Bulls n Bears Daily Market Commentary : 27 September 2022

Tue Sep 27 21:52:52 CAT 2022

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Bulls n Bears Daily Market Commentary : 27 September 2022

ZSE commentary

Market soars.

The ZSE continued to soar in Tuesday's session registering a positive market
breadth of twenty-four as twenty-seven counters advanced against three that
faltered. The primary All-Share Index moved up 9.87% to end at 13825.66pts
while, the ZSE Top 10 Index extended 12.50% to 8342.15pts. The Mid-cap Index
inched up 4.49% to 28814.98pts as the ZSE Agriculture Index added 5.60% to
close pegged at 72.60pts. Leading the top five gainers of the day was a trio
of Masimba Holdings, Truworths and BAT which rose with a similar gain of
15.00% to finish at $57.5000, $2.3000, and $2,737.5500 respectively.
Conglomerate Innscor and beverages giant Delta surged an identical 14.99% to
end pegged at $269.2500 and $223.6500 apiece.

Insurer First Mutual Holdings led the laggards of the day on a 12.86% drop
to $16.5571 followed by Zimre Holdings that went down 8.71% to $5.0210.
National Foods completed the losers' set on a marginal loss of 0.02% to
settle at $1,095.1288. Activity aggregates were enhanced as turnover
improved 184.87% to $100.87m while, volumes traded advanced 112.20% to
3.65m. Zimre holdings was the major volume driver of the day constituting
65.47% of the aggregate  leaving other counters scrambling for the remainder
of 34.53%. Value leaders were National Foods (46.56%), Zimre  holdings
(11.95%), Innscor (11.23%), OKZIM (10.81%) and Meikles (4.90%). VFEX
recorded no trades in the session. A total of 191,627 units traded with Cass
Saddle ETF being the only faller after letting go 10.00% to $1.8000. Old
Mutual added 10.46% to $5.1932, MIZ ETF grew 2.77% to $28.5000 and Datvest
put on 1.06% to $1.5130. Elsewhere, Padenga Holdings Limited released its
HY22 results in which revenue jumped 184% to USD$56.87m while, its PAT rose
by 199% to USD$11.27m and no dividend was declared. .-efesecurities

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

South Africa

South African rand firms as dollar takes a breather

(Reuters) - South Africa's rand firmed on Tuesday after slumping to a
28-month low a day earlier as the U.S. dollar took a pause amid some
appetite for riskier assets.

At 1608 GMT, the rand traded at 17.9900 against the dollar, 0.48% stronger
than its previous close. It had hit a low of 18.1300 on Monday, its weakest
since May 2020. read more

The U.S. dollar index , which measures the greenback against a basket of six
major currencies, was last trading at 114.05, not far from a two-decade peak
of 114.58 it hit on Monday. read more

Economists at ETM Analytics said in a note the rand's value against the
dollar will likely remain extremely volatile.

"In the more immediate future, however, market sentiment appears to be
stabilising, with equities and EM currencies regaining their footing
overnight," ETM Analytics added.

Shares on the Johannesburg Stock Exchange rose, mirroring similar gains in
global equities and helped by an uptick in global oil and gold prices as
investors took stock after a softening in the dollar.

Overall on the stock market, the Top-40 (.JTOPI) index ended 0.58% higher
while the broader all-share (.JALSH) index closed up 0.63%.

The government's benchmark 2030 bond was weaker, with the yield up 2.5 basis
points to 10.805%.

The Thomson Reuters Trust Principles.

Nigeria

Naira under pressure as MPC decides on rate today

Nigeria's embattled naira and the persistent rise in inflation will weigh
heavily on the interest rate decision of the Monetary Policy Committee (MPC)
meeting today in Abuja.

The naira touched a new low in both the official and parallel markets on
Monday. While the currency crashed to N722 per dollar in the more-accessible
parallel market, it slumped to N436 per dollar in the official market.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar pauses for breath as fragile pound edges up

(Reuters) - The dollar took a pause on Tuesday in what has been a relentless
climb higher while sterling as well as the euro and Japanese yen recovered
some ground from multi-year lows after unusually volatile trading in recent
sessions.

The dollar index, which measures the greenback against a group of major
currencies, was last down 0.06% while Sterling after earlier climbing more
than 1% to $1.0837, was last up 0.69%. The euro was up 0.18% at $0.9624, and
the dollar slid 0.06% against the yen to 144.63.

The decline in the dollar was broadly in line with a renewal of appetites
for riskier assets, which also boosted stocks on Wall Street and in Europe.

"Today there seems to be a tentative break in the exceptional volatility.
That's been enough to cool the dollar's surge. Markets are going to remain
volatile for the foreseeable future and that bodes well for continued dollar
outperformance," said Joe Manimbo, senior market analyst at Convera, in
Washington DC.

Tuesday's moves were minor compared to the dollar's significant recent
gains. The euro was still not far above its more than 20-year trough hit a
day earlier, and the yen was just off its 24-year low hit last week before
Japanese authorities intervened to strengthen the currency.

Sterling was not too far above its record low of $1.0327 hit Monday in a
plunge that began Friday when markets were spooked by Britain's gambit of
relying on unfunded tax cuts to spur growth.

Bank of England Chief Economist Huw Pill said on Tuesday that the BoE is
likely to deliver a "significant policy response" to last week's tax cut
announcement but should wait until its next meeting in November. read more

England's central bank had said on Monday that it would not hesitate to
change interest rates and was monitoring markets "very closely." read more

"We'll have to see what the Bank of England's response is ... They've said
they'll do whatever it takes to tackle inflation and stabilize the pound.
For now markets are taking them at their word," said Manimbo.

The dollar index was last at 113.78, on the day, but still near its 20 year
top of 114.58 hit the day before.

The Aussie and kiwi , which hit 2-1/2 year lows on Monday, were also on the
rebound, with the Aussie up 0.15% to $0.6469 and the kiwi up 0.61% to
$0.5669.

Bitcoin, which also often moves in line with risk sentiment, hit a 10-day
top and was last up over 5% at around $20,200

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold prices holding gains as U.S. consumer confidence rises to 108

(Kitco News) - The gold market is holding its ground and session gains even
as U.S. consumer sentiment rises significantly more than expected in
September.

American consumer confidence index rose to 108, up from August's reading of
103.2, the U.S. Conference Board reported Tuesday. Economists were expecting
to see the index at 104.

While off its highs, the gold market is relatively steady as it continues to
see a technical bounce after hitting a fresh two-year low overnight.
December gold futures last traded at $1,642.60 an ounce, up 0.56% on the
day.

Some analysts have said that the strong positive sentiment could potentially
weigh on gold as the data continues to support the Federal Reserve's
aggressive monetary policy stance. The report shows that U.S. consumers
remain indifferent to the growing threat of a recession. Economists note
that consumer optimism will continue to support consumption and economic
growth.

Looking at the components, the report said that the Present Situation Index
rose to 149.60, up from August's reading of 145.3. At the same time, the
Expectations Index rose to 80.3, up from the previous reading at 75.8.

"Consumer confidence improved in September for the second consecutive month,
supported in particular by jobs, wages, and declining gas prices," said Lynn
Franco, senior director of Economic Indicators at The Conference Board. "The
Present Situation Index rose again, after declining from April through July.
The Expectations Index also improved from summer lows, but recession risks
nonetheless persist. Concerns about inflation dissipated further in
September-prompted largely by declining prices at the gas pump-and are now
at their lowest level since the start of the year."

However, Franco noted that rising interest rates are taking their toll on
consumer spending.

"Purchasing intentions were mixed, with intentions to buy automobiles and
big-ticket appliances up, while home purchasing intentions fell. The latter
no doubt reflects rising mortgage rates and a cooling housing market,"
Franco said. "Looking ahead, the improvement in confidence may bode well for
consumer spending in the final months of 2022, but inflation and
interest-rate hikes remain strong headwinds to growth in the short term."

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
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