Bulls n Bears Daily Market Commentary : 08 April 2022

Fri Apr 8 22:14:02 CAT 2022

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Bulls n Bears Daily Market Commentary : 08 April 2022

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ZSE commentary

The ZSE shares were stronger against yesterday, recording a glorious
performance with all benchmark indices closing on the positive. Activity
levels were higher at 593 against 468 trades recorded yesterday. Econet was
the most active stock at 64 trades followed by OK Zimbabwe and Simbisa at 43
and 33 trades respectively. Investor sentiment was positive after the
session yielded 25 risers against 8 decliners while 7 of the active stocks
remained unchanged. Zimplow anchored volume aggregate trading 3,220,500
shares and Econet anchored value aggregate with a value of ZW$153.4 million.

The All-Share Index added 3.72% to close at 17,216.77 points. The Top 10
Index added 3.97%. The Top 15 Index added 3.93%. The Medium Cap Index was up
by 2.98% to 28,474.34 points whilst the Small Cap Index gained 2.96% to
441,440.79 points. Leading on gains were General Beltings and NMB Bank
closed 18.4% and 14.29% higher respectively. Axia was up by 12.02%. Tanganda
added 10.95% and Delta added 8.62%. Offsetting gains were marginal losses in
Mash holdings and Zimpapers which shaded 1.72% and 0.93% respectively. Art
was down by 0.56%. Dairibord and Truworths  shaded 0.17% and 0.13%
respectively. The ETFs traded 161,357 units worth ZW$432,742.80 in 113
trades. The Morgan and Co Multi Sector ETF added 2.45% to close at 1496.74c
while Datvest Modified Consumer Staples ETF lost 0.12% to close at 187.72c.
Old Mutual Top Ten ETF shaded 0.18% to close at 843.50c. On the VFEX,
Bindura lost 4% to close at 4.8 cents while Seed-co and Padenga marginally
gained 0.18% and 0.05% respectively..-wealthaccess

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Nigeria

Naira slips at official market

The naira has been considerably stable at the parallel market this week.

Naira recorded a slight dip against the U.S dollar at the official market on
Thursday, a day after the domestic unit appreciated at the Nafex window.

This became significant as forex turnover recorded a slight decrease at the
Over-the-Counter (OTC) window on Thursday.

Naira closed at N416.67 per $1 at the close of business Thursday, which
implies a N0.17 or 0.04 per cent decrease from N416.50 it exchanged on
Wednesday, data posted by FMDQ where forex is officially traded showed.

The local currency touched an intraday high of N410.00 and a low of N444.00
before closing at N416.67 on Thursday.

Forex supply slumped by 27.8 per cent with $112.03 million recorded as forex
turnover at the close of the day's business against $155.16 million posted
on Wednesday.

However, the naira has been considerably stable at the parallel market since
commencement of trade this week amidst speculation of dollar scarcity.

Dealers in Uyo and Abuja exchanged the currency at N583.00 and sold at
N587.00 to a dollar on Thursday, the same range it has been hovering for
weeks.

South Africa

South Africa's rand set for weekly losses as dollar gains

(Reuters) - The South African rand looked set for weekly losses on Friday as
the prospect of a more aggressive pace of U.S. Federal Reserve interest
rates hikes supported the dollar.

At 0620 GMT, the rand ZAR= was largely flat at around 14.7600 against the
dollar. The currency has weakened 1.2% since Monday.

The dollar index =USD is up 1.3% this week, which would be its biggest
advance in one month, backed by hawkish remarks from several Federal Reserve
policy makers who are calling for a faster pace of interest rate increases
to curb rapid inflation.

Higher rates in developed markets drain capital from higher-yielding but
riskier emerging markets such as South Africa, weighing on their currencies.

On Thursday, the rand was also unsettled by news that the country's Treasury
Director-General Dondo Mogajane will leave his post in June to pursue
opportunities outside the public sector.

In fixed income, the yield on the benchmark 2030 government bond ZAR2030=
was down 0.5 basis points to 9.55%.

 <mailto:info at bulls.co.zw> 

Global Markets

U.S. dollar surges as index hits 100 for first time in nearly two years

(Reuters) - The U.S. dollar index on Friday advanced to 100 for the first
time in nearly two years, boosted by the prospect of a more aggressive pace
of Federal Reserve tightening to curb soaring inflation.

The greenback has gained ground against a basket of six currencies over the
past month, particularly versus the euro, which has been pressured by
investor concerns about the economic costs of war in Ukraine and a
potentially nail-biting presidential election in France.

The dollar index rose as high as 100.19, its highest since May 2020. It was
last up 0.2% at 100.01.

"The dollar's latest pop is the culmination of bullish factors ranging from
geopolitical risk, election uncertainty in France, and the Fed's
increasingly hawkish outlook for interest rate," said Joe Manimbo, senior
market analyst at Western Union Business Solutions in Washington.

The index is up 1.5% this week, which would be its biggest weekly increase
in a month, backed by hawkish remarks from several Fed policymakers.

This week's release of the minutes of the Fed's March meeting showed "many"
participants were prepared to raise rates in 50-basis-point increments in
coming months. read more

On the other side of the dollar's rally, the euro dropped to a one-month low
of $1.0837. It last changed hands at $1.0853, down 0.3% on the day . The
euro has fallen in seven straight sessions.

Meeting minutes from the European Central Bank published on Thursday
suggested its policymakers are keen to act to combat inflation, but the euro
zone has so far taken a more cautious tack than other central banks,
weakening the euro. read more

"ECB minutes presented little in contrast to recent comments by
policymakers, though the sense is that the bank is merely awaiting data over
the coming months showing the impact of higher energy prices and the war in
Ukraine to decide when to hike first - whether it's in Q3 or Q4," wrote
Shaun Osborne, chief FX strategist, at Scotiabank in Toronto, in a research
note.

"In either scenario, we don't anticipate more than 50 basis points in
tightening from the ECB this year, which is only as much as the Fed is set
to roll out in one meeting, next month."

A tightening election race in France between President Emmanuel Macron and
far-right candidate Marine Le Pen has added pressure on the euro, raising
investor concerns about the future direction of the euro zone's second
biggest economy. Macron is though still ahead in polls. read more

The dollar rose against the Japanese yen , hitting 124.67 yen, its highest
in over a week and approaching last month's near seven-year high of 125.1.

The yen has steadied this month after tumbling in March, but remains under
pressure as the U.S. raises interest rates and the Bank of Japan intervenes
in the bond market to keep rates low.

Sterling lost ground versus the dollar, and was last down 0.5% at $1.3005.

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold price plunges by Rs2,000 per tola in Pakistan

KARACHI: Gold lost its shine, as it declined by Rs2,000 per tola (11.66
grams) to Rs132,300 in Pakistan on Friday in line with the trend in the
global markets following a smart recovery of the rupee.

The price of 10 grams of gold declined by Rs1,715 to settle at Rs113,426.

The correction in gold was overdue since long as political uncertainty had
caused panic everywhere and people were relocating their capital to buying
gold, as some regulations had made it difficult to buy dollars for
everyone.geo.tv

Copper, aluminum bounce on tight supplies, China stimulus hopes

LONDON: Copper and aluminum prices rebounded on Friday after two days of
declines, bolstered by tight supply, hopes of more Chinese stimulus and
firmer oil prices.

Benchmark copper on the London Metal Exchange gained 0.6 percent to $10,378
a ton in official open outcry trading while aluminum climbed 1.1 percent to
$3,421.

"Base metals have been tracking to some extent to what's going on in energy
markets, not least because that pushes up their costs," said Caroline Bain,
chief commodities economist at Capital Economics.

"Supply of most metals is constrained, stocks are low, so we're forecasting
prices will stay high for most of this year, even with the slowdown in
China."

Bain said metals prices may also be supported by optimism about major
stimulus measures in China, although Capital Economics was wary about that.

"For now we're sticking with the view that we're not going to see a big
stimulus package unless the COVID situation really deteriorates," she said.

Shanghai on Friday announced a record 21,000 new cases and a third
consecutive day of COVID testing as a lockdown of its 26 million people
showed no sign of easing and other Chinese cities tightened curbs.

INVESTORS DIARY 2022

Company

Event

Venue

Date & Time

Counters trading under cautionary

ART

Seed co Int.

Starafrica

Medtech

Turnall

Seed co

Invest Wisely!

Bulls n Bears 

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