Bulls n Bears Daily Market Commentary : 02 March 2021

Tue Mar 2 17:50:58 CAT 2021

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Bulls n Bears Daily Market Commentary : 02 March 2021

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

ZSE commentary

The market closed in today’s session with all other indices in our review
gaining except for the medium Cap Index. The market breath was positive
after 22 stocks registered gains against 16 decliners. Activity levels
declined to 526 trades on turnover of ZW$87.2 million. Total traded volume
was at 4 million shares with Bindura contributing the most at 714 900
shares.

The All-Share Index was up 2.47% to 4400.39 mainly moved by gains in heavy
weight stocks Econet, Delta, CBZ and Cassava. The Small Cap Index was the
best performer after it gained 6.51% and the Top 10 Index, Top 15 Index
closed higher after gaining 3.91% and 3.11% respectively. The Medium Cap
Indices also closed the day in the negative territory shading 0.27%.
Truworths led the top 5 risers after gaining 19.94% to 83.5c. Mashonaland
Holdings and NTS followed the riser’s pack gaining 19.88% and 19.83%
respectively. GBH and Unifreight followed after gaining 19.74% to close at
46.29c and 19.64% respectively. The gains were reversed by losses in Meikles
and First Mutual Holdings which shaded 10.00% to 4500c and 8.32% to 2016.9c
respectively.

Ariston Holdings followed the shakers pack after losing 6.11%. Wildale was
down 5.66% to 63.64c. Zimplow pared 4.81% to 780.54c. The Old Mutual Top Ten
ETF shaded 0.29% to 179.47c after 47 360 units with a value of ZW$84
997.-wealthaccess

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

Global Currencies & Equity Markets

South Africa

South Africa's rand slips in cautious trade

JOHANNESBURG (Reuters) - South Africa’s rand weakened early on Tuesday in a
broad emerging market retreat as investors reassessed expectations that the
U.S. central bank would maintain its quantitative easing program at the
current pace.

By 0650 GMT, the rand weakened 0.18% to 15.0275 per dollar, losing ground
overnight after a recovery rally that took it to a session-best 14.9000 on
Monday.

Soaring U.S. bond yields, drawing yield-searching investors back into the
greenback, led to a rout of risk assets last week and dragged the rand to
one-month lows.

While investors marched back to developed market bonds, indications by the
U.S. Federal Reserve that it will tolerate a higher yield curve and keep
monetary taps open has lifted risk demand.

An increase in new sales and business activity pushed up seasonally-adjusted
Absa Purchasing Managers’ Index (PMI).

South Africa’s budget last week struck a balanced note on fiscal
consolidation and growth, but a lot depends on wage negotiations with public
sector labour unions.

Unions on Monday said they wanted a general salary rise of consumer
inflation plus 4% for all workers. Finance Minister Tito Mboweni has pledged
to freeze public sector wages for the next three years.

Nigeria

Naira falls across forex markets as CBN suggests official rate has been
adjusted

The Naira depreciated against the US Dollar at the Investors and Exporters
window on Friday closing at N410.25/$1.

Naira-Dollars, Exchange rate falls at black market as forex liquidity
declines by 89.8%

The exchange rate between the naira and the US Dollar depreciated to close
at N410.25/$1 at the Investors and Exporters (NAFEX) window, where forex is
traded officially. This is as the CBN Governor has suggested that the
official exchange rate has been devalued.

Similarly, at the parallel market where forex is traded unofficially, the
naira depreciated closing at N482/$1 on Friday, February 26. This represents
0.42% drop when compared to the N480/$1 that it closed on the previous
trading day.

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

Global Markets

Dollar rises to around ¥106.80 in Tokyo trading

The dollar rose to around ¥106.80 in Tokyo trading Tuesday, helped by the
benchmark Nikkei stock average’s robust start.

At 5 p.m., the dollar stood at ¥106.84, up from ¥106.60 at the same time
Monday. The euro was at $1.2007, down from $1.2076, and at ¥128.28, down
from ¥128.73.

The dollar fluctuated tightly around ¥106.70 in the early morning.

The U.S. currency then climbed to six-month highs around ¥106.90 later in
the morning, thanks to the Nikkei average’s strength in early trading, as
well as dollar buying by Japanese importers, traders said.

After the bout of buying ran its course, the greenback fell to around
¥106.70 in the early afternoon, following the Nikkei’s downturn into
negative territory.

In the late afternoon, the dollar moved within a tight range around ¥106.80
amid a dearth of fresh trading incentives.

“The dollar is expected to turn top-heavy once it exceeds the ¥107 line,” an
official at a Japanese bank said.

Still, the official also said that dollar demand from Japanese importers may
increase toward the fiscal year-end this month, suggesting the possibility
that the U.S. currency may still rise to approach ¥107.50.

An official at a trust bank said that the dollar, if anything, is more
likely to rise due to wider Japan-U.S. interest rate gaps.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Firm dollar pushes gold to eight-month low

Bengaluru — Gold prices slumped to their lowest in eight  months on Tuesday,
as a stronger dollar and elevated US Treasury yields eroded investor
appetite for the non-yielding metal.

Spot gold was down 0.7% at $1,711.13 an ounce by 3.10am GMT, having dropped
to its lowest since June 15 at $1,708.60 earlier in the session. US gold
futures slipped 0.8% to $1,709.80.

The potential for higher yields is putting pressure on gold, while a
stronger dollar is also contributing to its fall, Michael McCarthy, chief
market strategist at CMC Markets said, adding that a minor retreat in
10-year yields was “too small to count”.

Benchmark US Treasury yields have come down from a one-year high hit last
week, but continue to remain elevated, while the dollar index held near a
four-week peak.

While gold is considered a shield against inflation, higher yields have
threatened that status, since they translate into higher opportunity cost of
holding bullion, which pays no return.

European Central Bank policymakers have been dropping hints that the central
bank is ready to rein in yields and prevent a premature increase in
borrowing costs for firms and households struggling to cope with a
pandemic-induced recession.

Focus also remains on the developments of the $1.9-trillion US coronavirus
relief bill that will be debated in the Senate this week.

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold
Trust fell to their lowest since May 2020 on Monday. Silver eased 1.6% to
$26.06 an ounce, having earlier dipped to a near one-month low. Palladium
slipped 0.2% to $2,345.67 and platinum fell 0.8% to $1,175.-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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