Bulls n Bears Daily Market Commentary : 12 September 2022

Tue Sep 13 07:23:58 CAT 2022

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Bulls n Bears Daily Market Commentary : 12 September 2022

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ZSE commentary

The market continued on a downward trend with the first trading session
ending in the negative. The All Share Index dropped 295.88 points to close
at 12,384.96 points. DELTA CORPORATION LIMITED went down further by $13.7406
to $176.1087, INNSCOR AFRICA LIMITED was $5.6589 lower at $230.5049 whilst
ECONET WIRELESS ZIMBABWE LIMITED  slumped by $4.9809 to $83.1090. AXIA
CORPORATION LIMITED decreased by $4.3876 to $40.0940 and SIMBISA BRANDS
LIMITED lost $2.6477 to settle at a price of $144.0062. 

Trading in the Positive: ZIMPLOW HOLDINGS LIMITED increased by $1.5664 to
$17.0000, CBZ HOLDINGS LIMITED gained $0.7978 to close at $159.9978, whilst
OK ZIMBABWE LIMITED  was $0.4996 stronger at a price of $36.9754. ARISTON
HOLDINGS LIMITED was up by $0.3816 at $3.2883 and FIRST MUTUAL PROPERTIES
LIMITED added $0.2000 to close at a price of $5.0000.s 

EXCHANGE TRADED FUNDS OLD MUTUAL ZSE TOP 10 went down by a further $0.3551
to close at $5.2520 whilst DATVEST MODIFIED CONSUMER STAPLES EXCHANGE TRADED
FUND dropped $0.0055 to settle at $1.4910. CASS SADDLE AGRICULTURE ETF ,
MORGAN & CO MULTI-SECTOR ETF and MORGAN & CO MADE IN ZIMBABWE EXCHANGE
TRADED FUND remained flat at $1.5500, $26.6453 and $1.2500 respectively..zse

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

South Africa

South African rand firms as dollar weakens before U.S. inflation data

(Reuters) - South Africa's rand strengthened on Monday, as the dollar
weakened ahead of key U.S. inflation data due on Tuesday that might give
clues on how aggressively the Federal Reserve may hike interest rates at its
Sept. 21 policy meeting.

At 1553 GMT, the rand traded at 17.1175 against the dollar, 1.23% stronger
than its previous close.

The dollar index , which measures the currency against six major rivals, was
down 0.52% at 108.19 after hitting a two-decade peak of 110.79 last week.
read more

Investors will be looking at U.S. inflation data, which will be key for
determining the policy direction that the Fed will take in the near term.

"With the U.S. CPI figures released tomorrow afternoon there could be space
for the rand to strengthen in the interim," Investec analyst Annabel Bishop
said in a research note.

However, she added that the rand is still very weak overall and is still
reflective of an elevated risk aversion environment.

Shares on the Johannesburg Stock Exchange rose, mirroring gains in global
equities as oil prices climbed on supply concerns. read more

Overall on the stock market, the Top-40 (.JTOPI) ended 1.59% higher while
the broader all-share (.JALSH) rose 1.55%.

The government's benchmark 2030 bond strengthened, with the yield down 12
basis points at 10.185%.

The Thomson Reuters Trust Principles.

Nigeria

Naira opens week with loss, exchanges at 436.50 to dollar

The Naira on Monday depreciated slightly against the dollar exchanging at
436.50 at the Investors and Exporters window.

The figure represents a decrease of 0.04 per cent compared with N436.33 to
the dollar before the close of business on Sept. 9.

The open indicative rate closed at N434.40 to the dollar on Monday.

An exchange rate of N437 to the dollar was the highest rate recorded within
the day's trading before it settled at N436.50.

The Naira sold for as low as N425 to the dollar within the day's trading.

A total of 99.78 million dollars was traded at the official Investors and
Exporters window on Monday. (NAN)

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar holds firm as U.S. inflation data in focus

(Reuters) - The dollar nursed losses on Tuesday ahead of U.S. inflation data
that could show some signs of softening, while the euro found its footing
above parity on hawkish comments from policymakers that rates would need to
increase further.

The dollar index stood firm at 108.2, after falling 0.7% overnight, the
largest daily decline since August.

The euro rose 0.08% to $1.0130, after hitting a nearly one-month high of
$1.0198 in the previous session and gaining 0.76% overnight. Sterling edged
up 0.07% to $1.1691, after rising 0.86% overnight, the largest daily
increase in a month.

The yen likewise eked out gains and last traded 0.2% higher at 142.53 per
dollar, helped slightly by talk of intervention from Japanese officials.
read more

U.S. inflation figures are due at 1230 GMT and the consensus is for the core
inflation rate last month to have risen 0.3% month-on-month, the same as in
July. Recent dollar gains have slowed on market expectations that peaking
inflation will mean less aggressive interest rate hikes from the Federal
Reserve.

As it is, the New York Fed's monthly consumer expectations survey showed on
Monday that U.S. consumers' inflation expectations slid further in August on
declining gasoline prices. read more

"The outcome of the CPI is going to be really important for the Fed ... it
would probably take an acceleration, a strong outcome in the CPI, to see
them hike by 75 basis points," said Kristina Clifton, a senior economist and
senior currency strategist at Commonwealth Bank of Australia.

"If we get a reading sort of broadly in line with what the consensus is
expecting, we would say they would go for a 50 basis point increase."

However, Fed funds futures still imply an 89% chance of a 75 bp increase at
next week's Federal Open Market Committee meeting.

The euro has enjoyed a respite above parity due to hawkish noises from the
European Central Bank. Last week, five sources close to the matter said
Europe's benchmark rate could rise to 2% or beyond. read more

Officials on Monday also reiterated their view that rates would need to keep
rising, and it would depend on forthcoming data.

The Ifo institute, in a U-turn from its forecast three months prior, said on
Monday that Germany's economy will contract next year because of rising
energy costs. read more

"We definitely see downside to the euro rather than upside ... we're
expecting the euro to pull back down below parity and stay there for quite a
while, particularly while all those issues around energy supplies are still
at play," said Clifton.

Meanwhile, the Australian and New Zealand dollars reversed their gains in
the Asian trading session after a broad pick-up in risk sentiment lifted the
antipodean currencies 0.6% overnight.

The Aussie eased 0.27% to $0.6870, while the kiwi fell 0.15% to $0.6128.

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold rates unchanged; silver up by Rs 200, selling at Rs 55,200 per kg

Gold prices remained unchanged in Tuesday's early trade with 10 gram of the
yellow metal (24-carat) trading at Rs 51,000. On the other hand, the price
of silver increased by Rs 200 per kg with the metal trading at Rs 55,200.

Ten grams of 22-carat gold is trading at Rs 46,750 today.

In Mumbai and Kolkata, 24-carat gold is selling at Rs 51,000 per 10 gram,
while 22-carat gold is trading at Rs 46,750 in the respective cities. In
Delhi, 24-carat and 22-carat gold are trading at Rs 51,150 and Rs 46,900 per
10 gm, respectively.

In Chennai, 24-carat and 22-carat gold is trading at Rs 51,760 and Rs
47,450, respectively.

Gold jumped about 1 per cent and silver rallied over 5 per cent on Monday,
bolstered by a weaker dollar, while investors awaited key inflation data for
cues on the pace of interest rate hikes by the US central bank.

Spot gold rose 0.7 per cent to $1,728.57 per ounce by 1.53 pm EST (1753
GMT), after rising to its highest since August 30 at $1,734.99. US gold
futures settled 7 per cent higher at $1,740.6.

Even though gold is seen as a hedge against inflation, higher interest rates
increase the opportunity cost of holding bullion and boost the dollar.

Meanwhile, 1 kg of silver in Mumbai, Delhi, and Kolkata was trading at Rs
55,200. In Chennai, Bengaluru, and Hyderabad, one kg of silver is selling at
Rs 61,400.

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 

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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
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for guideline purposes only and sourced from third parties.

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