Bulls n Bears Daily Market Commentary : 03 December 2021

Fri Dec 3 13:59:32 CAT 2021

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Bulls n Bears Daily Market Commentary : 03 December 2021

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ZSE commentary

The ZSE shares pushed marginally higher closing the week with small gains
supported by select heavyweight counters. Activity levels were lower at 381
trades. Delta was the most active stock at 52 trades followed by Star Africa
and Econet at 48 and 41 trades respectively. Investor sentiment was positive
after the session yielded 15 risers against 12 losers while four of the
active stocks remained unchanged. Econet anchored both volume and value
aggregate trading 1 017 200 shares with a value of ZW$84.38 million. The
All-Share Index added 0.70% to close at 10 890.02 points. The Top 10 Index
gained 0.76%. The Top 15 Index also gained 0.62%. The Medium Cap Index was
up by 0.64% to 20 453.96 points whilst the Small Cap Index added 0.61% to
383 881.98 points.

Leading the risers pack of the day was TSL adding 15.38%. Econet was up by
6.51%. Zimplow added 3.13% and Unifreight added 2.94% to 3538.46c. Zimre
Holdings was up by 2.91%. Mitigating the gains were losses in Ariston
Holdings and National Foods which shaded 7.48% and 6.11% to 360.85c and 159
500.08c respectively. Mashonaland Holdings was down by 4.97% to 430c. Edgars
and Seed Co shaded 4.17% and 4.09% respectively. The Old Mutual Top Ten ETF
closed at 500c down by 0.23%. On the VFEX, Padenga traded 3 249 shares worth
US$649.80 to close unchanged at US$ 20 cents while Seed Co International
traded 1 182 shares worth US$331.55 closing unchanged at US$ 28.05 cents.-
wealthaccess

Global Currencies & Equity Markets

Nigeria

CBN assures Nigerians that eNaira is safe from hackers

The Central Bank of Nigeria (CBN) has promised Nigerians that appropriate
processes have been put in place to protect the e-Naira against hackers.

The Director, Corporate Department, CBN, Mr Osita Nwanisobi, disclosed this
at a central bank fair themed, "Promoting Financial Stability and Economic
Development."

According to him, the e-Naira will tackle financial institution challenges,
cross-border issues, diaspora relationships, and taxation.

South Africa

South Africa's rand steadies, Omicron uncertainty lingers

(Reuters) - The South African rand steadied in early trade on Friday,
struggling for momentum as some uncertainty over the Omicron coronavirus
variant lingered.

At 0625 GMT, the rand traded at 15.9250 against the dollar, not far off its
previous close of 15.9400.

The continued spread of the Omicron variant globally has in recent days
buoyed havens like the dollar and pressured riskier currencies.

Omicron, first discovered in southern Africa, has quickly established itself
as the dominant strain in South Africa and is likely to impact economic
growth.

Investors focus was also on key U.S. jobs data that could clear the path to
earlier Federal Reserve interest rate hikes, even as Omicron uncertainties
cloud the outlook.

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Global Markets

Russian rouble hovers near more than one-week high vs dollar

(Reuters) - The Russian rouble steadied after touching a more than one-week
high against the dollar on Friday, as uncertainty over Ukraine and the
Omicron coronavirus variant weighed.

At 0801 GMT, the rouble was unchanged against the dollar at 73.66 , after
hitting its strongest mark since Nov. 22 of 73.52 earlier in the day.

The dollar was stronger globally after hawkish comments from U.S. Federal
Reserve officials this week and ahead of key U.S. jobs data that could clear
the path to earlier interest rate hikes.

The rouble gained 0.2% to trade at 83.15 versus the euro , also hitting its
strongest since Nov. 22.

Geopolitical risks have weighed on the rouble this month with Ukraine and
the West saying Russia is amassing troops near Ukraine. Moscow has in turn
accused Kyiv of pursuing its own military buildup and denied suggestions it
is preparing an attack.

The United States has warned Russia it would pay "severe costs" if it were
to invade Ukraine and on Thursday urged Moscow to seek a diplomatic exit
from the crisis. read more

The rouble was boosted on Thursday when central bank Governor Nabiullina
said in an interview at the Reuters Next conference that the bank would
consider a sharp rate increase this month of up to 100 basis points. read
more

Higher rates are positive for the rouble as they increase demand for Russian
assets thanks to lucrative yields, and thus protect the currency from
external shocks.

Brent crude oil , a global benchmark for Russia's main export, was up 2.4%
at $71.34 a barrel, supporting Russian stock indexes.

The dollar-denominated RTS index (.IRTS) was up 0.5% to 1,698.2 points. The
rouble-based MOEX Russian index (.IMOEX) was 0.6% higher at 3,970.5 points.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold set for third weekly loss as faster tapering talks weigh

Gold prices eased on Friday, heading for a third consecutive weekly loss, as
U.S. Federal Reserve Chair Jerome Powell's comments that pandemic-era asset
purchases could end sooner than previously anticipated dented bullion's
appeal.

Spot gold was down 0.2% at $1,766.03 per ounce by 0922 GMT, after hitting
its lowest in nearly a month on Thursday. U.S. gold futures rose 0.3% to
$1,767.10.

And if non-farm payrolls figures are strong, it could add to the dollar
strength and gold could slide further towards $1,750 and below, Norman said,
adding that Fed's narrative of inflation and rate hikes are keeping
investors away from buying the metal.

A stronger dollar dents gold's appeal for those holding other currencies.

Gold has declined 1.4% so far in the week as a number of Fed officials
suggested the central bank might accelerate stimulus tapering, with Powell
saying that decision could be reached in its upcoming policy meeting.

Gold is often viewed as an inflation hedge, but reduced central bank
stimulus and interest rate hikes tend to push government bond yields up,
translating into a higher opportunity cost for holding non-interest yielding
bullion.

Meanwhile, the Omicron coronavirus variant has sparked fears over the pace
of the economic recovery, weighing on risk sentiment globally.

Spot silver fell 0.4% to $22.28 per ounce.

Platinum rose 0.1% to $938.23 and palladium gained 0.8% to $1,796.71.

Copper rises as U.S. markets shrug off Omicron fears

(Reuters) - Copper prices rose on Thursday as strong U.S. economic data and
rising U.S. stock markets drew attention from concerns that the spread of
the Omicron coronavirus variant could dampen demand.

Benchmark copper on the London Metal Exchange (LME) was up 0.5% at $9,490.50
a tonne at 1705 GMT but down about 4% from a week ago.

Prices are still up more than 20% this year and have held up much better
since Omicron was identified than oil, which is down about 15% in the past
week, said WisdomTree analyst Nitesh Shah.

RALLY: Used to transmit power, copper has been boosted by massive government
stimulus and expectations of investment in infrastructure for
electrification.

U.S.: Strong jobs and factory data point to a U.S. economy in robust health.
read more

MARKETS/OMICRON: Globally, stock markets edged lower as the United States,
France and India reported their first Omicron cases. read more

CHINA: Advisers to China's government will recommend authorities set a 2022
economic growth target of 5-5.5%, below the target of more than 6% for 2021,
sources said. read more

CHINA PROPERTY: Three Chinese developers plan to sell bonds in China to
raise a combined 18 billion yuan ($2.83 billion), which should ease
liquidity strains on the sector. read more

However, analysts still expect China's property downturn to continue into
the first half of 2022. read more

FORECASTS: Chilean copper producer Codelco predicted prices would fall next
year but Commerzbank analysts said copper would average $9,400 a tonne in
2022 and Bank of America said it would average $9,813 in 2022. read more

CHILE: Copper output in Chile fell year-on-year in October.

ALUMINIUM: LME aluminium was down 2.1% at $2,607.50 a tonne after on-warrant
aluminium inventories in LME-registered warehouses rose by 16% to 677,225
tonnes.

OTHER METALS: Benchmark zinc fell 1.2% to $3,163 a tonne, nickel gained 0.1%
to $19,960, lead fell 2% to $2,254.50 and tin was flat at $39,100.

The Thomson Reuters Trust Principles.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Public Holiday in lieu of Boxing Day falling on a Sunday

December 27

Counters trading under cautionary

ART

Seed co Int.

Starafrica

Medtech

Turnall

Seed co

Invest Wisely!

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DISCLAIMER: This report has been prepared by Bulls 'n Bears, a division of
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