falling COVID-19 cases have allowed the British government to lift most social-distancing rules, while the Bank of England (BoE) last week flagged how it might gradually rein in stimulus.

 

Still, some analysts said second-quarter GDP figures due on Thursday could present a pitfall for sterling.

 

 

 <mailto:info at bulls.co.zw> 

 

 

 

 

Commodities Markets



Copper falls as supply worries at Escondida mine ease

(Reuters) - Copper prices fell on Wednesday as worries about supply disruptions at the world’s biggest copper mine, Escondida, eased after a deal reduced risk of a labour strike.

 

BHP Group Ltd and the union at its Escondida copper mine in Chile said they had reached a tentative deal for a new contract, although the union will take two more days to submit the new contract to a vote by workers.

 

Three-month copper on the London Metal Exchange eased 0.4% to $9,485.50 a tonne by 0316 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange tracked overnight gains in London to rise 0.8% to 69,810 yuan ($10,770.82) a tonne.

 

 

Gold price near 4-month low. 

Gold price: The level of $1680 per ounce in international market is a sacrosanct cushion area for gold and is holding well for the past six months

 

Gold price at Multi Commodity Exchange (MCX) hit its 4-month low after sliding below ₹46,000 per 10 gm levels. At MCX, gold futures went down near 1.3 per cent in the last three trade sessions while silver price slipped more than 1.5 per cent in this period. According to commodity experts, this slide in yellow metal price is due to the strong US Dollar and US job data. However, they said that gold price in the international market has strong support at $1680 per ounce while at MCX, ₹44,700 to ₹45,300 per 10 gm is a good accumulation zone. In long-term perspective, gold price is positive and one should maintain 'buy on dips' strategy till gold price sustains above ₹44,700 per 10 gm at MCX.

 


 

INVESTORS DIARY 2021

 


Company

Event

Venue

Date & Time

 

 	

 

 

 

 

 

 	

 

 

 

 

 

 	

 

 

 

 

 

 	

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 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.

 

 	

 

 

 	

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