Bulls n Bears Daily Market Commentary : 29 March 2021

Tue Mar 30 05:41:14 CAT 2021

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Bulls n Bears Daily Market Commentary : 29 March 2021

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

ZSE commentary

Market Turnover ZWL$42,935,249.50 with foreign buys at ZWL$610,988.00 and
foreign sales were ZWL$15,082,422.65 Total trades were 476.

The All Share Index opened the last week of March higher at 4,468.64 after
adding 36.14 points . Gains were spurred by PADENGA HOLDINGS which edged
$2.8101 up to $29.9119, INNSCOR AFRICA  traded $2.3982 higher from the
previous session to $74.9673 while ZB FINANCIAL HOLDINGS increased to
$34.2222 after a $2.2222 rise. 

ECONET WIRELESS went up by a further $1.8327 to $20.8779 together with
MASIMBA HOLDINGS which was $1.8156 higher at $15.8903. Trading in the
negative were; TSL LIMITED   which slipped $3.000 to $40.0000, CBZ HOLDINGS
inched $2.1017 down to $69.8983 and DELTA CORPORATION  eased $1.1806 to
$47.7749. UNIFREIGHT  shed $0.9500 to $15.0000 together with ZIMPLOW which
lost a margin of $0.2980 to $7.2020.-zse

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

Global Currencies & Equity Markets

South Africa

South Africa's rand recovers, stocks rise

(Reuters) - South Africa's rand firmed on Monday, reversing early losses
alongside other emerging market currencies as an improving U.S. economic
outlook lifted demand for the dollar.

At 1502 GMT the rand ZAR=D3 was 0.15% firmer at 14.9675 against the dollar.

High-yielding currencies in the developing world have come under pressure
this month from rising U.S. bond yields, which have surged on expectations
of higher inflation and have pushed up demand for the dollar.

On the domestic front, investors remain wary of slow progress in the rollout
of COVID-19 vaccine heading into the second quarter of the year, as a
resurgence in infections would impact the anticipated economic recovery.

Stocks surged on Monday extending a massive gain seen on Friday as hopes of
a faster local economic recovery added on to positive global cues.

The benchmark all-share index .JALSH was up 0.38% to 67,089 points at day's
close and the bluechip index JSE top 40 .JTOPI ended up 0.33% to 61,444
points.

The economy-sensitive banks rose with the bank index .JBANK up 3.18%,
hinting that investors are happy to bet on local economy picking up that
rising cases of coronavirus globally and slow pace of vaccination in the
country.

Index heavyweight and Africa's biggest company in terms of market
capitalisation Naspers Ltd NPNJn.J closed up 0.38% boosted by positive
Chinese industrial output data.

Naspers, through its subsidiary Prosus NV PRX.AS, PRXJn.J, holds over 30%
stake in Chinese tech giant Tencent Holdings 0700.HK.

Bonds firmed, with the yield on the benchmark 2030 ZAR2030= paper down 3.5
basis points to 9.45%.

Nigeria

Naira gains at official market

The Naira appreciated marginally against the U.S Dollar at the I&E window of
the foreign exchange market on Monday, data posted on the FMDQ Security
Exchange where forex is officially traded showed.

However, the local unit remained unchanged at the black market.

The domestic currency closed at N409.13 at the trading session of the I&E
window, this represents N0.87 or 0.21 per cent increase from N410.00, the
rate at which it closed at the previous session on Friday, last week.

Naira experienced an intraday high of N400.00 and a low of N410.50, before
closing at N409.13 on Monday.

The slight gain in Africa's most populous country's currency became
pronounced as turnover plummeted by 57.42 per cent, with $30.84 million
recorded as against the $72.43million posted on Friday, last week.

However, naira remained stable at the unofficial market on Monday, data
posted on abokiFX.com, a website that collates parallel market rates in
Lagos showed.

According to data posted, the naira closed at N485.00 on the black market on
Monday, the same rate it exchanged hands with the greenback in the previous
session on Friday last week.

By this, the spread between the unofficial market and the I&E window
exchange rate is pegged at N75.87, which translates to a gap of 15.64 per
cent.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar hits 1-year high versus yen as inflation worries lift yields

The dollar climbed to a one-year high against the yen on Tuesday amid a
spike in Treasury yields, as accelerating vaccinations and massive stimulus
in the U.S. stoked inflation concerns.

The safe-haven greenback also found support as investors fretted about the
potential fallout from the collapse of a hedge fund, identified as Archegos
Capital, although those jitters had eased as the Asian trading day got
underway.

Bitcoin pushed back above $58,000 overnight after Visa Inc said it would
allow the use of cryptocurrencies to settle transactions on its payment
network.

The dollar rose as high as 109.89 yen in Asia on Tuesday, a level not seen
since March of last year. It's on track for the best month since late 2016,
with the end of Japan's fiscal year this month driving up dollar demand as
companies seek to square their books.

The euro languished near the 4-1/2-month low of $1.1763 reached on Monday,
on course to fall by the most this month since mid-2019.

Tougher coronavirus curbs in France and Germany have dimmed the short-term
outlook for the European economy, while a widening spread between U.S. and
German bond yields are adding pressure on the single currency.

Higher yields make a currency more attractive as an investment.

The dollar index hovered near a 4-1/2-month high of 92.964 reached on
Monday.

The monthly U.S. non-farm payrolls report will be closely watched at the end
of this week, with Federal Reserve policymakers so far citing slack in the
labor market for their continued lower-for-longer stance on interest rates.

In cryptocurrencies, bitcoin continued its recovery from a slide to as low
as $50,360 last week, as Visa's decision became the latest sign of growing
acceptance of digital currencies on both Wall Street and Main Street.

The token last traded around $57,620. It set a record high at $61,781.83
earlier this month.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold Price Forecast - Gold Markets Break Down Again

Gold markets have broken down significantly during the course of the trading
session on Monday as the market looks to reach down towards the $1700 level.

Gold

Gold looks horrible again, as traders have stepped in and really pushed to
the downside. The $1700 level is an area that should continue to attract a
certain amount of attention due to the fact that the area had previously
been massive resistance, and of course it is a large, round, psychologically
significant figure. Most recently, we had dipped below there but then turned
around to show signs of strength again, so if we were to break down below
that lower low, then the market is likely to continue reach towards the next
major support level that I see, which is closer to the $1500 level. Do not
get me wrong, I do not think that the market suddenly races to the $1500
level but would get there eventually.

The US dollar has its say when it comes to gold as well, so if it starts to
strengthen that could work against it but it is worth noting that yields are
a major player in that game. If yields rise in America, that will more than
likely work against the value of gold and therefore the last thing you want
to see is yields in the 10 year note started to rise again as it is toxic
for the metals market. After this candle has formed for the trading session
on Monday, I am much less interested in buying gold and believe that the
downtrend will more than likely continue given enough time. With that being
the case, I think that we are looking at a scenario where the market is
going to be very difficult to get bullish about without some type of major
shift in attitude.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

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
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