Bulls n Bears Daily Market Commentary : 17 March 2021

Wed Mar 17 20:24:05 CAT 2021

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Bulls n Bears Daily Market Commentary : 17 March 2021

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

ZSE commentary

ZSE falls further in lighter session.

The market continued to trade in the negative in much lighter trades while,
gains in Bindura spurred the Mining Index into the black. The primary All
Share Index slumped 2.02% to 4263.36pts in a largely bearish session that
saw twenty counters trade in losses against twelve risers as three remained
unchanged. The segregated Industrials were 2.09% down at 14243.29pts while,
the Top Ten was the major casualty amongst the indices, sliding 2.87% to
2440.65pts. Similarly, activity aggregates declined as reflected in all
measures which closed in the red. Volumes exchanged dipped 65.17% to 4,96m
shares, yielding a value outturn of $59.87m which was 46.57% down from prior
session. National foods, Nampak and Delta propelled the value aggregate with
respective contributions of 44.69%,19.95% and 16.32%. Medtech and Nampak
again anchored the volumes exchanged claiming a combined 60.28% of the
total. Foreign sales and purchases were $0.24m and $15.15m respectively, as
capital flight continued.

General Beltings led the laggards list on a 13.16% slide to $0.5905 while,
Nampak trailed after dropping 11.10% to $8.0006. Padenga was 10.65% down to
$30.1457 having reached a low of $28.2000, where demand could be found.
Hotelier RTG lost 10.44% to $1.97000 while, banking group NMB was 9.97%
softer at $7.1150. Other notable losses in heavies were registered in Delta,
Cassava, Innscor, and Meikles. Partially mitigating the day's losses were
gains led by Cafca which surged 20% to $132.000, albeit on scrappy shares.
NTS followed rebounding 19.94% to $7.4600. Not to be outdone was ZB
Financial holdings which recovered 16.01% to $45.8225 while, property
concern Mash added 4.12% to close at $2.3000. Retailer OKZIM found its way
in the risers' zone as it rebounded 2.69% to settle at $14.9874.
-efesecurities

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

Global Currencies & Equity Markets

South Africa

Rand strengthens after consumer confidence rises to a one-year high

JOHANNESBURG - THE RAND strengthened to a near two-week high yesterday,
exchanging hands at R14.80 against the dollar during intraday trade after
consumer confidence rose to an one-year high in the first quarter.

The domestic currency recovered after closing in the red at R14.92 against
the greenback on Monday as ongoing loadshedding weighed on investor
sentiment.

However, it got a lift as consumer confidence recovered lost ground back to
levels seen exactly a year ago before the Covid-19 pandemic, but still
remained in contractionary level in the first quarter of 2021. The FNB/BER
Consumer Confidence Index (CCI) edged up to -9 index points in the first
quarter of 2021 from -12 points in the last three months of 2020.

This reading was much better than the collapse to a 35-year low in CCI of
-33 index points in the second quarter of 2020 at the onset of the pandemic
and lockdown restrictions.

The economic outlook index booked another solid gain of 7 index points to
reach a level of -5 points, the best reading since the second quarter of
2019. FNB said the continued recovery in the CCI during the first quarter of
2021 can be ascribed to further increases in the economic outlook and
household finances sub-indices of the CCI.

However, FNB said consumer confidence in general remained depressed as the
latest reading of -9 points was still well below the average CCI reading of
+2 points since 1994.

FNB chief economist Mamello Matikinca-Ngwenya said that the sharp decline in
Covid-19 infection rates and the extension of social grants had boosted
confidence.

A breakdown of the CCI per household income group showed that the confidence
level of high-income consumers remained the lowest of all the income groups.
Middle-income confidence and low-income confidence posted the largest gains
in the first quarter of 2021.

Anchor Capital's investment analyst Casey Delport said low-income households
would begin to feel the pinch from surging petrol and paraffin prices,
marked increases in excise duties on alcoholic beverages and tobacco
products and below-inflation increases in the monetary values of social
grants.

BUSINESS REPORT

Nigeria

Naira falls at NAFEX window as liquidity crisis in the forex market persists

The exchange rate between the naira and the US Dollar closed at N409.75 to a
dollar at the Investors and Exporters window.

The Naira depreciated against the US Dollar on Tuesday to close at
N409.75/$1, representing a 0.21% drop when compared to N408.90/$1 recorded
on Monday, 15th March 2021 as liquidity crisis persists in the forex market.

Also, the Naira remained stable against the US Dollar in the parallel
market, to close at N485 to a dollar. the same as the rate that was recorded
on the previous day.

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

Global Markets

Taiwan Eases Up on Currency Intervention, Aided by Rising Dollar

The rebounding greenback and weakness in global tech shares are curbing
demand for Taiwan's currency, reducing pressure on the central bank to act
to slow appreciation.

For months, it's been an almost daily affair for the Taiwan dollar to jump
more than 1% intraday, or even close to 2% in some instances, only to end
the session nearly flat. In the past week or so, that pattern has vanished
as traders refrained from pushing the local currency much stronger.

That's good news for the central bank. Taiwan's net foreign-exchange
purchases amounted to 5.8% of gross domestic product in 2020 as officials
sought to restrain the speed of the currency's ascent. The fading strength
will give the monetary authority some breathing room at its policy meeting
on Thursday, with all economists in a Bloomberg survey predicting the
benchmark rate will stay unchanged at 1.125%.

Taiwan dollar's intraday gyrations ease as greenback strengthens

Less meddling may also deflect against potential criticism from the U.S.
Treasury when it releases its report on economies that should be designated
as currency manipulators next month.

Governor Yang Chin-long downplayed concern over the manipulator tag last
week, saying Switzerland, Singapore and Hong Kong also intervene in their
respective foreign-exchange markets.

The Taiwan dollar climbed about 6% last year in one of Asia's best
performances. It's little changed in 2021 with the central bank keeping the
currency from strengthening past 28 per greenback on a closing basis. The
central bank reduced dollar buying last month as the U.S. currency
strengthened, foreign-exchange reserve data show.

Outflows from Taiwan's equity market are increasing. Foreign investors have
pulled almost $3 billion from local stocks this month, near the most since
May, as the market sagged. Back in November, net inflows reached $6.2
billion, the largest in 15 years. Taiwan Semiconductor Manufacturing Co. has
fallen almost 10% from its January record, wiping out $68 billion of value.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Copper price up on strong demand outlook and supply disruptions

Copper prices rose on Wednesday as a bright demand outlook and supply
disruptions in some South American mines offset pressure from rising
inventories.

Copper for delivery in May was up 0.91% by midday, with futures touching
$4.1055 per pound ($9,031 a tonne) on the Comex market in New York.

Three-month copper on the London Metal Exchange rose 0.8% to $9,028 a tonne,
while the most-traded May copper contract on the Shanghai Futures Exchange
closed down 0.7% at 66,940 yuan ($10,298.46) a tonne.

WAGE TALKS WITH UNIONS REMAIN UNRESOLVED, ANTOFAGASTA REPORTED

High waves at ports in top copper producer Chile disrupted exports of
concentrate and copper metal for most of January.

Data from top consumer China showed stronger-than-expected industrial growth
in the first two months of 2021, while new lending in the country fell less
than expected in February.

Meanwhile, tight concentrate supply remained a concern for downstream copper
players.

Supply

Antofagasta expects to reach a pay deal with its workers this month, it said
on Tuesday after posting a 12.3% jump in annual profit on high copper and
gold prices.

Wage talks with unions remain unresolved after workers rejected the
company's latest offer at its Los Pelambres mine in Chile, the world's top
copper producer.

A union representing workers at Antofagasta's Los Pelambres mine on Tuesday
it will agree to extend government-mediated talks into next week in an
effort to avoid a strike.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

Old Mutual

analysts briefing

24/03/21 | 2:30pm

Willdale

AGM

Boardroom, Willdale Administration Block, Teneriffe, 19.5km peg Lomagundi
Road, Mt Hampden

25/03/21 | 11am

TSL

AGM

Virtual | https://eagm.creg.co.zw/eagmzim/ Login.aspx | in the Auditorium,
Ground Floor, 28 Simon Mazorodze Road, Southerton

25/03/21 | 12pm

CFI

AGM

Farm & City Boardroom, 1st Floor Farm & City Complex, 1 Wynne Street

31/03/21 | 11am

Good Friday

02/04/21

Easter Sunday

04/04/21

Easter Monday

05/04/21

Independence Day

18/04/21

Public Holiday in lieu of Independence Day falling on a Sunday

19/04/21

Counters trading under cautionary

ART

Seed co Int.

Dairibord

Starafrica

Medtech

Turnall

Seed co

Invest Wisely!

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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
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
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for guideline purposes only and sourced from third parties.

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