Bulls n Bears Daily Market Commentary : 08 November 2021

Mon Nov 8 16:15:30 CAT 2021

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Bulls n Bears Daily Market Commentary : 08 November 2021

 <mailto:info at bulls.co.zw> 

ZSE commentary

The ZSE closed with gains across the board headlined by blue-chip counters.
Activity levels were at 329 trades. OK Zimbabwe was the most active stock at
37 trades followed by Star Africa and Innscor at 31 trades each. Market bias
was positive as 18 stocks gained against 12 losers while seven of the active
stocks remained unchanged. Medtech anchored volume aggregate trading 1 541
000 shares and Cassava anchored value aggregate with a value of ZW$38.5
million.

The All-Share Index closed 0.97% higher at 11 961.58 points. The Top 10
Index added 1.32%. The Top 15 Index also added 1.16%. The Medium Cap Index
was up by 0.21% to 22 253.95 points whilst the Small Cap Index added 0.64%
to 372 018.70 points. Leading the risers pack of the day was Cassava adding
10.54% and Nampak  up by 8.28%. Hippo gained 7.96% and Zimplow gained 5.27%
to 2202.38c. Ariston Holdings was up by 4.11%. Mitigating the gains were
losses in Meikles and General Beltings which shaded 14.74% and 11.00%
respectively. First Capital Bank was down by 5.61% to 330.01c. Unifreight
and Turnall pared 2.63% and 2.58% respectively. The Old Mutual Top Ten ETF
closed at 469.24c up by 4.76% after 7 885 units were traded worth ZW$36
999.50 in 15 trades.-wealthaccess

Global Currencies & Equity Markets

South Africa

South Africa's rand firms, focus on budget

(Reuters) - The South African rand firmed in early trade on Monday, as
investors' risk appetite improved ahead of Finance Minister Enoch
Godongwana's maiden medium-term budget speech this week.

At 0637 GMT, the rand ZAR=D3 traded at 14.6950 against the dollar, 0.43%
firmer than its previous close.

The rand has been volatile in recent sessions with price swings driven by
domestic politics and U.S. monetary policy.

While global market focus was on Wednesday's U.S. inflation data, South
African-focused investors are also awaiting the Medium Term Budget Policy
Statement as well as mining and manufacturing, all due on Thursday.

Government bonds also firmed in early deals, and the yield on the 2030
maturity ZAR2030= dipped 8 basis points to 9.37%.

Nigeria

Naira appreciates at official market despite drop in forex turnover

The Naira appreciated against the US dollar to close at N414.30/$1 on Friday
5th November 2021, representing a 0.2% gain compared to N415.10/$1 recorded
at the close of trading activities on Thursday.

On the other hand, the Naira remained flat against the US dollar at the
parallel market on Friday to close at N570/$1, the same as recorded at the
close of trading activities on Thursday, 4th November 2021. This is
according to information obtained by Nairametrics from BDC operators in
Lagos.

The exchange rate appreciated against the US dollar on Friday, 5th November
2021, to close at N414.30/$1 compared to N415.10/$ recorded in the previous
trading session. This represents an 80 kobo gain in the country's exchange
rate.

The opening indicative rate closed at N414.13/$1 on Friday. This represents
a 36 kobo gain when compared to N414.49/$1 recorded in the previous trading
day.

An exchange rate of N444 to a dollar was the highest rate recorded during
intra-day trading before it settled at N414.30/$1, while it sold for as low
as N409.61/$1 during intra-day trading. The highest rate recorded during the
day has been the same in the past eight trading sessions.

Forex turnover at the official window dropped by 23.5% on Friday, November
5th 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the
I&E window decreased from $129.54 million recorded on Thursday 4th November
2021 to $99.14 million on Friday 5th November 2021.

Cryptocurrency watch

The world's largest and most popular cryptocurrency, Bitcoin, was up by
5.24% to trade at $65,334.90, rising to a two-and-a-half-peak with
cryptocurrencies riding higher on a wave of momentum, flows, favourable news
and inflation fears.

Ether is up 57% since the start of October and bitcoin about 50% as
investors have cheered last month's launch of a U.S. futures-based bitcoin
exchange-traded fund and sought exposure to an asset class sometimes
regarded as an inflation hedge.

In recent weeks Australia's biggest bank has said it will offer crypto
trading to retail customers, Singaporean authorities have sounded positive
on the asset class and spillover from a positive mood in stocks has also
leant support.

The value of the overall crypto market surpassed $2.8 trillion as the US
House of Representatives passed the $1.2 trillion Infrastructure Bill which
is almost the same value as the entire market cap of Bitcoin.

Also, the world's second largest cryptocurrency by market capitalization,
Ethereum, was up by 3.66% to trade at $4,721.96

Crude oil price

The crude oil market ended the day bullish with the Brent crude going up by
2.73% on Sunday evening to trade at $82.74 per barrel as OPEC remain
cautious on oil output despite increasing prices.

Saudi Arabia's larger-than-expected rise in oil prices is a signal it will
resist U.S. pressure to pump more crude, according to Vitol Group.

On Friday, a day after OPEC+ stuck to its plan to boost output only at a
gradual pace, Saudi Aramco hiked December prices for customers in Asia, the
U.S. and Europe.

U.S. President Joe Biden put pressure on OPEC+ to speed up the easing of
supply curbs that began in early 2020 with the onset of the coronavirus
pandemic.

Oil has climbed around 60% this year to move than $80 a barrel because of
the global economic recovery and OPEC+'s cuts.

West Texas Intermediate was also up by 3.12% decline to trade at $81.27 per
barrel, OPEC Basket dropped 0.2% to trade at $81.42 per barrel. Natural Gas
was down by 3.50% to trade at $5.516.

Nigeria's crude, Bonny Light went up by 1.30% to trade at $82.59 per barrel
on Sunday.

 <mailto:info at bulls.co.zw> 

Global Markets

Rupee gains 43 paise to close at 74.03 against US dollar

At the interbank forex market, the domestic unit opened at 74.25 against the
greenback and witnessed an intra-day high of 73.98 and a low of 74.25 during
the day's trade. It finally ended at 74.03 a dollar.

The rupee gained 43 paise to close at 74.03 (provisional) against the US
dollar on Monday as positive domestic equities and a dovish outlook of US
Federal Reserve supported the local unit.

At the interbank forex market, the domestic unit opened at 74.25 against the
greenback and witnessed an intra-day high of 73.98 and a low of 74.25 during
the day's trade. It finally ended at 74.03 a dollar.

On Thursday, the rupee had settled at 74.46 against the US dollar.

The forex market was closed on Friday for 'Diwali Balipratipada'.

The dollar index, which gauges the greenback's strength against a basket of
six currencies, fell 0.04 per cent to 94.28.

On the domestic equity market front, the BSE Sensex advanced 477.99 points
or 0.80 per cent to end at 60,545.61, while the broader NSE Nifty jumped
151.75 points or 0.85 per cent to 18,068.55.

Brent crude futures, the global oil benchmark, rose 1 per cent to USD 83.57
per barrel.

Foreign institutional investors were net sellers in the capital market on
Thursday as they offloaded shares worth Rs 328.11 crore, as per exchange
data.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold hits 2-month peak on dollar retreat

(Reuters) - Gold prices extended a rally to hit a two-month high on Monday
as a retreating dollar bolstered the precious metal's appeal.

FUNDAMENTALS

* Spot gold rose 0.1% to $1,817.65 per ounce by 0127 GMT, having hit its
highest since Sept. 7 earlier in the session.

* U.S. gold futures rose 0.3% to $1,822.30.

* The precious metal rose as much as 1.5% on Friday despite a
better-than-expected U.S. payrolls report that suggested economic activity
was regaining momentum early in the fourth quarter.

* Kansas City Fed President Esther George said on Friday "there's no
question" the U.S. labour market is tight, adding that she would be looking
carefully at how wage pressures and inflation expectations unfold as she
tries to gauge how close the economy is to the Fed's goal of full
employment.

* The dollar index was steady on Monday, but retreated 0.4% from a more than
one-year peak hit on Friday, lifting bullion's appeal by decreasing its cost
to buyers holding other currencies.

* The U.S. Congress passed a $1 trillion infrastructure bill to repair the
nation's airports, roads and bridges.

* Bank of Japan (BOJ) policymakers see the need to maintain ultra-easy
policy as inflation is rising only modestly and wage growth remains feeble,
a summary of opinions from their October meeting showed on Monday.

* Easy monetary policy to spur economic growth during the COVID-19 pandemic
have propelled gold prices to new highs over the last two years, as
near-zero interest rates cut the opportunity cost of holding non-yielding
bullion.

* Physical gold demand in large consumer, India, jumped during the festival
season last week.

* Spot silver rose 0.3% to $24.25 per ounce. Platinum gained 0.2% to
$1,036.02 and palladium XPD= climbed 0.5% to $2,045.33.

Oil gains after U.S. infrastructure bill, plans to address prices

(Reuters) - Oil prices rose on Monday as positive signs for global economic
growth supported the outlook for energy demand and the United States said it
was weighing options to address high prices.

Brent crude was up by 70 cents, or 0.9%, at $83.44 a barrel at 1255 GMT,
after dropping nearly 2% last week. U.S. oil gained 80 cents, or 1%, to
$82.07, having declined almost 3% through Friday.

U.S. President Joe Biden on Saturday welcomed congressional passage of a
long-delayed $1 trillion infrastructure bill, which may boost growth and
demand for fuel. read more

Further supporting prices was a decision by the Organization of the
Petroleum Exporting Countries and allies such as Russia, together known as
OPEC+, not to speed up their planned production increases last week.

Biden had called on OPEC+ to produce more crude to dampen rising prices and
on Saturday said his administration had "other tools" to deal with the
higher price of oil.  

U.S. Energy Secretary Jennifer Granholm said on Monday that Washington was
weighing its options to address high gasoline and heating prices in the
United States, which some analysts say could involve tapping the U.S.
Strategic Petroleum Reserve.

Adding to bullish sentiment, China's export growth slowed in October but
beat forecasts, buoyed by rising global demand ahead of the winter holiday
seasons and improvements in coronavirus-hit supply chains. 

Saudi Arabia late on Friday raised the price of its benchmark crude for
customers in Asia in December, exceeding market expectations.  

Global demand for jet fuel also looks set to take off as more governments
make air travel easier with reduced restrictions for coronavirus.  

The Thomson Reuters Trust Principles.

INVESTORS DIARY 2021

Company

Event

Venue

Date & Time

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Public Holiday in lieu of Boxing Day falling on a Sunday

December 27

Counters trading under cautionary

ART

Seed co Int.

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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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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