Bulls n Bears Daily Market Commentary : 24 February 2021

Wed Feb 24 15:43:22 CAT 2021

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Bulls n Bears Daily Market Commentary : 24 February 2021

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

ZSE commentary

The All-Share Index put on 2.28% to 4 075.87 mainly lifted by gains in small
and mid- tier stocks. The Small Cap Index gained by 2.47% and the Top 10
Index, Top 15 Index  and the Medium Cap Indices all closed the day in the
positive territory gaining 2.24%, 2.01% and 2.34% respectively.

National Foods led the top 5 risers after gaining 20.00% to 26610c ahead of
its release of half year results, Unifreight followed after gaining 20.00%
to close at 552c as it continues with its upward trend. National Tyres
Services  followed the risers gaining 19.85% to 81.5c followed by Fidelity
gaining 17.65% to close at 300c. AfDis anchors the top 5 risers of the day
after gaining 14.29%. The gains were reversed by losses in the hotelier
African Sun  which shaded 11.64% to 157.38c, Zimpapers   followed the
shakers pack after losing 10.71%. the diversified holding company Padenga
was down 6.95% to 3154.37c and RTG and Proplastics pared 6.31% and 6.09%
respectively. Daily turnover was marginally higher to ZW$89.6 million, as OK
Zimbabwe led with $21 million while Miekles at $14.6 million and Simbisa
close by at ZW$10.2 million were the other high turnover stocks in the
session. The Old Mutual Top Ten ETF added 2.25% to 179c after 63 716 units
with a value of ZW$114 052.64 closing with a market capitalization of
ZW$143.2 million.- wealthaccess

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

Global Currencies & Equity Markets

South Africa

South Africa budget lifts rand to 13-month peak, bonds rally

(Reuters) - South Africa's rand scaled a13-month peak and bonds rallied on
Wednesday after the Treasurypublished the details of its budget to
parliament, includingadditional COVID-support and vaccine funding while
sticking toits previous growth forecast.

The rand strengthened as much as 1% versus the dollar to14.3950, levels last
seen in January 2020, Refinitivdata showed.

Ten-year local government bond yields rallied toan eight day low of 8.545%,
while some sovereign dollar bondsgained more than 2 cents, according to
Tradeweb data.

($1 = 14.4118 rand)

Nigeria

Naira Gains On I&E Window, Stable At Parallel Market

The currency remained stable at the parallel market.

The Naira strengthened against the U.S. dollar at the Investors & Exporters
(I&E) window of the foreign exchange market on Tuesday, data from the FMDQ
Security Exchange where forex is officially traded showed.

The currency remained stable at the parallel market.

Naira closed at N408.60 at the Monday trading session of the spot market
(I&E), this represents a N1.40 or 0.34 per cent appreciation from N410.00,
the rate at which it closed at the previous session on Monday.

The local unit touched an intraday high of N388.75 and a low of N429.75,
before settling at N408.60 on Tuesday.

This happened as turnover skyrocketed by 134.63 per cent, with$123.37
million recorded as against the $52.58 million posted on Monday.

However, data from abokiFX.com, a website that collates parallel market
rates in Lagos showed the domestic currency remained unchanged from the rate
it traded on Monday.

According to the data posted, the naira exchanged with the greenback at
N480.00, the same rate it traded in the previous session on Monday.

By this, the spread between the unofficial market and the I&E window
exchange rates is pegged at N71.40, which translates to a gap of 14.88 per
cent.

The CBN's official rate on Tuesday was still N379 per dollar.- Premium
Times.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar falls as risk appetite increases

US Federal Reserve Chair Jerome Powell reiterated on Tuesday that interest
rates will remain low and the Fed will keep buying bonds to support the US
economy, which many traders say is a long-term negative factor for the
dollar. At the same time, more money is flowing toward currencies that are
expected to benefit from a pick-up in global trade and to countries that are
bouncing back quickly from the coronavirus pandemic, which is also weighing
on the dollar.

The British pound rose to $1.4170, the highest since April 2018. The outlook
for sterling has brightened as investors cheer Britain's rapid coronavirus
vaccination programme and its plans to ease lockdown restrictions on
economic activity. The New Zealand dollar edged up to $0.7367, close to a
three-year high. The Reserve Bank of New Zealand expressed some caution
about the outlook, which may have disappointed some traders who expected
central bankers to acknowledge a recent improvement in economic data.

The Australian dollar, which tends to benefit from rising metal and energy
prices, jumped to a three-year high of $0.7945. Against the euro, the dollar
traded at $1.2158, close to a six-week low. The dollar managed to rise to
105.40 Japanese yen and hit an almost three-month high against the Swiss
franc, but overall sentiment was still negative on thegreenback. Powell
pushed back against suggestions that loose monetary policy will lead to
runaway inflation and financial bubbles,which have emerged as two important
themes this year, because there is growing scepticism about the rapid pace
of gains in global stocks.

For economies that have limited disruptions caused by the coronavirus
outbreak, their central bankers now face questions of when to start
tightening policy, which makes the dollar look less attractive, some
analysts say.

The dollar index against a basket of six major currencies fell to 90.025. In
the cryptocurrency market, bitcoin halted its plunge from a record high
above $50,000 and stabilised at $49,052. Square Inc has invested $170
million in the digital asset, but some analysts still argue that bitcoin's
recent surge was excessive. Rival digital currency ether recovered from a
sharp sell-off to trade up slightly at $1,591.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold stays near one-week high on support from weaker dollar

Bengaluru - Gold gained on Wednesday, hovering close to a one-week high hit
in the previous session, as a weaker dollar and remarks by Federal Reserve
chair Jerome Powell that the US economy still needed support boosted
bullion's appeal.

Spot gold rose 0.2% to $1,808.65/oz by 3.52am GMT, after hitting its highest
since February 16 at $1,815.63 on Tuesday. US gold futures gained 0.2% to
$1,809.10.

Powell told the US Senate banking committee that monetary policy still
needed to be accommodative with economic recovery "uneven and far from
complete". His testimony continues later in the day.

Further supporting gold, the dollar eased against rivals, while benchmark
10-year US treasury yield also fell. In the near term, gold will continue to
react to the moves in bond yields, Innes said. Easy monetary policy tends to
weigh on government bond yields, increasing the appeal of non-yielding gold.

Powell's remarks indicated that "the stimulus trade is unlikely to go away
any time in the next six months", said Michael Langford, director at
corporate advisory AirGuide. A depreciation in the dollar and potential
effect of inflation as a result of stimulus measures will be key drivers for
gold, he said.

Investor focus remains on a $1.9-trillion coronavirus relief aid that is
expected to pass later this week. Holdings of the world's largest
gold-backed exchange-traded fund, SPDR Gold Trust fell 0.4% to 1,110.44
tonnes on Tuesday from 1,115.4 tonnes on Monday.

Among other precious metals, silver rose 0.4% to $27.72/oz. Platinum climbed
0.8% to $1,246.76, while palladium added 0.1% to $2,352.86.

Reuters

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
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