Bulls n Bears Daily Market Commentary : 12 December 2022

Tue Dec 13 06:31:04 CAT 2022

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:bulls at bulls.co.zw> Views & Comments
<http://www.bullszimbabwe.com> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:%20bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

Bulls n Bears Daily Market Commentary : 12 December 2022

 <mailto:info at bulls.co.zw> 

ZSE commentary

ZSE regains in new week.

The market recovered in the week-opener as benchmark indices in our review
closed with minimal gains. The mainstream All Share Index put on 0.70% to
14828.87pts while, the ZSE Top Ten Index ticked up 0.89% to 8638.48pts. The
Mid Cap Index rose 0.34% to 33359.42pts as the ZSE Agriculture Index added
0.03% to 70.50pts. Leading the winners' pack was ART that surged 8.45% to
$15.4000 on 900 shares. Following was banking group First Capital that edged
up 7.91% to $10.8102. Telecoms giant Econet grew 5.84% to end at a vwap of
$78.3750 having traded an intraday high of $80.0000. Star Africa moved up
1.09% to $1.4152 while, Delta shored up 0.50% to close at a vwap of
$245.4260. On the downside was Zimre Holdings that trimmed 4.76% to $4.2384
trailed by General Beltings that let go 2.71% to $1.7025. Hotelier group RTG
and conglomerate Meikles slipped 0.63% and 0.33% to settle at $7.8500 and
$102.0000 apiece.

Agriculture concern Ariston capped the top five shakers of the day after
shedding 0.29% to close at $3.4000. Activity aggregates were depressed in
Monday's session as reflected in volumes that succumbed 87.01% to 1.53m as
turnover in like manner, dipped 63.12% to $124.63m. Top volume drivers of
the day were Delta (25.80%), Star Africa (18.90%), Ecocash (16.87%) and NMB
(16.15%). Delta and Innscor anchored the value outturn with respective
contributions of 61.18% and 21.05%. On the ETF section, MIZ tumbled 5.10% to
$1.2337 while, the Datvest ETF was unchanged at $1.6400. The Tigere REIT
closed at $33.9997 as 492,741 units worth $16.75m exchanged hands. Three
counters were active on the VFEX as 39,820 shares traded in the stocks.
Bindura garnered 20.00% to end pegged at USD$0.0288 while, Simbisa amassed
1.62% to USD$0.3100. Padenga was the only faller as it slid 0.54% to
USD$0.2391. In other news, Tanganda released their FY2022 results in which
PAT jumped 128.8% to $582.70m and declared a final dividend of 0.006 US$
cents per share.-efesecurities

Global Currencies & Equity Markets

Nigeria

Naira bounces back slightly against dollar 

The naira on Monday exchanged at N446 to the dollar at the Investors and
Exporters window in Lagos, Southwest Nigeria.

The figure represented an appreciation by 0.11 per cent, compared with the
N446.50 it exchanged at the close of business on Dec. 9.

The open indicative rate closed at N445.20 to the dollar on Monday.

An exchange rate of N450 to the dollar was the highest rate recorded within
the day's trading before it settled at N446.

The naira sold for as low as N435.50 to the dollar within the day's trading.

A total of N78.08 million was traded at the official Investors and Exporters
window on Monday.

Ghana

Bloomberg report: Ghana Cedi posts world's biggest gain against US dollar

Bloomberg has reported that the Ghana Cedi last week posted the world's
biggest gain against the US Dollar as Ghana starts reorganising local debt.

It said the Ghana cedi took the title of the world's best performer against
the dollar last week amid optimism the country was moving closer to
unlocking an International Monetary Fund bailout.

"The cedi has rallied 10 percent in the past five days, the biggest advance
among about 150 currencies tracked by Bloomberg. That's a turnaround for an
exchange rate that had lost half of its value this year and occupied the
bottom slot in the charts," the report stated.

The gains came even as Ghana put its local-currency sovereign bonds in what
Fitch Ratings described as a "default-like process," and the holders of its
dollar bonds braced for capital losses. The restructuring is needed to put
Ghana's debt on a sustainable path and secure a $3 billion IMF loan.

"The currency was the cheapest in Africa, more than 30% undervalued versus
its 25-year history last week, so some rebound after the huge fall recently
isn't that surprising," said Charles Robertson, the global chief economist
at Renaissance Capital Ltd. in London. "Also we have the IMF in town, which
should pave the way for dollar support," it added.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar firm in calm before CPI and central bank storm

(Reuters) - The dollar was firm on Tuesday leading in to the release of U.S.
inflation data and the final Federal Reserve meeting of the year, with
investors waiting to update interest rate outlooks.

A month ago, a small surprise to the downside unleashed a wave of
bond-buying and dollar selling on the expectation that inflation had peaked.
The figures due at 1330 GMT will test that assumption, while Fed's decision
on Wednesday should provide some reasonably instant feedback from
policymakers.

The dollar lifted 0.8% on the yen overnight and was steady at 137.62 yen in
early Asia trade on Tuesday. It held gains at $0.6756 per Australian dollar
.

Register for free to Reuters and know the full story

Economists polled by Reuters expect November core inflation to be steady at
0.3% month-on-month (USCPF=ECI) but see moderation in the annual pace, with
headline prices seen 7.3% higher than a year earlier (USCPNY=ECI).

"A miss in either direction may get the markets to assume a follow-up
reaction from the Fed," said NatWest Markets' head of economics and
strategy, John Briggs.

The U.S. dollar has been supported by high and rising interest rate
expectations as the Fed has hiked its benchmark funds rate to counter
inflation, leaving the currency vulnerable to selling if inflation seems to
be cooling.

The dollar index hovered at 104.97 on Tuesday, down from a 20-year high of
114.78 in late September.

Market projections for the peak in U.S. interest rates have also slipped,
with futures pricing indicating the Fed funds rate - currently set between
3.75% and 4% - staying below 5%.

The Fed is widely expected to hike the funds rate by 50 basis points on
Wednesday, a step down in pace after four consecutive 75 bp hikes.

The euro , meanwhile, was steady at $1.0541, as was sterling at $1.2269. The
Swiss franc was at 0.9360 per dollar as traders eyed Thursday meetings of
the European Central Bank, Bank of England and Swiss National Bank.

Like the Fed, all are expected to hike by 50 bps.

The New Zealand dollar was steady at $0.6386. The Chinese yuan slipped a bit
on Monday as enthusiasm about China's re-opening prospects started to waver.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold price slips ahead of US inflation data, Fed decision

Gold prices slipped on Monday as investors stayed on the sidelines awaiting
the latest US inflation data and the Federal Reserve's rate hike decision
later this week.

Spot gold fell 0.6% to $1,785.84 per ounce by 12:25 p.m. ET, once again
hovering below the key $1,800 level. US gold futures dropped 0.8% to
$1,795.70 per ounce in New York.

"The markets are pulling back ahead of the Fed and the next couple of days
is going to be pretty volatile," said Daniel Pavilonis, senior market
strategist at RJO Futures, in a Reuters report.

The US central bank is widely expected to raise interest rates by 50 basis
points at its final meeting of 2022 scheduled on December 13-14. The
European Central Bank and the Bank of England are also set to announce
interest rate decisions this week.

Data on Friday showed US producer prices rose slightly more than expected in
November, reinforcing the view that the Fed may have to keep interest rates
higher for longer. Focus now shifts to the US consumer price index (CPI)
report for November, which is due on Tuesday.

"Ahead of the key data print, the current strength of the market would be
tested on a break below $1,765, a level where support was found on several
occasions last week," said Ole Hansen, head of commodity strategy at Saxo
Bank.

US Treasury Secretary Janet Yellen on Sunday forecast a substantial
reduction in inflation in 2023.

(With files from Reuters)

INVESTORS DIARY 2022

Company

Event

Venue

Date & Time

National Unity Day

December 22

Christmas Day

December 25

Boxing Day

December 26

Counters trading under cautionary

CBZH

Meikles

Fidelity

TSL

FMHL

Turnall

GBH

ZBFH

GetBucks

Zeco

Lafarge

Zimre

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com  

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

(c) 2022 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image005.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130918 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0001.obj>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image006.jpg
Type: image/jpeg
Size: 29279 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image007.jpg
Type: image/jpeg
Size: 29354 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20221213/d506f9d3/attachment-0005.jpg>