Bulls n Bears Daily Market Commentary : 30 March 2021

Tue Mar 30 18:20:06 CAT 2021

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Bulls n Bears Daily Market Commentary : 30 March 2021

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

ZSE commentary

Market Turnover ZWL$89,196,732.21 with foreign buys at ZWL$912,410.00 and foreign sales were ZWL$18,964,117.05 Total trades were 458.

The All Share Index extended gains of 35.09 points to finish the trading session at 4,503.73 points. MASIMBA HOLDINGS LIMITED continued to gain at $18.9905 following a $3.1002 rise, TSL LIMITED recovered by $3.0000 to settle at $43.0000 while ZB FINANCIAL HOLDINGS added $2.7778 to $37.0000. FIRST MUTUAL HOLDINGS edged $1.9000 up to $22.7000 along with MEIKLES LIMITED which was $1.4563 firmer at $44.6241.

Losses were spurred by; DELTA CORPORATION LIMITED  which inched by a further $1.6179 to $46.1570, AXIA LIMITED  shed $0.4004 to $17.6135 and HIPPO VALLEY ESTATES  dropped by $0.3712 to $149.0000. PADENGA HOLDINGS LIMITED  eased $0.1890 at $29.7229 together with ZIMPLOW which was $0.1701 lower at $7.0319.-zse

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Global Currencies & Equity Markets

South Africa

South Africa's rand weaker in early trade

JOHANNESBURG, (Reuters) - South Africa's rand inched lower in early trade, having made gains in the previous session, as investors awaited key data later in the week.

At 0740 GMT the rand ZAR=D3 was 0.17% weaker at 14.9550 per dollar, compared with an overnight close of 14.9300.

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.

The dollar climbed on Tuesday as Treasury yields spiked again, with accelerating vaccinations and massive stimulus in the United States stoking inflation concerns.

Bonds were also weaker, with the yield on the benchmark 2030 paper ZAR2030= up 9 basis points to 9.54%.

Nigeria

Naira gains at black market as rebound in external reserve continues

Friday, 26th March 2021, the naira appreciated marginally at the parallel market, as it closed at N485/$1, representing a N1 gain when compared with the N486/$1 that was recorded in the previous trading day.

However, the exchange rate between the naira and the US Dollar closed at N410/$1 at the Investors and Exporters window.

Naira depreciated against the US Dollar on Friday, 26th March 2021 for the second consecutive day at the NAFEX window to close at N410 to a dollar.

This represents a 0.06% drop, when compared to N409.75/$1 recorded on Thursday, 25th March 2021.

This is as Nigeria’s external reserve continued its rebound gaining 0.09% to close at $34.65 billion as of Thursday, March 25, 2021.

Naira depreciated against the US Dollar at the Investors and Exporters window on Friday to close at N410/$1. This represents a 25 kobo drop when compared to N409.75/$1 recorded on Thursday, 25th March 2021.

 <mailto:info at bulls.co.zw> 

Global Markets

The US dollar rallies once again

Once again, the US dollar rose overnight, powered by higher US yields. In contrast to the day before, the US dollar strength was more broad-based across the entire G-10 and EM space. The dollar index rose 0.22% to 92.94, although, as usual, it remains unchanged in wait-and-see Asian trading. The index has now recorded three successive closes above its 200-day moving average (DMA), which signals that dollar strength should continue, with the index initially targeting 93.20 and then 94.00.

USD/JPY has quietly moved higher over the last few sessions and is now at a near one-year high at 109.97 this morning. Inevitably, there will be options and Japanese exporter-related offers at 110.00, but once they are eroded, I would expect USD/JPY to move quickly higher to 110.50. Assuming no significant surprises in this week’s JGB auctions, USD/JPY is set to move higher to 112.00 in the sessions ahead.

EUR/USD has fallen to 1.1770 as of today, just above its series of recent multi-day lows at 1.1760. With Covid-19 lockdowns weighing on sentiment in Europe, a daily close below 1.1760 signals further losses to 1.1600. Likewise, GBP/USD attempted to recapture the base of its multi-month upward channel at 1.3825 but has failed, falling to 1.3775 this morning. A daily close below its recent low at 1.3670 signals further losses to the 1.3400 area.

The PBOC set the USD/CNY fix higher at 6.5641 today, in line with expectations and reflecting dollar strength elsewhere. It keeps liquidity via the repos neutral, though, lending some strength to the yuan in intraday trading. USD/CNY has moved through previous resistance at 6.5500 now and looks set to test 6.6000 in the days ahead as rising US yields continue the 2020 dollar short-squeeze across the globe.

Regional Asian currencies continue to fight a managed retreat, although USD/INR is threatening resistance at 73.00, and USD/MYR at 4.1500, with USD/IDR just below 14,500.00. Much will depend on the Biden package details tomorrow, and most importantly, how he intends to pay for it. A bond tantrum this week, along with strong US employment data on Friday, could set up a sustained round of regional currency weakness next week, testing Asia’s dirty peg system.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold falls ₹138, silver declines ₹320

Gold dipped by ₹138 to ₹44,113 per 10 gram in the national capital on Tuesday amid decline in global precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at ₹44,251 per 10 grams.

Silver also declined ₹320 to ₹63,212 per kg, from ₹63,532 per kg in the previous trade.

In the international market, gold was trading lower at $1,698 per ounce and silver was flat at $24.49 per ounce.

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 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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