Bulls n Bears Daily Market Commentary : 30 November 2021

Tue Nov 30 18:53:40 CAT 2021

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Bulls n Bears Daily Market Commentary : 30 November 2021

 <mailto:info at bulls.co.zw> 

ZSE commentary

The ZSE slid back in the negative territory despite the improvement in
activity levels and turnover. Activity levels were bolstered by trades in
FCA ZIMRE and FML which boosted both volume and value traded for the day.
Activity levels were at 456 trades. Star Africa was the most active stock at
49 trades followed by Innscor and OK Zimbabwe 35 and 34 trades respectively.
Investor sentiment was negative after the session yielded 22 decliners
against 9 risers while three of the active stocks remained unchanged. First
Capital Bank anchored volume aggregate trading 7 060 200 shares and ZB
Holdings anchored value aggregate with a value of ZW$74.6 million. The
benchmark All-Share Index shaded 0.50% to close at 10 695.57 points. The Top
10 Index pared a paltry 0.02%. The Top 15 Index also shaded 0.48%. The
Medium Cap Index was down by 1.75% to 20 367.80 points whilst the Small Cap
Index lost 0.29% to 388 994.36 points.

Leading the shakers pack of the day was OK Zimbabwe shading 8.57% and First
Mutual Holdings down by 7.69%. Simbisa Brands pared 5.04% and Edgars shaded
4.25% to 525.51c. African Sun was down by 4.01%. Mitigating the losses were
gains in Ariston Holdings and Meikles which added 8.54% and 5.49% to 391.01c
and 15826.80c respectively. Econet was up by 3.82% to 6482.46c. Zimplow and
Wildale added 0.96% and 0.47% respectively. The Old Mutual Top Ten ETF
closed at 495.73c down by 1.27% after 16 960 units were traded worth ZW$84
075 in 17 trades..-wealthaccess

Global Currencies & Equity Markets

South Africa

South Africa's rand finds support in weaker dollar, stocks firm

(Reuters) - The South African rand strengthened on Tuesday, benefiting from
a weaker dollarafter Moderna's (MRNA.O) chief executive said COVID-19
vaccines are unlikely to be as effective against the Omicron variant as they
have been with other types.

Risk appetite took a beating across world markets but a weaker dollar saw
the rand trading at 16.0300 at 1603 GMT against the greenback, 0.68% firmer
than its previous close.

The currency plunged to its weakest since October 2020 on Friday as the
world reacted with alarm to the news of the new variant, Omicron, which was
first detected in southern Africa.

Market participants however remained cautious.

In fixed income, the yield on the benchmark 2030 maturity dipped 9 basis
points to 9.770%.

Gold stocks also helped the bourse higher, tracking bullion as investors
look for a safe haven metal as fears over the spread of the Omicron variant
grow.

Miners Anglogold Ashanti (ANGJ.J), Gold Fields (GFIJ.J) and Harmony Gold
(HARJ.J), rose between 8.87% and 6.98%.

Aspen Pharmacare (APNJ.J) closed 6.26% firmer after it took a step towards a
licensing deal to package and sell Johnson & Johnson's (JNJ.N) COVID-19
vaccine in Africa, announcing on Tuesday it had signed non-binding terms
with subsidiaries of the U.S. drugmaker. read more

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Global Markets

Turkish lira slides 5% to new record with little reprieve in sight

(Reuters) - Turkey's lira plunged 5% to new depths against the dollar and
euro on Tuesday, capping its fifth-worst month ever, after President Tayyip
Erdogan repeatedly endorsed aggressive rate cuts despite widespread
criticism and soaring inflation.

The lira has lost 45% of its value so far this year and 29% this month alone
against the U.S. currency, which was boosted in late-session trading.

The volatile selloff in November puts it among the ranks of crises in 2018,
2001 and 1994, according to Goldman Sachs research.

The currency hit a record low 13.4515, exceeding the low it hit last week
after Erdogan defended the monetary easing that most economists have called
reckless. It stood at 13.35 versus the dollar at 1614 GMT and also touched
15.06 to the euro.

In response to the cuts to 15% in the policy rate, the opposition has called
for a quick reversal and snap elections. Concerns about central bank
credibility took another blow on Tuesday after a top official was said to
have left his post.

Erdogan was set to discuss his new economic strategy in a televised
interview on state-owned TRT later on Tuesday.

Turkey's economy grew 7.4% year-on-year in the third quarter, according to
official data released on Tuesday, in line with market expectations and
boosted by retail demand, manufacturing and exports. read more

Erdogan and other government officials have stressed that while there may be
price pain for a while, the monetary stimulus should boost exports, credit,
jobs and economic growth.

Erdogan's most recent defence of rate cuts was Monday when he was quoted as
saying he will never defend hikes nor compromise on the issue. Economists
say the depreciation and accelerated inflation will derail Erdogan's plan.
L8N2SK0O5

Under pressure from Erdogan, the central bank has slashed rates by 400 basis
points since September and is widely expected to ease again in December.
Real rates are deeply negative at nearly 500 basis points.

A central bank source said on Tuesday that the executive director of the
bank's markets department, Doruk Kucuksarac, had left his post and had been
replaced by his deputy Hakan Er.

Kucuksarac did not immediately respond to a request for comment.

A banker who requested anonymity said his departure was further evidence of
an "erosion and devastation" of the institution after this year's mass
leadership overhaul and years of political influence on policy.

Erdogan sacked three monetary policy committee members in October. Governor
Sahap Kavcioglu was only appointed to the post in March after the president
fired his three predecessors in the last 2-1/2 years over policy
disagreements. read more

November Inflation data will be released on Friday and a Reuters poll
forecast that it will rise to an annual 20.7%, its highest level in three
years, while economists forecast the lira slide will send inflation toward
30% next year. read more

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold climbs as Moderna CEO's warning rattles risk appetite

Gold rose on Tuesday as investors sought safe havens again after Moderna's
CEO warned that COVID-19 vaccines were likely to be less effective against
the Omicron variant, putting bullion on course for a second straight monthly
gain.

Spot gold gained 0.7% to $1,796.70 per ounce by 1036 GMT, while U.S. gold
futures advanced 0.7% to $1,798.30.

The Moderna chief's comments rattled financial markets, leading to a slide
in European equities.

The U.S. dollar index also fell 0.6%, helping gold's advance by making it a
cheaper bet for overseas buyers, while U.S. benchmark 10-year Treasury
yields weakened as well.

At the same time, if the U.S. Federal Reserve "decides to continue with its
tapering process at a slower pace and maintains the ultra loose monetary
policy for a longer period of time, this should be positive for gold,"
Briesemann added.

Gold tends to benefit from stimulus measures as it raises the prospect of
inflation which bullion is used to hedge against, but interest rate hikes
raise the opportunity cost of holding gold. 

Fed Chairman Jerome warned on Monday that the new COVID-19 strain muddied
the central bank's inflation outlook and prices could continue to rise for
longer than thought. 

Elsewhere, spot silver rose 0.1% to $22.92 per ounce.

Platinum fell 1.6% to $948.03, and palladium shed 0.4% to $1,787.94.

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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