Bulls n Bears Daily Market Commentary : 24 March 2021

Wed Mar 24 17:13:39 CAT 2021

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Bulls n Bears Daily Market Commentary : 24 March 2021

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

ZSE commentary

The ZSE shares were near flat in today's session for the second day as
mid-tier stocks drives gains ensuring a small positive close. Marginal gains
were recorded in heavyweight stocks Delta, Econet, Innscor and Simbisa.
Turnover improved and activity levels improved in today's session with 6 415
770 shares exchanging hands in 388 trades. Econet was the most liquid
counter as it anchored both volume traded and value aggregate. The benchmark
All Share Index was up by a marginal 0.39% and the Top 10 Index was also up
0.41%. The Top 15 Index also added 0.38%. The Medium Cap Index traded firmer
to close with a 0.36% appreciation, whilst the Small Cap Index added 0.15%
to close at 45 151.32.

The market breadth was positive after 17 stocks appreciated while 14
registered losses in total out of the 33 ZSE counters which traded. Leading
the gainers of the day was General Beltings with a 12.12% share appreciation
to 56.08c followed by the hotelier African Sun  with 9.81% to 189.88c. Star
Africa  appreciated by 2.04%. Truworths gained by 4.55% to 99.46c. Leading
in the shakers pack was First Capital Bank  which pared 3.27% followed by
CBZ shading 2.70%. Mashonaland Holdings and Medtech also pared 2.26% and
2.12% respectively. Please find a summary of the market activity as shown
below; The Old Mutual Top Ten ETF closed at 181.12c down 0.60% after 313 574
units with a value of ZW$567 942 in 21 trades exchanged hands.-wealthaccess

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Global Currencies & Equity Markets

South Africa

Rand slips overnight

JOHANNESBURG - The rand whipsawed as markets awaited more policy direction
from abroad, with a slew of US policymakers' Congressional testimonies hoped
to provide insight into potential bond market interference according to NKC
Research.

Recent market turmoil, specifically the rise in US treasury yields, and
weaker capital inflows present risks to growth, but their impact should be
limited in the context of a global economic rebound. The Fed has dampened
expectations of early tightening, which should in time give markets the
space to re-focus on the turnaround in EM economies.

At the close of local trade, the rand quoted 0.44 percent stronger at
R14.75/$, after trading in range of R14.72/$ - R14.94/$. The rand traded
sharply weaker overnight as demand for the dollar increased. The expected
range of the rand against the dollar today is R14.80/$ - R15.20/$.

South African bourse

The JSE All Share (-0.90 percent) ended weaker yesterday, dragged by losses
in listed property (-2.12) after shopping mall and office owner Liberty Two
Degrees (-11.11 percent), Attacq (-4.57 percent), and Resilient REIT (-0.76
percent) lost momentum.

Brent crude oil

The Brent oil price plunged yesterday following a firmer greenback, while a
slow vaccine rollout in Europe coupled with tighter restrictions in certain
countries weighed on future fuel demand prospects. At the close of local
trade, benchmark Brent crude futures quoted 2.63 percent lower at $62.14pb.

BUSINESS REPORT ONLINE

Nigeria

Nigeria Using Managed-Float Forex Regime, Central Bank Says

Nigeria has not changed its foreign exchange policies from a managed float
to a flexible regime, Central Bank Governor Godwin Emefiele said Tuesday.

A report concluding that the country has adopted a flexible foreign-exchange
rate based on comments by Finance Minister Zainab Ahmed is wrong, according
to the Governor.

Africa's largest crude producer now uses the more flexible Nafex rate for
all official transactions, abandoning the 379 naira to the dollar fixed rate
the central bank still has on its website, Ahmed said Tuesday. Nigeria's
2021 budget was prepared based on the central bank's fixed rate.

Nigeria Devalues Currency as It Adopts Flexible Rate

The Abuja-based regulator said it ceased interventions in the investors and
exporters window since January, though it continues to monitor the market to
determine whether or not to intervene. It is also working with the
government and the finance ministry to achieve a stable foreign-exchange
regime, Emefiele said.

Payments to states in the country will be based on the Nafex rate, Vice
President Yemi Osinbajo said at a Chatham House forum in London on Tuesday.
"We have been at a managed exchange rate regime. We are moving closer and
closer to unifying the exchange rate," Osinbajo said.

 <mailto:info at bulls.co.zw> 

Global Markets

Rupee weakens 13 paise to 74.31 against US dollar

Representational PicThe rupee, at foreign exchange market, today weakened 13
paise to 72 rupees and 56 paise against the US dollar. The domestic unit
depreciated mainly due to strength in the American currency and fall in the
domestic stocks.

The dollar index, which indicates the US dollar's strength against a basket
of six other leading currencies, rose 0.13 percent to 92.46.  

 <mailto:info at bulls.co.zw> 

Commodities Markets

Copper down as Europe COVID-19 concerns push up U.S. dollar

(Reuters) - Copper prices fell on Wednesday as concerns over rising COVID-19
cases in Europe pushed up demand for the safe-haven U.S. dollar, making
greenback-priced metals more expensive to holders of other currencies.

Escalating tensions between China and the West also hit sentiment.

Three-month copper on the London Metal Exchange fell 0.6% to $8,923.50 a
tonne by 0304 GMT, while the most-traded May copper contract on the Shanghai
Futures Exchange decreased 1.2% to 66,290 yuan ($10,162.19) a tonne.

The dollar index rose to a two-week high at 92.412 early in the Asian
session, approaching a four-month top of 92.506 hit earlier this month.

FUNDAMENTALS

* LME nickel fell 0.4% to $16,080 a tonne, zinc dropped 1% to $2,810.50 a
tonne while ShFE nickel declined 2.2% to 120,530 yuan a tonne and ShFE zinc
was down 1.8% at 21,625 yuan a tonne.

* Workers at Antofagasta's Los Pelambres copper mine in Chile have accepted
a contract offer and abandoned the threat of a strike, the union said.

* For the top stories in metals and other news, click or

* Asian shares hit a two-week low, oil weakened further and the dollar
neared four-month highs as coronavirus lockdowns in Europe and potential
U.S. tax hikes hit risk appetite.

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!

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
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
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls 'n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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