Bulls n Bears Daily Market Commentary : 03 May 2021

Mon May 3 17:40:30 CAT 2021

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Bulls n Bears Daily Market Commentary : 03 May 2021

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

ZSE commentary

The ZSE opened the first week of May with marginal losses across the board.
Turnover was down 63.95% to ZW$141.54 million from a trade of over 7.498
million shares which exchanged hands in 365 trades. OK Zimbabwe was the most
active stock at 26 trades followed by Simbisa and African Sun. The market
breadth was negative after 16 stocks depreciated against 18 that appreciated
in a total of 45 stocks which traded. RTG was the most liquid counter as it
anchored volume aggregates trading over 1.52 million shares and Simbisa
Brands anchored the value aggregate with a value of ZW$29.54 million. The
benchmark All Share Index was down 0.86% and the Top 10 Index was down by
1.01%. The Top 15 Index shaded 0.98%. The Medium Cap Index traded lower to
11 256.19 depreciating by 0.66%, whilst the Small Cap Index shaded a
marginal 0.21% to close at 42 962.27.

Leading the risers pack of the day was First Mutual Properties which added
9.87%. Bindura added 9.09% to 480c. African Sun was 8.67% up to 220c. First
Capital Bank  added 5.93% to 243.90c. Masimba appreciated by 4.76%. Leading
in the shakers pack was ZBFH which pared 20.00% followed by Lafarge shading
16.67%. CAFCA and Medtech Holdings pared 8.33% and 6.48% respectively.
Please find a summary of the market activity as shown below; The Old Mutual
Top Ten ETF closed at 177c up 1.12% after 4 500 units with a value of ZW$7
965 in 5 trades exchanged hands.-wealthaccess

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

South Africa

South Africa's rand slips on firmer dollar; economic data eyed

South Africa's rand got off to a weak start against a firmer U.S. dollar on
Monday, with investors awaiting a raft of local and global data this week.

At 0615 GMT, the rand traded at 14.5200 against the dollar, 0.24% weaker
than its close on Friday, when it suffered losses of more than 1%.

The rand lost momentum as investors worried about local economic growth and
the duration of expansionary fiscal and monetary policies in developed
economies that have so far supported flows into the currency and a healthy
trade surplus. read more

A raft of U.S. economic data this week, including the ISM manufacturing
survey and April payroll numbers, is eyed by investors for further cues
about recovery in the world's largest economy.

On the domestic front, manufacturing survey, new vehicle sales and reserves
data due this week are expected to provide some insights into the health of
the local economy.

Government bonds also weakened in early deals, with the yield on the
instrument due in 2030 up 1.5 basis points to 9.305%.

Our Standards: The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar holds gains as traders look to U.S. data for policy cues

SINGAPORE (Reuters) - The dollar clung to a recent bounce on Monday as
investors made a cautious start to a week crammed with central bank meetings
and big-ticket U.S. economic data, looking for clues on the outlook for
global inflation and for policymakers' response.

Asia trade was thinned by public holidays in Japan and China that also kept
a lid on volatility, leaving the greenback where it settled after a Friday
leap. It steadied at $1.2029 per euro and bought 109.28 yen.

The dollar index, measured against six major currencies, held at 91.242. The
index dropped 2% through April as a positive view of global recovery
prospects lifted trade-exposed currencies at the dollar's expense.

The Australian and New Zealand dollars both rose though April, but dropped
on Friday when strong U.S. consumption figures boosted the U.S. currency.

The Aussie rose 0.1% $0.7724 on Monday to trade just above its 20-day moving
average at $0.7714, while the kiwi edged 0.2% higher to $0.7174, also just
above its 20-day moving average. Sterling steadied at $1.3825.

U.S. manufacturing surveys are due on Wednesday followed by crucial April
labour market numbers on Friday.

Forecasts are that 978,000 jobs were created in the month. However analysts
say the market response to a surprise either way may be hard to guess, as
investors have begun to fret that strong data may prompt central bankers to
taper their support.

Dallas Fed President Robert Kaplan caused a stir on Friday by calling for
beginning the conversation about tapering, although Federal Reserve Chair
Jerome Powell has been clear that he is likely to be patient.

Powell is due to speak later on Monday and will be followed by a raft of Fed
officials this week. Central bank policy meetings are also scheduled this
week in Australia, Britain and Norway.

In Australia, no policy changes are expected on Tuesday although traders
will look to a speech by deputy Reserve Bank of Australia governor Guy
Debelle on Thursday for insight into the bank's thinking around its bond
purchases outlook.

Asset purchases are likewise the focus when the Bank of England meets on
Thursday, as well as perhaps an upgrade of its economic outlook, while
Norges Bank - which projects hiking rates this year - is expected to stick
with its hawkish tone.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold rises as U.S. dollar, Treasury yields retreat

(Reuters) - Gold prices firmed on Monday, helped by a pullback in the U.S.
dollar and Treasury yields, while deficit-stricken palladium held firm after
surpassing the $3,000-per-ounce level in the prior session. 

Spot gold gained 0.6% at $1,779.31 per ounce by 1150 GMT, with volumes
expected to be low due to public holidays in China, Japan and Britain.

U.S. gold futures rose 0.7% to $1,780.40 per ounce.

Benchmark U.S. 10-year Treasury yields retreated after hitting their highest
in nearly two weeks last week, while the dollar index slipped 0.2%.      

Lower bond yields reduce the opportunity cost of holding non-interest
bearing gold and a cheaper dollar raises gold's appeal for other currency
holders.

Traders will be watching out for U.S. manufacturing surveys due on Wednesday
and April labour market numbers on Friday for further clues about recovery
in the world's largest economy.

On the technical front, spot gold may test a support at $1,752 per ounce, a
break below which could cause a fall to $1,738, according to Reuters
technical analyst Wang Tao.

Elsewhere, auto-catalyst metal palladium rose 0.8% to $2,957.70 per ounce,
after hitting an all-time high of $3,007.73 per ounce on Friday over supply
concerns.

Silver was up 1.1% at $26.19 per ounce. Platinum fell 0.1% to $1,196.82 an
ounce.

Oil rises to $67 as demand hopes counter India concern

LONDON (Reuters) -Oil rose to $67 a barrel on Monday as optimism over a
strong demand rebound in countries including the United States and China
countered concern about a surge in India's coronavirus cases and higher
OPEC+ oil supply.

India on Monday reported more than 300,000 new coronavirus cases for a 12th
straight day. The new wave of the virus has already led to a drop in fuel
sales in the world's third-largest consumer in April.

Brent crude rose 29 cents, or 0.4%, to $67.05 a barrel by 1335 GMT. U.S.
West Texas Intermediate added 28 cents, or 0.4%, to $63.86.

The U.S. and China, the world's top two oil consumers, are expected to drive
that demand recovery.

Brent has rallied almost 30% this year, recovering from last year's historic
lows thanks to record supply cuts by the Organization of the Petroleum
Exporting Countries and its allies, together known as OPEC+.

Higher supply limited oil's gains, however. OPEC+ decided last week to stick
to a plan to boost supply slightly from May 1 and OPEC's production climbed
in April, led by a boost from Iran, a Reuters survey found. [OPEC/O]

In another development that could allow a further boost to Iranian supply,
Tehran and world powers are holding talks to revive the 2015 nuclear deal.

Iran's chief nuclear negotiator on Saturday said that Tehran expects U.S.
sanctions on oil, banks and most individuals and institutions to be lifted.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

FCB

AGM 

virtual

06/05/21 : 3pm

NMB

AGM

virtual

1205/21 :  3:30pm

Africa Day

25/05/21

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
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