Bulls n Bears Daily Market Commentary : 17 May 2021

Mon May 17 15:50:23 CAT 2021

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Bulls n Bears Daily Market Commentary : 17 May 2021

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

ZSE commentary

The ZSE closed today's session opening this week with gains across the
board. Heavyweight counters dominated turnover closing in today's session at
ZW$200.9 million (23.69% higher) from a trade of over 14.55 million shares.
Star Africa was the most active stock at 60 trades followed by Econet and OK
Zimbabwe in a total of a record high 705 trades. The market breadth was
positive after 32 stocks appreciated against 9 that depreciated in a total
of 47 stocks which traded. Medtech was the most liquid counter as it
anchored volume traded at 6 177 300 shares and Delta anchored value
aggregate a value of ZW$51.7 million.

At close, the benchmark All Share Index gained 2.94% and the Top 10 Index
was up by 3.19%. The Top 15 Index added 2.73%. The Medium Cap Index traded
higher to 13 614.88 points appreciating by 2.64%. The Small Cap Index also
added 2.16% passing another psychological mark to close at 50 669.92 points.
Leading the risers pack of the day was ZB Holdings up by 19.96% followed by
Mashonaland Holdings which added 19.76%. Medtech Holdings added 15.27% to
14.9851c. ZIMRE Holdings was 15.13% up to 340.61c. First Mutual Properties
added 14.95% to 920c. Leading in the shakers pack was Ariston Holdings which
pared 16.24% followed by Proplastics shading 14.29%. Meikles and Padenga
pared 7.35% and 2.99% respectively. Please find a summary of the market
activity as shown below; The Old Mutual Top Ten ETF closed at 180.85c up
2.85% after 253 847 units with a value of ZW$459 076.36 in 16 trades
exchanged hands.-wealthaccess

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

African currencies week ahead: Kenya's shilling, Zambian kwacha under
pressure

Nairobi: The Kenyan shilling is expected to come under pressure next week
amid higher demand for the US dollar, while the Zambian kwacha could also
take a hit from imports and worries over debt.

Kenya - The Kenyan shilling is likely to come under pressure due to a higher
appetite for hard currencies.

On Thursday, commercial banks quoted the shilling at 107.00/107.20 against
the US dollar compared to last Thursday's close of 106.70/106.90.

Tanzania - Tanzania's shilling is expected to hold steady next week as
demand for US dollars from energy and manufacturing importers is offset by
foreign aid inflows.

Commercial banks quoted the shilling at 2,310/2,324 on Thursday, the same
levels as recorded a week earlier.

Zambia - The kwacha is likely to face more headwinds against the US dollar
in the coming week, largely due to importer demand and pressure arising from
debt servicing.

South Africa

S.Africa's rand weaker as rising Asian coronavirus cases dent risk demand

South Africa's rand weakened early on Monday as fears of a new wave of
COVID-19 infections in Asia dampened demand for emerging market currencies.

New virus outbreaks triggered some lockdown restrictions in Singapore and
Taiwan, and increased bids for the safe-haven dollar, as well as for gold,
with investors awaiting more details on the impact of the new wave. read
more

At 0600 GMT the rand was 0.18% weaker at 14.1600 per dollar compared to a
close of 14.1350 on Friday in New York.

The rand saw mixed trade in the previous week, breaking below the key 14.00
technical on its way to a 16-month best before retreating as fears over a
return of inflation in the United States sparked fears of higher lending
rates there.

Caution ahead of a local decision on interest rates, due on Thursday, and
consumer price-growth figures before that, has also kept the rand on the
backfoot.

In a poll by Reuters last week, all 25 of economists surveyed see the
Monetary Policy Committee (MPC) of South Africa's Reserve Bank (SARB)
keeping its repo rate unchanged for a fifth straight meeting at a record low
3.5% next week. 

Our Standards: The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar holds firm as virus restrictions in Asia unnerve investors

The dollar held above recent lows on Monday as new COVID-19 restrictions in
Asia and mixed economic data in China encouraged investors to stick with
safer currencies, while a pullback in commodity prices whacked the
Australian and New Zealand dollars.

Bitcoin skidded to a three-month low after Tesla Inc (TSLA.O) boss Elon Musk
suggested at the weekend that the car maker was considering selling or may
have already sold some of its holdings in the cryptocurrency. It later
recovered slightly. read more

Easing commodity prices and fresh virus outbreaks in Singapore and Taiwan -
where COVID-19 had been contained - helped the dollar.

The Australian dollar fell half a percent to 0.7741 while the New Zealand
dollar weakened 0.8% to 0.7193.

The Norwegian crown, which is highly sensitive to oil prices, fell, with the
euro adding 0.9% to 10.06 crowns .

The Singapore and Taiwan dollars also dropped, the latter by more than half
a percent before recovering some of those losses.

The greenback was little moved against the euro , at $1.2143, and the yen ,
at 109.19, but it remained above the recent lows hit before
higher-than-expected U.S. inflation data last week.

While investor nervousness supported the dollar on Monday, analysts
generally expect the greenback to weaken as investors bet on a further
rebound in other economies as they reopen.

Fed minutes, from an April meeting that predated the inflation data surprise
last week, are due on Wednesday and are the next market focus for clues on
the central bank's thinking.

Speculators increased their bets against the dollar last week, mostly by
adding to bets on the euro and to a lesser extent sterling.

The pound held near a two-and-a-half-month high, at $1.4095, as Britain on
Monday took a significant step in reopening its economy after a four-month
lockdown. read more

The offshore yuan slipped slightly to 6.4471 per dollar after a mixed round
of economic data showed China's industrial output had slowed and retail
sales missed forecasts last month. read more

Our Standards: The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold, Silver price today: Rate of precious metals on a surge

Gold futures were up by 0.69% while silver futures hiked by 1.27% on the
MCX. Check the latest gold and silver prices.

Gold future shares maturing in the month of June have gone up by 0.69
percent or Rs 331 and stand at Rs 47,989 per 10 grams on the Multi Commodity
Exchange (MCX). Whereas with a gain of 1.27 percent or Rs 905, the rate of
silver future shares maturing on July 5 stands at 71,900 per kg.

With an increase of 0.02 percent, the spot price of gold in India stands at
Rs 46,080 today. However, the growth rate of Indian spot gold remains lower
than the global growth rate of 0.51 percent. The global spot price of gold
stands at $1852.6. The silver spot price at the New York COMEX stands at
$27.42 per ounce.

Gold and silver prices in the international market

According to a Reuters report, gold prices rose on Monday to their highest
level in more than three months, because of a dip in U.S. Treasury yields
and worries over surging COVID-19 cases in some Asian countries boosted
demand for the safe-haven metal.

Spot gold was up 0.6 percent at $1,852.39 per ounce by 0318 GMT, after
hitting its highest since February 10 earlier in the session. Gold futures
in the United States jumped 0.7% to $1,851.10.

The rising number of coronavirus infections has hit the precious metals
market in India. A lockdown or a curfew has been imposed in major states and
people have become more cautious, due to which the demand for physical gold
and silver fell in India.

Prices of both gold and silver in India are determined by keeping
international prices as the basis. Other than that, various factors such as
the value of the rupee against the dollar and global demand play a key role
in determining the trends observed in the rate of precious metals.

Globally, it has been observed that silver has remained cheaper than gold
and that is because of the simple demand-supply rule. The rare availability
of silver and the imbalance between the supply and demand of gold and silver
make up for most of the difference between their rates.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

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
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
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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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