Bulls n Bears Daily Market Commentary : 30 March 2022

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Bulls n Bears Daily Market Commentary : 30 March 2022

 

 	

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ZSE commentary

 

The All-Share Index retreated by 2.01 points (0.01%) to close at 15,720.81 points. LAFARGE CEMENT eased $5.0000 to close at $125.0000, DELTA lost $2.4202 to $241.9737 and ECOCASH HOLDINGS was $1.0596 weaker at $67.1789. AMALGAMATED REGIONAL TRADING also decreased by $0.9970 to settle at $19.0030 and HIPPO VALLEY ESTATES was $0.7391 lower at $316.0000. Losses were offset by gains in CAFCA  which added $10.0000 to $180.0000, SIMBISA BRANDS rose further by $5.6116 to $216.0408 and CBZ added $3.4517 to $93.7832. ZIMPLOW also increased by $1.7419 to $19.7429 and MEIKLES  was $1.4539 stronger at $139.9870.

 

MORGAN & CO MULTI-SECTOR ETF recovered by $0.4533 to $14.4753, DATVEST MODIFIED CONSUMER STAPLES ETF rose further by $0.0526 to $1.8540 whilst OLD MUTUAL ZSE TOP 10  lost by $0.1334 to close at $8.5901.zse

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Global Currencies & Equity Markets

 

 

 

 

South Africa

 

South Africa’s rand firms as Russia-Ukraine peace talks boost risk appetite

JOHANNESBURG: South Africa’s rand firmed in early trade on Wednesday, holding on to gains from the previous session as signs of progress in Russia-Ukraine peace talks lifted risk appetite.

 

At 0625 GMT, the rand traded at around 14.4880 against the dollar, 0.3% firmer than Tuesday’s close, and trading close to a five-month high hit on Friday.

 

Negotiators from Russia and Ukraine met in Turkey late on Tuesday to discuss a peace deal, where Russia promised to scale down military operations around Kyiv and another city, and Ukraine proposed adopting a neutral status.

 

South Africa’s rand pulls back as dollar firms

 

This supported riskier but high-yielding emerging market assets including the rand and dragged on the dollar as investors felt less in need of a safe-haven.

 

“The rand this morning is again trading in positive territory despite disappointing local unemployment data,” Nedbank analysts said in a note.

 

Data showed on Tuesday that South Africa’s unemployment rate rose to a new record high of 35.3% in the fourth quarter of 2021 as sectors like manufacturing and construction shed jobs.

 

Government bonds also firmed, with the yield on the benchmark 2030 maturity down 3 basis points to 9.475%.

 

 

 

Nigeria

 

Naira Drops 0.12% to N417 Per Dollar at I&E

The Naira further depreciated on Tuesday by 0.12 per cent or 50 kobo against the Dollar at the Investors and Exporters (I&E) segment of the foreign exchange (FX) market to close at N417.00/$1 in contrast to N416.50/$1 of the previous trading session.

 

 

Also, the domestic currency depreciated against the Pound Sterling by N1.21 to sell for N547.12/£1 compared to the previously traded rate of N545.91/£1 and against the Euro, the Nigerian currency lost N5.29 to quote at N461.83/€1 in contrast to Monday’s exchange rate of N456.54/€1.

 

But the Naira further sustained stability against the United States currency at the Peer-2-Peer (P2P) segment of the forex market, closing flat at N584/$1 yesterday.

 

 

At the digital currency market, transactions were bearish as seven of the 10 virtual coins monitored by Business Post depreciated in value on Tuesday, with Ripple (XRP) recording the highest loss of 3.5 per cent to trade at N508.35.

 

Dogecoin (DOGE) went down by 2.6 per cent to sell at N85.39, Dash (DASH) slid by 0.9 per cent to trade at N75,259.67, Cardano (ADA) made a 0.8 per cent retreat to sell at N704.43, Bitcoin (BTC) posted a 0.6 per cent loss as it sold for N28,335,960.50, Binance Coin (BNB) dropped 0.5 per cent to N179,866.58, while Litecoin (LTC) declined by 0.5 per cent to trade at N77,036.83.

 

On the gainers’ angle, Solana (SOL) added 0.8 per cent to its value to trade at N64,945.03, Ethereum (ETH) saw its value rise by 0.4 per cent to sell at N2,015,350.92, while the United States Dollar Tether (USDT) moved up 0.1 per cent to trade at N589.82.

 

 

 

 

 

 

 

 

 

 <mailto:info at bulls.co.zw> 

 

 

 

Global Markets

 

U.S. dollar skids amid progress in Russia-Ukraine peace talks

(Xinhua) -- The U.S. dollar dropped in late trading on Tuesday as the euro advanced amid positive signs from Russia-Ukraine peace talks.

 

The dollar index, which measures the greenback against six major peers, decreased 0.69 percent at 98.4060.

 

In late New York trading, the euro rose to 1.1095 U.S. dollars from 1.0993 dollars in the previous session, and the British pound decreased to 1.3094 dollars from 1.3098 U.S. dollars in the previous session. The Australian dollar increased to 0.7512 U.S. dollar from 0.7501 dollar.

 

The U.S. dollar bought 122.92 Japanese yen, lower than 123.60 Japanese yen of the previous session. The U.S. dollar fell to 0.9311 Swiss franc from 0.9351 Swiss franc, and it fell to 1.2494 Canadian dollars from 1.2527 Canadian dollars.

 

Russian and Ukrainian delegations held a fresh round of face-to-face peace talks in Istanbul on Tuesday. Russian chief negotiator said the talks were "constructive." ■

 

 

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Commodities Markets



 

Gold gains as dollar, U.S. treasury yields weaken

(Reuters) – Gold prices rose on Wednesday, supported by a dip in the U.S. dollar and Treasury yields, though signs of progress in Russia-Ukraine peace talks dented the metal’s appeal as a safe haven and kept gains in check.

 

Spot gold was up 0.2% at $1,922.65 per ounce, as of 0744 GMT, after the metal hit its lowest since Feb. 28 on hopes for a negotiated end to the Ukraine conflict. U.S. gold futures rose 0.6% to $1,928.80.

 

City Index senior market analyst Matt Simpson said investors remain wary of Russia’s intentions following its pledge to scale down “military operations” around Kyiv and another city.

 

Ukraine reacted with scepticism, and some Western governments fear Moscow aims to intensify its offensive in other parts of the country.

 

Simpson said gold benefitted from both currency and bond market trends.

 

The dollar index held near a more than one-week low hit in the previous session, making gold less expensive for other currency holders. [USD/]

 

U.S. benchmark 10-year yields also slipped from near three-year highs, and lower yields decrease the opportunity cost of holding non-yielding bullion. [US/]

 

The weaker “dollar has provided a level of support for gold,” Simpson said, adding, “bond prices bounced from a key level of support yesterday which helped push yields lower despite the supposed risk-on rally seen across equities. And that’s provided another pillar of support for gold.”

 

Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, slipped 0.2% to 1,091.44 tonnes on Tuesday. [GOL/ETF]

 

Spot silver rose 0.3% at $24.83 per ounce and platinum was up 0.1% to $983.78.

 

Palladium fell 0.5% to $2,137.78, after dipping to a more than two-month low of $2,032.97 in the last session.

 

The auto-catalyst metal has tumbled nearly 40% since scaling an all-time peak on March 7 as supply concerns from Russia eased.

 

 

 


 

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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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.

 

 	

 

 

 	

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