Bulls n Bears Daily Market Commentary : 01 February 2021

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Bulls n Bears Daily Market Commentary : 01 February 2021

 

 	

 

 

 	

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

 

 	

ZSE commentary

 

The All Share Index marginally appreciated 0.74% to close at 3627.5 points. The Top 10 Index and the Top 15 Index registered 1.15% and 1.53% gains respectively. The Medium Cap Index was subdued by 0.06% as well as the Small Cap index went down by 0.05% by close of trading. The ZSE market capitalization was at ZWL$434.45 billion.

Gains for the day were registered in the agricultural manufacturing seed giant Seedco  and Proplastics  which strengthened by 15.92% to close at 3000c and 15% to close at 1725c respectively. Nampak added 10% to close at 335.50c and CAFCA  settled at 6940c after gaining by 7.48%. Gains were offset by losses recorded in First Mutual Life holdings  which closed the day at 1300.64c following a decrease of 12.41% and Ariston  which shaded 11.71% to 135.20c. Other losses were also recorded in OK Zimbabwe which edged down by 8.12% to 1435.57c, while the TSL  shaded 5.96% to 4325c and the top hotelier African Sun  was 5.76% down to 131.93c.

 

On the ETF market, the Old Mutual TOP 10 fund saw 15 trades valued at ZWL$312016.60 from 222,869 units traded. This led to a marginal gain of 0.69% to 140c. Total turnover was at ZW$20,346,022.80 in 368 trades. First Capital Bank was the most active with 34 trades. The market breath was positive after 16 stocks closed in the green while 16 traded lower. Total trades were 368 with 5 counters remaining unchanged and 14 with zero volume.- wealthaccess

 

 

 

Global Currencies & Equity Markets

 

African currencies week ahead: Major units seen under pressure

JOHANNESBURG: Africa’s major currencies are set to experience a mixed trade next week as worries over economic activity and debt sustainability offset largely risk-on global sentiment.

 

NIGERIA — The naira is seen flat in the coming week, as the central bank turns the spotlight to exporters to try to boost foreign exchange liquidity after it eased rules on diaspora remittances last month, traders said.

 

The naira was quoted at 478 per dollar on the black market, a level it traded on Thursday and Wednesday, compared with 394.33 naira on the over-the-counter spot market. The currency has been under pressure on the black market, where it trades more freely, widening the gap with the official rate. The central bank plans to bar exporters who fail to remit dollar proceeds from banking services.

 

TANZANIA — Tanzania’s shilling is expected to hold steady next week as inflows from mining and agricultural exports match the demand for the US dollar from energy and manufacturing importers. Commercial banks quoted the shilling at 2,314/2,324 on Thursday, unchanged from the last week’s close.

 

KENYA — The Kenyan shilling is expected to remain stable, helped by low dollar demand as cash flows are expect to be matched. At 0715 GMT, commercial banks posted the shilling stronger at 109.75/95 versus 109.70/90 last Thursday.

 

UGANDA — The Ugandan shilling is seen trading in a stable range in the coming days as players await key economic data before taking big positions. At 1025 GMT commercial banks quoted the shilling at 3,685/3,695, compared to last Thursday’s close of 3,680/3,690. The statistics office is expected to release this month’s consumer price index data on Friday while the central bank is also due to announce its latest policy rate.

 

ZAMBIA — Zambia’s kwacha currency is set to remain on the back foot in the coming week, as the country’s struggle to service its sovereign debt remains a drag on sentiment despite supportive copper prices globally. On Thursday, commercial banks quoted the currency of Africa’s second largest copper producer at 21.3800 per dollar, down from a close of 21.2350 a week ago.

 <mailto:info at bulls.co.zw> 

 

 

 

 

Global Markets

 

Dollar changes hands around 104.71 yen level in early deals in Tokyo

(Xinhua) -- The U.S. dollar changed hands around the 104.71 yen level in early deals in Tokyo on Monday.

 

As markets opened here, the dollar was quoted at 104.71-72 yen compared with 104.67-77 yen in New York and 104.54-56 yen at 5 p.m. on Friday in Tokyo.

 

The euro, meanwhile, fetched 1.2122-2122 dollars and 126.93-94 yen against 1.2133-2143 dollars and 127.04-14 yen in New York and 1.2104-2105 dollars and 126.54-58 yen in late Friday afternoon trade in Tokyo. 

 

 <mailto:info at bulls.co.zw> 

 

 

 

 

Commodities Markets

 

 

 

Gold price today rise but still down ₹7000 from record highs, silver soars

Gold prices started this month on a positive note after a 2% fall in the previous month. On MCX, gold futures rose 0.5% to ₹49,566 per gram. However, silver futures on MCX surged 6% to about ₹74,000 per kg, tracking the recent surge in global rates following a GameStop-style squeeze. Posts began circulating on Reddit urging retail investors to buy silver mining stocks and ETFs backed by physical silver bars.

 

On a monthly basis, gold rates had fallen about 2% or ₹1,000 amid wild swings in January.

 

In global markets, spot gold rose 0.3% to $1,852.35 per ounce while silver rates surged as much as 7.4% to climb a nearly six-month peak. Spot silver hit its highest since August 11 at $28.98 an ounce.

 

 

The Indian government's Sovereign Gold Bond Scheme 2020-21 - Series XI opened for subscription today. The issue closes on February 5. The issue price for latest sovereign gold bond tranche has been fixed at ₹4,912 per gram of gold, with a discount of ₹50 per gram to those investors applying online and the payment against the application is made through digital mode.

 

In a note, analysts at Geojit said that gold may give steady but subdued performance in 2021. "The steady investment demand for gold as a strategic asset amid lingering uncertainties, and recovery of consumer demand are expected to support its prices this year. In addition, the performance of yellow metal may be boosted further by the ultra-low interest rate that would remove the opportunity cost of investing in gold. Any further deterioration in economic conditions could slower the recovery of consumer demand in gold. But, it would attract investment demand for safe haven gold, offsetting low consumption," the analysts said in a note.

 

 

Finance Minister Nirmala Sitharaman will today announce the Union Budget for 2021-22. Gold traders will be watching out for any announcement on import duty. Gold prices in India include 12.5% import duty and 3% GST.

 

Gold traders will also be watching for any progress on the US stimulus front. Ten Republican senators have proposed an alternative plan for Covid-19 stimulus costing about $600 billion.

 

On the virus front, infections continued to show a slowing trend across some regions of the world, including in the U.S., though concerns remain about new variants. 

 

 

 


 

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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