Bulls n Bears Daily Market Commentary : 09 November 2021

Wed Nov 10 06:29:31 CAT 2021

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Bulls n Bears Daily Market Commentary : 09 November 2021

 <mailto:info at bulls.co.zw> 

ZSE commentary

The ZSE closed with gains across the board with performance being lifted by
National Foods and Innscor. Activity levels were at 420 trades. OK Zimbabwe
was the most active stock at 39 trades followed by Star Africa and Cassava
at 33 and 26 trades respectively. Market bias was negative as 16 stocks
declined against 15 gainers while six of the active stocks remained
unchanged. Medtech anchored volume aggregate trading 431 100 shares and
National Foods anchored value aggregate with a value of ZW$291.9 million
contributing 65.48% to total turnover.

The All-Share Index closed 0.58% higher at 12 030.44 points. The Top 10
Index added 0.93%. The Top 15 Index also added 0.76%. The Medium Cap Index
was down by 0.28% to 22 191.14 points whilst the Small Cap Index added a
paltry 0.01% to 372 059.54 points. Leading the risers pack of the day was
Rio Zimbabwe adding 10.27% and Mashonaland Holdings up by 7.37%. Meikles
gained 4.06% and Zimplow gained 2.22% to 2251.33c. Dairibord Holdings was up
by 1.70%. Mitigating the gains were losses in General Beltings and Medtech
Holdings which shaded 10.12% and 9.95% respectively. First Mutual Properties
was down by 7.17% to 1100c. Wildale and Star Africa  pared 5.61% and 5.14%
respectively. The Old Mutual Top Ten ETF closed at 471.47c up by 0.47% after
455 092 units were traded worth ZW$2 145 614.39 in 27 trades..-wealthaccess

Global Currencies & Equity Markets

South Africa

South African rand drops as power cuts continue

(Reuters) - South Africa's rand dropped back on Tuesday, losing ground won
earlier in the week, as damaging local power cuts were scheduled to continue
until the weekend and investors awaited key U.S. inflation data to gauge the
Federal Reserve's next move.

At 1517 GMT, the rand ZAR=D3 traded at 15.0650 against the dollar, just over
1% lower than its previous close of 14.9150.

Andre de Ruyter, CEO of struggling state utility Eskom, said lengthy power
cuts were set to be reduced gradually throughout the week, ending only on
Saturday.

Investors are waiting for U.S. inflation data due on Wednesday, when a
strong reading could reignite talk of the Fed raising interest rates sooner
than expected.

Local investors will also be watching finance minister Enoch Godongwana's
maiden Medium-Term Budget Policy Statement (MTBPS) expected on Thursday,
outlining estimated budget deficits and economic growth forecast over the
next three years.

Government bonds strengthened, with the yield on the benchmark instrument
due in 2030 dropping 15 basis points to 9.27%.

Meanwhile, the Johannesburg Stock Exchange dipped, with its Top-40 Index
.JTOPI slipping 0.12% to 61,247 points and the broader All-Share Index
.JALSH losing 0.1% to 67,983 points.

Shares in telecoms firm Telkom TLKJ.J closed over 12% lower after the
company reported weaker than expected results at its mobile business.

Nigeria

Naira losses at official market

Naira fell further against the U.S. dollar at the official market on
Tuesday, after the currency witnessed a significant loss at the market
segment in the previous session on Monday.

The local unit exchanged hands with the foreign currency at N415.07 to a
dollar on Tuesday, data from FMDQ securities exchange windows where forex is
officially traded showed.

The performance of the domestic currency on Tuesday represents a N0.52 or
0.13 per cent depreciation from N414.55 it exchanged in the previous session
on Monday.

Naira which opened at N413.57 to a dollar experienced an intraday high of
N404.00 and a low of N444.00, before closing at N415.07 to a dollar on
Tuesday, recording a foreign exchange turnover of $92.38 million.

At the black market in Uyo, dealers said they exchanged the currency at
N545.00 and sold at N550.00 to a dollar on Tuesday, while at Abuja, dealers
exchanged the naira at N552.00 and sold at N555.00 to a dollar on Tuesday.

The spread between both markets (official and unofficial) is pegged at
N136.93 (N552) or 129.93 (N545), leaving a margin of 23.54 or 23.84 per cent
at the close of business on Tuesday.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar dips before U.S. inflation data

NEW YORK (Reuters) - The dollar index dipped in choppy trading on Tuesday as
investors awaited data on Wednesday that will be the next major indicator of
whether rising price pressures are accelerating.

U.S. producer prices increased solidly in October, data showed on Tuesday,
indicating that high inflation could persist for a while amid tight supply
chains related to the pandemic.

But traders were holding back on big moves ahead of consumer price index
data due on Wednesday morning.

Economists polled by Reuters see monthly CPI accelerating to 0.4% from the
previous month's 0.2% rise, with the closely watched year-on-year core
measure gaining 0.3 percentage point to 4.3%, well above the Fed's average
annual 2% inflation target.

Fed officials on Tuesday said it is not clear that high inflation will
become more entrenched than previously expected.

San Francisco Fed President Mary Daly said it will be mid-2022 before there
is more clarity on the employment and inflation outlook and Minneapolis Fed
President Neel Kashkari said he believes the forces that are currently
keeping people out of the labor market and pushing up prices will prove to
be temporary.

The dollar index dipped 0.11% to 92.948 while the euro gained 0.07% to
$1.1594.

Elsewhere, the yen reached a one-month high of 112.73 against the greenback
and last traded at 112.83.

Sterling, hammered last week in the wake of the Bank of England's surprise
decision to keep rates on hold, was little changed on the day at $1.3561.

The New Zealand dollar dipped 0.51% to $0.7132 after jumping on Monday. It
has been drawing support from expectations that the Reserve Bank of New
Zealand could raise rates by as much as 50 basis points later this month.

The risk-sensitive Australian dollar dropped 0.60% to trade at $0.7378.

Bitcoin rose to a record $68,564 before reversing course. It was last down
1.15% at $66,791. Ether hit a record high of $4,843.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold tracks dollar in choppy session; U.S. inflation data awaited

(Reuters) - Gold prices climbed to their highest level since early September
on Tuesday in tandem with a softer dollar, as investors awaited U.S.
inflation data scheduled for later in the week.

Spot gold rose 0.3% to $1,828.74 per ounce by 13:44 p.m. ET (1844 GMT),
having earlier recorded its highest since Sept. 3 at $1,831.10.

U.S. gold futures settled 0.2% higher at $1,830.80.

The U.S. dollar, which gold has been tracking through the session, inched
lower against its rivals, making the bullion less expensive for holders of
other currencies.

Key central banks last week indicated interest rates would remain low in the
near term, boosting the appeal of non-yielding gold and helping the metal
post its best week since late August.

However, a tight U.S. labour market and the dislocation in global supply
chains could result in a high reading for U.S. consumer prices due on
Wednesday.

Also buoying gold, yields on the 10-year Treasury notes slipped to 1.4271%.

Elsewhere, spot silver declined 0.8% to $24.25 per ounce, platinum slipped
0.1% to $1,054.64 and palladium fell 2.4% to $2,021.35. 

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
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
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