Bulls n Bears Daily Market Commentary : 06 March 2023

Mon Mar 6 17:41:02 CAT 2023

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Bulls n Bears Daily Market Commentary : 06 March 2023

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

NMB shines in Monday’s session as Axia debuts on the VFEX

A block trade in NMB Holdings highlighted the session as 2m shares worth
$90m exchanged hands. The trade accounted for 82.45% of the volumes traded
and 61.82% of the turnover. The other notable volume driver was EcoCash
holdings which claimed 10.35% of the total. In the values category, other
notable counters were Ecocash and CFI which had a combined 22.42% of the
turnover. Activity aggregates were depressed in the session on volume that
declined by 74.45% as 2.43m shares traded while, turnover fell by 63.25% to
145.97m. A total of eighteen counters registered price movements distributed
into eleven gainers and seven fallers, to leave the market with a negative
breadth of four.

Agriculture concern CFI led the laggards of the day trimming 14.99% to
$588.8000 trailed by CBZ that eased 5.42% to end at $141.8644. Hotelier
African Sun closed the session down 5.28% to settle at 92.8462 while, First
Capital reversed prior session’s gains as it shed 3.47% to close pegged at
$18.3100. Meikles capped the top five worst performers of the day on a 0.14%
loss to $194.7280. Partially mitigating the losses was Proplastics that
jumped 14.53% to $80.0000, followed by Art Holdings that surged 10.00% to
$22.0000. Packaging group Nampak edged up 8.75% to $23.0000 while, sugar
manufacturer Star Africa edged up 7.22% to $1.9010. Bankers NMB fastened the
top gainers of the day on a 7.14% ascent to $45.0000. The ETFs traded mixed
as Morgan & Co’s Made in Zim and Morgan & Co Multi sector advanced 0.23% and
2.28%

respectively while, Cass Saddle dropped 1.91%. Datvest and Old Mutual Top 10
were stable at $1.8000 and $8.0000 apiece. The All-Share Index trimmed 0.62%
to 29,466.15pts while, the Blue-chip Index retreated 1.22% to 16,815.21pts.
The Agriculture Index was the major loser amongst its kind as it dropped
2.54% while, the Mid Cap Index was down by 0.17%. On the VFEX, the All-Share
Index was marginally down 0.02% to 105.7981pts as Axia slipped 5.08% to
US$0.14 on its maiden day of trading, as 1,550 shares traded in the
counter.-efesecurities

Global Currencies & Equity Markets

South Africa

South African rand weakens as investors await cabinet reshuffle

(Reuters) - South Africa's rand weakened in early trade on Monday ahead of a
cabinet reshuffle expected this afternoon, where President Cyril Ramaphosa
is likely to name a new deputy.

At 0642 GMT, the rand traded at 18.1750 against the dollar, 0.19% weaker
than its previous close.

President Ramaphosa will announce changes to the national executive at 7:00
p.m. (1700 GMT) on Monday, presidential spokesman Vincent Magwenya said this
weekend.

The Presidency announced David Mabuza's resignation from the post of deputy
president on Wednesday. The new position of electricity minister is among
the roles to be filled.

ETM Analytics said in a note that investor sentiment towards South Africa
remains poor, which is reflected in the rand's underperformance in
comparison with other emerging market currencies this year.

"There is no clear indication that this will change in the short term,
although the rand may receive a minor bump higher if Ramaphosa shrinks the
size of his cabinet," ETM added.

The government's benchmark 2030 bond was stronger in early deals, with the
yield down 1.5 basis points to 10.125%.

Zambia

Kwacha depreciating fast because of PF’s excessive debts – Musokotwane

MINISTER of Finance and National Planning Dr Situmbeko Musokotwane says the
exchange rate is depreciating at a fast rate because of the excessive debts
left by the PF. The Minister was speaking in the National Assembly,
Thursday, when Shiwang’andu PF member of Parliament Stephen Kampyongo raised
a point of order wondering why the government had increased the statutory
reserve ratio when the economy had become unbearable. Earlier, Kamfinsa PF
member of parliament Christopher Kang’ombe asked the minister if the
government was aware that the increase in the Statutory Reserve Ratio and
Monetary Policy Rate by the Bank of Zambia had adversely affected the
economy. “In your response Honourable Minister you have said that this
increment does not imply an increase
...

 <mailto:info at bulls.co.zw> 

Global Markets

INDIA RUPEE Rupee mostly reverses gains on Chinese yuan dip, dollar rebound

(Reuters) - The Indian rupee ended marginally higher on Monday, giving up
most of the day's gains as the Chinese yuan fell and the dollar index
rebounded slightly.

The rupee finished at 81.91 per dollar, compared to its previous close of
81.9650. The currency climbed up to 81.6350 during the session, its highest
level since Jan. 31.

Towards the end of the session, the local currency reversed its direction as
the dollar index recouped losses and offshore Chinese yuan fell 0.6%, while
traders cited dollar buying by state-run banks.

The yuan came under pressure after the country set a softer-than-expected
economic growth target for 2023.

Importers were advised to add hedges when USD/INR dipped near 81.60-levels,
said Ritesh Bhansali, vice president at Mecklai Financial Services.

"Risk events like the Federal Reserve Chair Jerome Powell's two-day
testimony to lawmakers mid-week and the U.S. jobs report on Friday could see
the rupee rally be impacted," he added.

Considering that the Fed peak rate is being revised repeatedly, these gains
in the rupee "are welcome" but may not sustain for long as all emerging
market currencies will have to navigate a tough macro environment, ANZ
India's head of trading Nitin Agarwal said.

Bhansali was of a similar view and reckoned domestic traders would buy
dollars at current levels and possibly sell above 82.50.

On Friday, the rupee had managed to break the narrow 82.40-83.00 range to
firm past 82-levels on the back of one-off dollar inflows, which traders
attributed to a pick-up in equity markets and stop losses being triggered,
among other factors.

Indian stocks (.NSEI) have risen more than 2% over two sessions.

The Thomson Reuters Trust Principles.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold pauses for rate hike cues from Fed’s Powell

Gold prices retreated on Monday from an earlier 2½-week high as traders
awaited U.S. Federal Reserve Chair Jerome Powell’s testimony this week for
hints on future rate hikes.

Spot gold was down 0.3% at $1,849.33 per ounce after hitting its highest
since Feb. 15 at $1,858.19. U.S. gold futures rose marginally to $1,855.10.

The dollar index gained 0.1%, making greenback-priced bullion less
affordable for overseas buyers.

All eyes are on Powell’s testimony to Congress on Tuesday and Wednesday,
followed by the February jobs report due on Friday.

“Currently, gold is in a wait-and-see mode,” said UBS analyst Giovanni
Staunovo. “There’s unlikely to be a change of script from Powell,
reiterating the need for further rate hikes to bring inflation under
control.”

Although gold is considered a hedge against inflation, rising interest rates
tend to decrease the appetite for zero-yield bullion.

San Francisco Fed President Mary Daly on Saturday said that if data continue
to come in hotter than expected, interest rates will need to go higher, and
stay there longer.

On Sunday, top bullion consumer China set a modest target for economic
growth this year of around 5% as it kicked off the annual session of its
National People’s Congress.

Spot gold may extend gains into a range of $1,867-$1,876 per ounce as it has
more or less broken resistance at $1,853, according to Reuters technical
analyst Wang Tao.

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
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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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