Bulls n Bears Daily Market Commentary : 01 March 2023

Thu Mar 2 05:01:38 CAT 2023

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Bulls n Bears Daily Market Commentary : 01 March 2023

 <https://www.facebook.com/Hyundaizimbabwe> ZSE commentary

ZSE gains persist into the new month.

The market maintained gains into the first session of the new month asthe
All Share Index stepped up 2.23% to 29299.06pts while, the Blue-Chip Index
was 0.99% firmer at 17151.32pts. The Mid Cap Index rose 1.68% to 64025.41pts
while, the Agriculture Index shot up 2.36% to 124.58pts. Zimplow headlined
the winners of the day on 13.33% jump to $34.0000, followed by hotelier RTG
that surged 11.64% to $13.4524. First Mutual Properties edged up 9.53% to
$16.7575 as Zimre Holdings grew 9.36% to $11.0000. Bankers CBZ Holdings
capped the top ten gainers' pack on 9.04% uplift to settle at $155.3846.
Spirit and wines producer AFDIS led the two laggards of the day on a 1.67%
drop to $280.1923 while, life assurers Fidelity retreated 1.19% to $29.0000.
The market closed with a positive breadth of twenty-four as twenty-six
counters rose against two that faltered.

Activity aggregates were mixed in the session as volumes traded slipped
30.37% to 1.57m shares while, the value traded ballooned 86.37% to $838.44m.
CFI Holdings was the top traded counter by volume and value as it claimed
72.89% of the former and 94.30% of the latter. Foreign inflows dropped
84.36% to $2,325,550.00 while, outflows went down by 100% to $1,330.90 to
register a net funds inflow position. On the VFEX market, Padenga and SeedCo
International were active in a session as they eased 11.72% and 1.26% to
USD$0.2207 and USD$0.4407 respectively. A total of 4,148 shares worth
USD$915.5600 exchanged hands in the two counters. Datvest ETF declined 1.58%
to $1.8725 while, the MIZ ETF trimmed 3.14% to $1.4044. OMTT ETF gave up
0.61% to $8.5192 while, on the contrary Morgan and Co MCS ETF put on 4.51%
to settle at $23.0000. The Tigere REIT added 0.26% to close at $43.7396 as
2,024 units traded.-efesecurities

Global Currencies & Equity Markets

South Africa

South African rand gains as China data boosts risk-taking

(Reuters) - The South African rand gained on Wednesday after China's
manufacturing activity expanded at its fastest pace since April 2012,
fuelling risk-on appetite globally.

At 1540 GMT, the rand traded at 18.1575 against the dollar, about 1%
stronger than its previous close.

China is South Africa's largest trading partner, so positive news about the
health of its economy tends to lift South African asset prices.

The safe-haven U.S. dollar edged lower on the revival of activity in China.

On the stock market, the Top-40 (.JTOPI) closed 1.27% higher and the broader
all-share (.JALSH) index was up 1.15%.

South African drugmaker Aspen Pharmacare (APNJ.J) saw shares rise more than
13% in the day after it said it was close to signing new deals to revive its
idled COVID-19 vaccine production lines.

The government's benchmark 2030 bond was slightly stronger, with the yield
down 2 basis points to 10.090%.

Nigeria

Naira gains 0.14% at investors, exporters window amid cash crunch

Naira exchanged at N461.35 to the dollar at the investors and exporters
window on Wednesday.

The rate represented an appreciation by 0.14 percent compared with the N462
for which it exchanged to the dollar on Tuesday.

The open indicative rate closed at N461.17 to the dollar on Wednesday.

An exchange rate of N462.5 to the dollar was the highest rate recorded
within the day's trading before it settled at N461.35.

The naira sold for as low as N446 to the dollar within the day's trading.

A total of 98.6 million dollars was traded at the official Investors and
Exporters window.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar drops as commodity currencies gain on China optimism; euro rises on
hot inflation

(Reuters) - The U.S. dollar fell across the board on Wednesday, weighed down
by firmer commodity currencies that benefited from China's strong
manufacturing activity data, as well as gains in the euro after German
inflation soared last month and raised rate hike expectations in the euro
zone.

Along with the Australian and New Zealand dollars, China's yuan rose after
data showed Chinese manufacturing activity expanded at its fastest pace in a
decade, smashing expectations. The official manufacturing purchasing
managers' index (PMI) shot up to 52.6 last month from 50.1 in January.

China's non-manufacturing activity also grew at a faster pace in February,
and the Caixin/S&P Global manufacturing PMI reading for last month surpassed
market expectations.

"The market is really responding to some of the other data outside the
U.S.," said Amo Sahota, executive director at FX advisory firm Klarity FX in
San Francisco.

"Notable today was the outperformance in some commodity currencies. The
market is reading into that China PMI data. That was a very strong report
and shows China coming back with a vengeance," he added.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold scales 1-week peak as dollar slides on robust China data

(Reuters) - Gold prices gained 1% on Wednesday as strong Chinese economic
data dented the dollar and drove some bets for better physical demand from
the top bullion consumer, although the risk of rising U.S. interest rates
capped gains.

Spot gold was up 0.6% at $1,838.20 per ounce by 02:05 p.m. ET (1906 GMT),
rising up to $1,844.5 earlier, their highest in a week.

U.S. gold futures settled up 0.5% at $1,845.40.

With strong data out of China and some countries looking to continue with
rate hikes, the dollar was weakening against other currencies, providing
some support to the gold market, said David Meger, director of metals
trading at High Ridge Futures.

The dollar hit a one-week low earlier today after China's yuan gained as the
country's manufacturing activity expanded at its fastest pace since April
2012.

Since gold is priced in U.S. dollars, a weaker currency makes it more
affordable for foreign buyers.

The day's gains in prices come after bullion posted its worst month since
June 2021 in February after strong U.S. data pointed to a resilient economy,
suggesting that the Federal Reserve could deliver more rate hikes to curb
inflation.

Higher interest rates to rein in consumer prices dim the appetite for
bullion since it pays no interest against bond yields.

U.S. employment and consumer prices reports in the next two weeks would help
investors to gauge the path of interest rates.

Spot silver gained 0.5% to $21.01 per ounce.

Among the platinum-group metals, palladium jumped 1.2% to $1,434, while
platinum rose 0.3% to $955.36, earlier scaling an over two-week high of
$966.46.

"We're vacillating between an expected increased demand coming from China,
along with the concerns of recessionary fears here in the U.S. and
elsewhere," Meger said on the recent volatility in platinum and palladium
markets.

INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Nampak

AGM

Boardroom, 68 Birmingham Road, Southerton

March 8, 9am

Art

AGM

virtual

March 9, 2:30pm

Good Friday

April 7

Easter Saturday

April 8

Easter Sunday

April 9

Easter Monday

April 10

Independence Day

April 18

Workers' Day

May 1

Africa Day

May 25

Counters trading under cautionary

CBZH

TSL

Fidelity

Willdale

FMHL

ZBFH

GetBucks

Zimre

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
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