Bulls n Bears Daily Market Commentary : 09 March 2022

Wed Mar 9 17:33:02 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:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Bulls n Bears Daily Market Commentary : 09 March 2022

ZSE commentary

The ZSE shares closed in the red as heavy weight counters weigh down the
market headlining losses for the second day. Activity levels were lower at
435 trades. Delta and Star Africa were the most active stocks at 39 trades
each followed by Econet at 25 trades. Investor sentiment was negative after
the session yielded 17 decliners against 14 risers while seven (7) of the
active stocks remained unchanged. Ecocash anchored volume aggregate trading
950,500 shares while Delta anchored value aggregate with a value of ZW$82.66
million.

The All-Share Index shaded 1.22% to close at 14,813.08 points. The Top 10
Index shaded 1.50%. The Top 15 Index shaded 1.51%. The Medium Cap Index was
down by 0.44% to 24,551.26 points whilst the Small Cap Index shaded 0.17% to
402,602.71 points. Leading the risers pack of the day was Art Corporation
closed at 1555.71c and Edgars  was up by 3.64%. African Sun added 3.17% and
Star Africa added 2.05% to 147.08c. Mashonaland Holdings was up by 1.88%.
Mitigating the gains were losses in FBC Holdings  and Ecocash which shaded
8.33% and 3.58% respectively. Ariston was down by 2.83%. Econet and Wildale
shaded 2.78% and 2.69% respectively. The ETFs traded 31,506 units worth
ZW$305,356.05 in 80 trades. The Old Mutual Top 10 ETF added 0.03% to close
at 889.17c while the Morgan and Co Multi Sector ETF added 1.05% to close at
1470c. On the VFEX, Padenga traded 19,315 shares to close down 0.02% at USc
20.99.. wealthaccesssecurities

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

South Africa

Rand rises against the US dollar on strong commodity prices

The rand rose in early trade on Wednesday, supported by higher commodity
prices, but gains were limited by investor concerns over fast-paced
developments around the Ukraine crisis and deeper power outages by local
utility Eskom.

At 0630 GMT, the rand traded at 15.2575 against the dollar, 0.25 percent
firmer than its previous close.

Story continues below Advertisment

South Africa's higher exposure to commodities including gold, platinum and
palladium has helped limit losses in the currency, as the Russia-Ukraine
conflict saps investors' appetite for riskier assets.

Gold held ground after rising to a 19-month peak on Tuesday, while palladium
and platinum gained.

Back home, Eskom said it aimed to nearly double the extent of power cuts
after suffering more breakdowns at generation units.

Frequent power outages have constrained South Africa's economic growth in
recent years.

In fixed income, the yield on the benchmark 2030 government bond was down
4.5 basis points to 10.215 percent, reflecting firmer prices.

REUTERS

Ghana

Cedi devalued by over 30,000% between 1983 till date - Pratt on

Ghana turned 65 years old on Sunday, March 6 and as custom demands, there
was a national parade to commemorate the day.

Ghanaian school children, workers, security agencies among others gathered
at the Cape Coast Sports Stadium in the Central Region and put up a colorful
display to the delight of the entire nation as well as reminding the
citizenry of how far Ghana, formerly called the Gold Coast, has come.

However, the Ghana's journey so far hasn't been smooth but rather it's been
characterized by events that one would want to reminisce for various reasons
and draw lessons from.

Discussing the 65th anniversary of Ghana during Tuesday's edition of
Kokrokoo on Peace FM, Managing Editor of the Insight newspaper, Kwesi Pratt
recalled Ghana's past and present decisions by successive governments.

One of such decisions he recalled while speaking to host Kwami Sefa Kayi was
state-owned companies that had been sold off.

Mr. Pratt, in his criticisms, noted that about 400 State-owned entreprises
have all been sold and, to him, this is not something Ghana should be proud
of.

He explained that the few state-owned companies that haven't been sold are
doing so well that it makes him wonder why the other companies were sold
out.

He also decried the culture of Ghana gong to the International Monetary Fund
(IMF) for financial assistance, stressing the country should desist from
begging the IMF.

Another problem he identified is the devaluation of the country's currency
against foreign currencies, primarily the US Dollar, and the laying off of
workers from various companies.

''In a period of one year, 300,000 workers lost their jobs...From 1983 till
date, Ghana's currency has been devalued by more than 30,000 percent. It
didn't also end well for us'', he said.

Although not clearly showing how he feels after 65 years of independence,
Mr. Pratt was however unhappy with the state of the economy, hence called
for the restructuring of Ghana so as to relieve Ghanaians of their economic
burdens.

''We have the largest man-made lake in the world but what are we using it
for? How beneificial has it been for us?'', he asked, emphasizing ''the
structure of our economy needs to change

 <mailto:info at bulls.co.zw> 

Global Markets

Euro rallies ahead of ECB meeting, Poland's zloty and Hungary's forint surge

(Reuters) - The euro rose on Wednesday, briefly nearing $1.10, supported
ahead of this week's European Central Bank meeting by reports that European
Union countries were discussing joint bond issuance to finance energy and
defence spending.

After touching a 22-month low on Monday of $1.0806, the euro stood at
$1.0968 at 1220 GMT, up 0.7% on the day, after a report citing unnamed
officials said the EU was discussing joint bond issuance.

European currencies such as Poland's zloty and Hungary's forint rose
sharply, rebounding from record lows against the euro, also supported by
both central banks hiking rates on Tuesday. read more

The ECB meets on Thursday but amid the spectre of stagflation, money markets
expect policymakers to delay rate hikes until late in the year. IRPR

"European currencies have been under heavy pressure for the past couple of
weeks and some of these valuations have begun to look stretched," said Jane
Foley, head of FX Strategy at Rabobank in London.

"News that the EU is considering issuing debt to finance energy and defence
spending underpinned the euro and helped trigger the better tone in the euro
and European currencies," she added.

Sterling rose 0.4% against the dollar to $1.3148, Poland's zloty jumped 1.8%
against the greenback to 4.3808 and Hungary's forint surged 2.8% to 345.80.

Analysts said the euro is unlikely to make much headway while there is so
much worry about the war in Ukraine spreading, while expectations for a
Federal Reserve rate hike and safe haven demand suggested the U.S. dollar
would be unlikely to give up too much ground.

Against a basket of currencies including the euro, the dollar fell 0.5% to
98.628, to sit just below a 22-month peak touched on Monday.

"While the uncertainty surrounding the military conflict but also energy
prices remains high, the volatility on the FX market is unlikely to ease
either, leaving the U.S. dollar with the advantage as a safe haven," said
Antje Praefcke, FX Analyst at Commerzbank.

In the meantime, commodity prices are expected to drive FX trading with oil
climbing again after the U.S. said it would ban Russian oil imports.

The Norwegian crown rose 0.6% versus the dollar to 8.9235, the Brazilian
real surged 0.6% to 5.0300 and the Canadian dollar was up 0.45% at 1.2833.

Cryptocurrencies also rose on speculation the White House may soften its
combative approach to digital assets. Bitcoin was last up 10% at $42,330 and
ether was up 7% at $2,760. read more

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold makes run for record high as Ukraine concerns, inflation risks mount

(Reuters) - Gold extended its rally towards a record high on Tuesday, after
investors made a beeline for the traditional safe-haven metal on mounting
fears around the Russia-Ukraine crisis, with the U.S. and Britain saying
they would ban oil from Moscow.

Meanwhile, worries over a palladium supply shortfall due to sanctions on
Russia, the top producer of the auto-catalyst metal, kept its price near
all-time highs.

Spot gold was up 2.4% to $2,046.49 per ounce as of 01:36 p.m. ET (1836 GMT),
after rising to $2,069.89 earlier in the session, a whisker away from a peak
of $2,072.50 touched in August 2020.

U.S. gold futures settled 2.4% higher to $2,043.30.

"The combination of roaring energy prices, grain prices, base metal prices
is culminated in dramatic inflationary pressures that continue to be the
major underlying support behind gold moves higher," said David Meger,
director of metals trading at High Ridge Futures.

"In addition, we're seeing significant amount of safe-haven bids in the gold
market as equity markets have come under pressure due to major concerns on
the geopolitical front."

Soaring oil prices and the Ukraine war have slammed appetite for riskier
assets in recent weeks.

U.S. President Joe Biden announced a ban on Russian oil and other energy
imports on Tuesday, while Britain said it will phase out the import of
Russian oil and oil products by 2022. read more

Bullion, which has risen more than 12% this year, is considered a safe store
of value during times of geopolitical uncertainty and rising inflation.

Palladium rose 6.7% to $3,199.18 per ounce, after hitting an all-time high
of $3,440.76 on Monday. It has risen more than 60% this year.

In the event of shortages, car manufacturers would be willing to pay almost
any price for the metal to keep up production, Saxo Bank analyst Ole Hansen
said. read more

Spot silver rose 3.1% to $26.45 per ounce after hitting its highest since
mid-June 2021. Platinum jumped 2.9% to $1,155.52.

Our Standards: The Thomson Reuters Trust Principles.

INVESTORS DIARY 2022

Company

Event

Venue

Date & Time

Nampak

AGM

March 09, 9AM

Art

AGM

March 10, 2.30PM

Counters trading under cautionary

ART

Seed co Int.

Starafrica

Medtech

Turnall

Seed co

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/20220309/69af88eb/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/20220309/69af88eb/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 36899 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220309/69af88eb/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 22328 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220309/69af88eb/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220309/69af88eb/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130919 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20220309/69af88eb/attachment-0001.obj>