Bulls n Bears Daily Market Commentary : 14 June 2021

Mon Jun 14 19:27:52 CAT 2021

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Bulls n Bears Daily Market Commentary : 14 June 2021

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

ZSE commentary

The ZSE opened the week with impressive gains across the board continuing
its rally from the previous week. Gains were headlined by medium and small
cap stocks. Turnover improved to ZW$144.9 million from a trade of over 13
million shares with Delta contributing 44% of total turnover. Activity level
was higher at 467 trades. Star Africa was the most active stock at 47 trades
followed by Econet and Bindura. The market breadth was positive after 32
stocks appreciated against 9 that depreciated in a total of 44 stocks which
traded. Medtech was the most liquid counter as it anchored volume aggregate
trading over 7.8 million shares and Delta anchored value aggregate with a
value of ZW$64.3 million. The ZSE closed with a market cap of ZW$716.88
billion.

The benchmark All Share Index was up a 2.38% and the Top 10 Index was up by
1.95% spurred by gains in Hippo, Innscor and Econet. The Top 15 Index added
2.32%. The Medium Cap Index traded higher to 15 435.28 appreciating by 2.93%
whilst the Small Cap Index added 4.52% to close at 103 898.52 points
breaching the 100 000 mark. Leading the risers pack of the day was
Unifreight which added 19.93% and the hotelier RTG which added 19.69% to
240c. Rio Zimbabwe and General Beltings also added 17.60% and 11.28%
respectively. Art Corporation added 11.11% to 889.89c. Leading in the
shakers pack was BAT losing 10.00%. Masimba Holdings pared 4.58% and Padenga
lost 4.50% amid a circular published on its intention to delist on ZSE and
list on VFEX. Zimpapers lost 1.19%. Please find a summary of the market
activity as shown below; The Old Mutual Top Ten ETF closed at 189.79c up
10.92% from a trade of 233 947 units worth ZW$444 010.30 in 8 trades.

Global Currencies & Equity Markets

South Africa

Rand weakens against dollar

JOHANNESBURG - The rand begins the week on the back foot against the US
dollar.

After weeks of strong gains, the local currency ended last week having lost
almost two percent against the greenback.

That was its biggest loss since late February and has much to do with
international factors.

Investors have pulled back from emerging market currencies.

A stronger rand-dollar exchange rate drives fuel prices lower and makes
imported goods cheaper.

The rand is now hovering around R13.70 to the dollar. -eNCA

Nigeria

Naira gains at official window as oil price tops $73 per barrel

The exchange rate between the naira and US dollar closed at N410.8/$1 in the
official Investors and Exporters forex window.

Naira appreciated against the US dollar on Friday, 11th June 2021 to close
at N410.80 to a dollar as against N411.83/$1 recorded on the previous day,
10th June 2021, representing a N1.03 gain.

However, the naira remained stable at the parallel market, as it closed at
N502/$1, while forex turnover increased marginally by 3.2% from $89.89
million to $92.78 million. Crude oil prices have also maintained strong
performances as Brent Crude hit $73 per barrel in the early hours of Monday
morning.

The naira gained against the US dollar at the Investors and Exporters window
on Friday to close at N410.8/$1, representing a N1.03 appreciation when
compared to the N411.83/$1 that was recorded on the previous day.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar little changed as traders seek direction from Fed meeting

TOKYO (Reuters) - The U.S. dollar held steady against major currencies on
Monday, after posting its biggest weekly gain in more than a month, as
traders closed short positions ahead of a Federal Reserve policy meeting
this week.

The greenback was trading little changed at $1.21075 against the euro in
Asia, after touching an almost one-month top of $1.2093 in the previous
session, amid caution ahead of the Fed meeting that runs two days to
Wednesday.

The yen was at 109.715, after weakening to 109.840 on Friday for the first
time since June 4.

The dollar index, which measures the U.S. currency against six rivals, was
mostly flat at 90.510 from as high as 90.612 on Friday. It finished last
week with a 0.4% advance.

In recent weeks, the index has fluctuated as traders weighed if inflationary
pressure as the economy reopens after the pandemic could force the Federal
Open Market Committee (FOMC) into an earlier tapering of stimulus.

Repeated comments by policy makers that inflation would be transitory calmed
those jitters, but markets also now anticipate the Fed may be close to
giving clues on the timing for slimming its asset-purchase programme.

Among other currencies, New Zealand's dollar held onto declines from last
week to trade at $0.71315, after matching the lowest since mid-April at
$0.71160 on Friday.

In cryptocurrencies, bitcoin traded around $39,000 after recovering from
close to $31,000 last week.

Rival ether was at around $2,500, the middle of a narrowing trading range
spanning the past month.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold Hits Four-Week Low and Copper Slips Ahead of Fed Meeting

Gold slid to the lowest in almost a month as a U.S. bond rally lost steam
ahead of this week's Federal Reserve meeting, which may give clues on future
monetary policy. Copper also fell.

Bullion retreated as Treasury yields ticked higher, curbing the appeal of
the non-interest-bearing metal. Bullion has posted two straight weekly
declines.

Economic stimulus and low interest rates have helped boost precious and base
metals this year, and investors are wary that economic growth and inflation
will spur the Fed to pull back support. Money managers pared long positions
in gold and copper last week, U.S. data showed Friday.

Spot gold fell 0.7% to $1,864.02 an ounce at 9:51 a.m. in New York after
sliding as much as 1.7%. Silver was little-changed, while platinum rose and
palladium fell. Copper for three-month delivery on the London Metal Exchange
fell 0.4% to $9,963 a metric ton.

If Fed Chair Jerome Powell sticks with the central bank's current stance of
transitory price increases and no pullback in stimulus at his press
conference on Wednesday, gold should be able to regain the ground it has
lost, Commerzbank AG analyst Carsten Fritsch said in a note.

Last week, gold struggled to make gains past $1,900, which may have resulted
in pressure from technical traders, said ABN Amro Bank NV strategist
Georgette Boele. Monday's drop also took prices out of an uptrend seen since
early April.

Brent hits $73 per barrel

Crude oil prices maintained their strong momentum as Brent crude topped $73
per barrel, having recorded a 0.59% gain in the early hours of Monday
morning.

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
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been compiled from sources believed to be reliable, but no representation or
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