Bulls n Bears Daily Market Commentary : 01 March 2021

Mon Mar 1 14:44:57 CAT 2021

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Bulls n Bears Daily Market Commentary : 01 March 2021

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

ZSE commentary

The broader market opened this month in today’s session with only all
indices gaining. The market breath was positive after 26 stocks registered
gains against 10 decliners. Activity levels declined to 533 trades on
turnover of ZW$104.3 million. Total traded volume was at 6.2 million shares
with Cassava contributing the most at 1 192 200 shares. The All-Share Index
was up 3.37% to 4294.45 mainly moved by gains in heavy weight stocks CBZ,
Delta and Cassava. The Small Cap Index was the best performer after it
gained 13.90% and the Top 10 Index, Top 15 Index closed higher after gaining
3.52% and 3.55% respectively. The Medium Cap Indices also closed the day in
the positive territory gaining 2.74%.

Turnall Holdings led the top 5 risers after gaining 20.00% to 180c,
Unifreight is the runaway leader in terms of year to date gain and in
today’s session it gained by 19.90% to 952c. GBH and Zimpapers  followed
after gaining 19.84% to close at 38.66c and 19.37% respectively. Fidelity
anchors the top 5 risers pack after gaining 18.33%. The gains were reversed
by losses in First Mutual Properties  and  which shaded 12.17% to 500.61c
and 1.26% to 12038.92c respectively. ZIMRE followed the shakers pack after
losing 1.18%. OK Zimbabwe  was down 1.12% to 1697.39c. ZBFH pared 0.63% to
3975c. The Old Mutual Top Ten ETF added 0.78% to 180.00c after 53 141 units
with a value of ZW$95 653.80 from 12 trades exchanged hands. On Friday last
week, Old mutual added more units to its Top 10 ETF taking the total to 131
million from an initial 80 million.-wealthaccess

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

Global Currencies & Equity Markets

African currencies week ahead: Nigerian, Zambian, Kenyan currencies seen
under pressure

LUSAKA: Nigerian, Zambian and Kenyan currencies are expected to weaken again
next week against the US dollar. Tanzania and Uganda’s should hold steady.

NIGERIA — The naira is seen easing on the spot market after it fell 0.21% to
410.29 per dollar on Thursday, as dealers await the result of a central bank
Treasury bill auction to gauge the level of foreign currency liquidity,
traders said.

The currency has been losing ground on the spot market on thin liquidity,
with the naira touching record intra-day lows this month and mirroring rates
on the futures market, which serves as a benchmark for fund flows into
Nigeria. The naira was quoted at 381 naira on the official market, a level
set in July and backed by the central bank. It sold at 480 naira on the
black market on Thursday.

ZAMBIA — The kwacha is likely to face continued pressure against the dollar
going into next week due to heightened demand for hard currency amid limited
inflows. On Thursday, commercial banks quoted the currency of Africa’s
second-largest copper producer at 21.7300 per dollar, down from a close of
21.6050 a week ago.

KENYA — Kenya’s shilling is likely to remain on the defensive next week as
end-of-month dollar demand from the energy sector spills over into the
beginning of March, traders said. Commercial banks quoted the shilling at
109.70/90 to the dollar, compared with last Thursday’s close of 109.45/65.

TANZANIA — Tanzania’s shilling is expected to hold steady next week as
demand for the US dollar from importers is projected to match inflows from
investors and international lenders.

Commercial banks quoted the shilling at an average of 2,305/2,310 on
Thursday, up from 2,311/2,329 recorded a week earlier. Tanzania secured a
$50 million loan from OFID to finance anti-poverty initiatives, the body
announced on Friday.

UGANDA — The Ugandan shilling is seen trading in a stable range in the
coming days supported by typical end-of-month inflows from exporters of
commodities like coffee and others. At 1029 GMT commercial banks quoted the
shilling at 3,660/3,670, unchanged from last Thursday’s close.

South Africa

South Africa's rand gains as global bond market calms

JOHANNESBURG, (Reuters) - South Africa's rand recovered on Monday from a
four-week low hit against the U.S. dollar in the previous session as global
bond markets calmed after last week's sell-off.

At 0620 GMT, the rand ZAR=D3 traded at 14.9800 against the dollar, 0.93%
firmer than its close on Friday - when it slipped to its weakest since Feb.
1.

Some semblance of calm returned to bond markets on Monday after yields
surged last week in anticipation of a swift economic rebound and on bets
that global central banks will need to tighten policy much earlier than they
have been forecasting.

South Africa government bonds also recovered. The yield on the benchmark
2030 government bond ZAR2030=, which touched its weakest level in four
months on Friday, was down 4 basis points at 9.105% in early deals.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar rises to around ¥106.60 in Tokyo

The dollar climbed to around ¥106.60 in Tokyo trading Monday, in response to
a rebound in U.S. long-term interest rates and real demand.

At 5 p.m., the dollar stood at ¥106.60, up from ¥106.08 at the same time
Friday. The euro was at $1.2076, down from $1.2134, and at ¥128.73, almost
unchanged from ¥128.72.

The dollar slipped through ¥106.40 on a moderate fall in U.S. long-term
interest rates and selling by Japanese exporters in the early morning.

But the greenback rebounded to six-month highs near ¥106.70 toward noon
thanks to an upturn in the interest rates and buying by Japanese importers
for settlement purposes.

In the afternoon, the U.S. currency lost steam amid growing wait-and-see
sentiment ahead of key events later in the day, including the Institute for
Supply Management’s U.S. manufacturing purchasing managers’ index for
February and a speech by Lael Brainard, governor of the U.S. Federal
Reserve.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold bounces back after worst month since late 2016 as bond yields steady

Gold rebounded after its biggest monthly slump since late 2016 as the dollar
retreated and investor focus remained on bond yields and the outlook for
growth.

Last week’s sell-off in global bonds stabilized after central banks from
Asia to Europe provided reassurance that policy support remains in place.
That’s helped to somewhat calm markets and pull Treasury yields back from
their highest level in a year. Bets on accelerating inflation are raising
concerns that there could be a pullback in monetary policy support despite
assurances from the Federal Reserve that higher yields reflect economic
optimism for a solid recovery.

Bullion’s had a rocky start to the year as the higher Treasury yields
weighed on demand for the non-interest-bearing metal and as the roll-out of
vaccinations worldwide spurred optimism about a recovery from the pandemic.
Over the weekend, the US House of Representatives passed President Joe
Biden’s $1.9 trillion Covid-19 aid package and the bill now heads to the
Senate.

Spot gold rose 1.2 per cent to $1,754.81 an ounce by 6:53 a.m. in London,
after slumping 2.1 per cent to the lowest close since mid-June on Friday.
That brought the loss in February to 6.2 per cent, the most since November
2016. Silver, platinum and palladium all climbed. The Bloomberg Dollar Spot
Index fell 0.3 per cent.

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
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
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opinions expressed and recommendations made are subject to change without
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