Bulls n Bears Daily Market Commentary : 22 July 2021

Thu Jul 22 15:42:31 CAT 2021

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Bulls n Bears Daily Market Commentary : 22 July 2021

ZSE commentary

The ZSE major indices mounted an impressive comeback during Thursday's
lethargic trading session where volumes and turnover improved significantly.
Trading across the

board was skewed towards gains after 18 counters closed in the positive
against 17 that traded in the negative. Total turnover was at ZW$243.5
million from a trade of over 9.1 million shares. Activity level was at 543
trades. Medtech was the most active stock at 69 trades followed by Star
Africa and OK Zimbabwe at 42 and 36 respectively. OK Zimbabwe was the most
liquid counter as it anchored volume traded at 2 403 400 shares and Hippo
anchored value aggregate a value of ZW$44.2 million. At close, the benchmark
All Share Index added 1.15% to 6 604.38 points. The Top 10 Index was up by
1.11%. The Top 15 Index added 1.51%. The Medium Cap Index traded higher to
17 660.96 points appreciating by 1.26% whilst the Small Cap Index also added
0.41% to close at 247 987.62 points. Leading the risers pack of the day was
BAT up by 20.00% followed by African Sun and Lafarge which added 19.86% and
7.83% respectively. Star Africa was up 6.68% to 278.80c. CAFCA was 6.06% up
to 17500c. Leading in the shakers' pack was Get Bucks which shaded 19.37%
followed by Truworths shading 4.00%. Medtech and RTG pared 3.65% and 3.18%
respectively. Edgars continued on its downward trend closing at 450.28c down
by 2.11%. The Old Mutual Top Ten ETF closed at 195.34c down by 0.79% after
270 537 units with a value of ZW$528 454 in 10 trades exchanged hands.-
WealthAccess

Global Currencies & Equity Markets

South Africa

Gold drops to near 2-week low as stocks and dollar rise

(Reuters) - Gold prices extended slide to their lowest in nearly two weeks
on Thursday on the back of a rebound in stocks and firmer U.S. dollar, while
investors looked to the European Central Bank for their stance on policy.

Spot gold fell 0.4% to $1,795.94 per ounce by 1023 GMT. U.S. gold futures
slipped 0.4% to $1,795.70.

Stocks returned to near record highs in Europe as investors bet on the ECB
keeping its stimulus taps fully open as long as COVID-19 remains a threat to
growth.

The dollar index held firm, hovering below a 3-1/2-month peak.

The European Central Bank (ECB) policymakers will implement for the first
time changes to their strategy and are all but certain to promise an even
longer period of stimulus to make good on the commitment to boost inflation.

Market participants are also looking at the U.S. weekly unemployment claims
set to be released later in the day.

Meanwhile, benchmark U.S. Treasury yields continued their bounce from
five-month lows, further pressuring the bullion.

Elsewhere, silver edged 0.6% lower to $25.07 per ounce, palladium rose 0.7%
to $2,672.77, and platinum climbed 0.2% to $1,082.31. 

Nigeria

Naira falls at official market despite 44.3% increase in dollar supply

The exchange rate between the naira and the US dollar closed at N411.67/$1
at the official forex market.

Naira depreciated against the US dollar on Monday, 19th July 2021 to close
at N411.67/$1. This represents a N1.29 gain when compared to N410.38/$1 that
was recorded on Friday, 16th July 2021.

At the parallel market, however, the naira appreciated against the US dollar
at an exchange rate of N503/$1, a gain of N3 when compared to the N506/$1
that was recorded on Friday 16th July 2021.

On the other hand, the dollar supply at the official forex market rose by
44.3% on Monday to stand at $168.19 million as external reserve continues
its rebound.

 <https://www.facebook.com/Hyundaizimbabwe/> 

Global Markets

Dollar, yen in retreat as risk sentiment revives, Musk lifts bitcoin

(Reuters) - The safe-harbour U.S. dollar and yen remained on the back foot
on Thursday, after pulling back from multi-month highs amid a recovery in
risk appetite as strong earnings lifted Wall Street stocks.

Cryptocurrencies rallied after Tesla Inc (TSLA.O) CEO Elon Musk said the
company would "most likely" resume accepting bitcoin for payment. read more

The dollar index , which measures the currency against six major peers,
stood at 92.810 after pulling back from a 3 1/2-month high of 93.194 touched
on Wednesday.

The yen traded at 130.045 per euro , from an almost four-month top of
128.610 earlier this week, and at 81.00 to Australia's dollar , from a 5
1/2-month peak of 79.85.

Sterling traded at $1.3708, recovering from a 5 1/2-month trough of $1.35725
reached on Tuesday, despite rising Delta variant cases in Britain and
confusion about the lifting of restrictions in England.

The Aussie changed hands at $0.7350, from an eight-month low of $0.72895 the
previous day, even with half the Australian population under lockdown.

The euro stood at $1.1789, rising off Wednesday's 3-1/2-month low of $1.1752
ahead of a closely watched European Central Bank policy decision later in
the global day.

Policymakers will implement for the first time changes to their strategy and
are all but certain to promise an even longer period of stimulus to make
good on its commitment to boost inflation. read more

Analysts generally see ECB dovishness weakening the euro over the
medium-term.

In cryptocurrencies, bitcoin held Wednesday's 7.9% jump - the biggest since
mid-June - to trade around $32,200.

Rival ether traded just below $2,000 following a 12% surge.

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold drops to near 2-week low as stocks and dollar rise

(Reuters) - Gold prices extended slide to their lowest in nearly two weeks
on Thursday on the back of a rebound in stocks and firmer U.S. dollar, while
investors looked to the European Central Bank for their stance on policy.

Spot gold fell 0.4% to $1,795.94 per ounce by 1023 GMT. U.S. gold futures
slipped 0.4% to $1,795.70.

Stocks returned to near record highs in Europe as investors bet on the ECB
keeping its stimulus taps fully open as long as COVID-19 remains a threat to
growth.

The dollar index held firm, hovering below a 3-1/2-month peak.

The European Central Bank (ECB) policymakers will implement for the first
time changes to their strategy and are all but certain to promise an even
longer period of stimulus to make good on the commitment to boost inflation.

Market participants are also looking at the U.S. weekly unemployment claims
set to be released later in the day.

Meanwhile, benchmark U.S. Treasury yields continued their bounce from
five-month lows, further pressuring the bullion.

Elsewhere, silver edged 0.6% lower to $25.07 per ounce, palladium rose 0.7%
to $2,672.77, and platinum climbed 0.2% to $1,082.31. 

Copper futures rise on spot demand

NEW DELHI: Copper prices on Thursday traded up by 0.64 per cent to Rs 729.25
per kg in the futures market on the back of a pick-up in the spot demand.

On the Multi Commodity Exchange, copper contracts for delivery in July
traded higher by Rs 4.65, or 0.64 per cent, to Rs 729.25 per kg in a
business turnover of 2800 lots.

Analysts attributed the rise in copper prices to raising of bets by
participants driven by a pick-up in the spot demand.

Copper rises on weakening dollar as risk appetite improves

Copper prices advanced on Thursday on a weaker dollar as investors'
sentiment improved amid strong earnings in the U.S. market, while a
lower-than-expected metals sales plan by China also supported the red metal.

Three-month copper on the London Metal Exchange was up 1% at $9,439.50 a
tonne, as of 0753 GMT, while the most-traded August copper contract on the
Shanghai Futures Exchange increased 1.1% to 68,960 yuan ($10,666.01) a
tonne.

The safe-harbor dollar was on the back foot, after pulling back from
multi-month highs as strong earnings lifted Wall Street stocks, making
greenback-priced metals cheaper to holders of other currencies.

China will sell another 30,000 tonnes of copper, 90,000 tonnes of aluminum,
and 50,000 tonnes of zinc from its state reserves on July 29, less than the
market has anticipated.

The auction marked the second sale by China this month as the government
aims to rein in skyrocketing commodity prices.

Analysts at ANZ said in a note that the additional metal from China's state
reserve sale would unlikely dent overall demand.

($1 = 6.4654 yuan)

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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