Bulls n Bears Daily Market Commentary : 08 November 2023

Thu Nov 9 07:07:51 CAT 2023

 <http://www.bullszimbabwe.com> Bullszimbabwe.com
<mailto:bulls at bulls.co.zw> Views & Comments
<http://www.bullszimbabwe.com> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:%20bulls at bullszimbabwe.com?subject=Unsubscribe> Unsubscribe

Bulls n Bears Daily Market Commentary : 08 November 2023

 <https://www.dulys.co.zw/> ZSE commentary

The ZSE All Share Index added 1,980.81 points to close the session at
172,188.22 points. Trading in the positive: TSL LIMITED added $118.1000 to
$905.6500, DELTA CORPORATION LIMITED gained $34.0366 to close at $3,511.7634
and CBZ HOLDINGS LIMITED increased by $27.2727 to $2,100.0000. FIDELITY LIFE
ASSURANCE LIMITED  was $21.4286 up at $180.0000 and FBC HOLDINGS LIMITED
added $13.0952 to $750.0000.

Trading in the negative: WILLDALE LIMITED shed $0.7972 to close at $26.0028,
ZIMRE HOLDINGS LIMITED lost $0.1123 to close at $127.0000, RAINBOW TOURISM
GROUP LIMITED  eased $0.0714 to $129.9286 and STAR AFRICA CORPORATION
LIMITED lost $0.0414 to $4.9358.

EXCHANGE TRADED FUNDS (ETF)

DATVEST MODIFIED CONSUMER STAPLES EXCHANGE TRADED FUNDS  added $0.7000 to
$8.0000 and OLD MUTUAL TOP 10 ETF added $0.0069 to $34.6800.

MORGAN & CO MULTISECTOR EXCHANGE TRADED FUND , CASS SADDLE AGRICULTURE
EXCHANGE TRADED FUND and MORGAN & CO MADE IN ZIMBABWE remained unchanged at
$286.0000, $7.2507 and $6.7900 respectively.

REAL ESTATE INVESTMENT TRUST (REIT)

TIGERE REAL ESTATE INVESTMENT 4RUST traded $4.9300 higher to $245.0000..-zse

Global Currencies & Equity Markets

Nigeria

Naira falls to 1,140/$ on black market

The renewed pressure on the foreign exchange (FX) market intensified on
Wednesday as the naira fell to 1,140 per dollar on the parallel market, also
known as black market.

This represents 8.91 percent depreciation against the dollar when compared
with an average of N1,046.66 exchanged on Tuesday.

Naira on Tuesday fell to an average rate of N1,046.66 per dollar following a
shortage of dollars on the black market.

Read also: The President will shock naira speculators - Shettima

This represents 2.61 percent (N26.66/$) weaker than N1,020 quoted on Monday
on the black market. The dollar was sold for N1,080 in Festac, N1,030 at
Airport, and in Ibadan, it sold for N1,025/$1.

"Individuals who bring dollars for us have stopped selling because of the
way the rate is fluctuating. So there is a slight shortage of dollars and
demand is rising," one of the street traders said.

The Naira on Friday strengthened against the dollar, gaining 22.13 percent
(N290) as the dollar fell to N1,020 on Friday from the peak of N1,310 on
Thursday last week on the black market.

At the Autonomous Foreign Exchange Market (NAFEM), market on Tuesday, naira
weakened further as the dollar was quoted at N869.91 as against N809.02
quoted on Monday, data from the FMDQ indicated.

Willing buyers and willing sellers quoted dollar at a spot rate of N1,100
the highest ever and at the low rate of N700/$1 at the official market.

The depreciation of the naira at the NAFEM followed low dollar supply as the
daily foreign exchange market turnover declined by 19.08 percent to $70 92
million on Tuesday from $87.65 million recorded on Monday.

Nigeria's currency lost 4.24 percent of its value against the dollar at the
official market, following a decline in dollar supply on Monday.

After trading at the Nigerian NAFEM on Monday, dollar was quoted at N809.02
as against N776.14 quoted on Friday, data from the FMDQ indicated.

The daily foreign exchange (FX) market turnover declined by 11.30 percent to
$87.65 million on Monday from $98.82 million recorded on Friday.

At the parallel market, naira opened and closed at N1,020 per dollar on
Monday after appreciating to N970/$1.

Read also: Naira rescue hangs on oil sector revamp but NNPC dancing at the
edges

At the weekend, the Naira strengthened to N970 per dollar on the black
market, following some positive sentiments around government plans to shore
up dollar liquidity in the foreign exchange market.

Currency traders expect naira to appreciate today in anticipation of dollar
flows from willing buyers and willing sellers at the NAFEM.

South Africa

South African rand slips ahead of Fed Chair's speech

JOHANNESBURG: South Africa's rand weakened in early trade on Wednesday as
traders awaited a speech from the US Federal Reserve Chairman Jerome Powell
for clues on the Fed's future interest rate path.

At 0722 GMT, the rand traded at 18.3600 against the dollar , about 0.14%
weaker than its previous close.

The dollar last traded about 0.17% stronger against a basket of currencies,
helped by comments from a slew of Fed speakers on Tuesday who indicated that
the central bank might not be done with rate hikes.

No major economic data is due on Wednesday in South Africa and the rand is
set to take direction from global drivers such as US monetary policy.

South African rand stable after week of gains

Investors will turn their focus towards Powell for new direction, who is set
to speak later in the day and on Thursday. Shares on the Johannesburg Stock
Exchange were little changed in early trade, with the blue-chip Top-40 index
last trading near its previous close.

South Africa's benchmark 2030 government bond was stronger in early deals,
the yield down 1.5 basis points to 10.385%.

 <mailto:info at bulls.co.zw> 

Global Markets

Canadian dollar weakens for third day as oil slides

(Reuters) - The Canadian dollar weakened against its U.S. counterpart on
Wednesday as oil prices tumbled and despite minutes from the Bank of
Canada's latest meeting showing that some policymakers saw the need for more
interest rate hikes.

The loonie was trading 0.2% lower at 1.38 to the greenback, or 72.46 U.S.
cents, after moving in a range of 1.3756 to 1.3814.

It was the third straight day of declines for the currency after it notched
last week its biggest weekly gain since March.

Some of the currency's move in recent days has been part of a normal
correction while the recent slide in the price of oil has also been a
factor, said Darren Richardson, chief operating officer at Richardson
International Currency Exchange Inc.

Oil, one of Canada's major exports, settled 2.6% lower at $75.33 a barrel on
concerns over waning demand in the U.S. and China. Since the start of the
week, oil has fallen more than 6%.

"When we see the losses it (oil) had this week, that's having an impact on
the Canadian dollar," Richardson said.

The loonie is set to strengthen less than previously expected over the
coming year once a slowdown in the domestic economy opens the door to Bank
of Canada interest rate cuts, a Reuters poll found.

Some members of the BoC's policy-setting governing council saw the likely
need for further interest-rate hikes when they left borrowing costs on hold
on Oct. 25, minutes showed.

Canadian government bond yields were mixed across a flatter curve, tracking
moves in U.S. Treasuries.

The 10-year touched its lowest level since Sept. 14 at 3.695% before
recovering to 3.715%, down 4.4 basis points on the day.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold pressured on technical selling, drop in crude oil

(Kitco News) - Gold prices are lower in midday U.S. trading Wednesday. The
sellers are in control today as crude oil prices have slumped to a 3.5-month
low and as the near-term technical posture for the yellow metal has
deteriorated this week-prompting some chart-based selling from the
speculators. Silver is trading higher on some perceived bargain hunting.
December gold was last down $13.30 at $1,960.20. December silver was last up
$0.246 at $22.83.

U.S. stock indexes are weaker at midday. Risk appetite is creeping back into
the general marketplace amid no recent major escalation in the Israel-Hamas
war. That's also a negative for the safe-haven metals bulls.

U.S. government shutdown next week? Markets are underpricing this risk -
Danielle DiMartino Booth

The key outside markets today see the U.S. dollar index near steady. Nymex
crude oil prices are lower and trading around $75.50 a barrel. The yield on
the benchmark U.S. Treasury 10-year note is presently fetching around 4.5%.

Technically, December gold futures prices hit a three-week low today. The
bulls have the slight overall near-term technical advantage but need to show
fresh power very soon to keep it. A four-week-old uptrend on the daily bar
chart has been negated. Bulls' next upside price objective is to produce a
close above solid resistance at the October high of $2,019.70. Bears' next
near-term downside price objective is pushing futures prices below solid
technical support at $1,900.00. First resistance is seen at today's high of
$1,977.50 and then at $1,985.20. First support is seen at today's low of
$1,956.80 and then at $1,950.00. Wyckoff's Market Rating: 5.5

December silver futures prices hit a three-week low today. The silver bears
have the overall near-term technical advantage. Silver bulls' next upside
price objective is closing prices above solid technical resistance at the
October high of $23.88. The next downside price objective for the bears is
closing prices below solid support at the October low of $20.85. First
resistance is seen at $23.00 and then at $23.50. Next support is seen at
today's low of $22.375 and then at $22.00. Wyckoff's Market Rating: 4.0.

December N.Y. copper closed down 425 points at 363.65 cents today. Prices
closed near the session low today. The copper bears have the overall
near-term technical advantage. A fledgling price uptrend on the daily bar
chart was negated today. Copper bulls' next upside price objective is
pushing and closing prices above solid technical resistance at 380.00 cents.
The next downside price objective for the bears is closing prices below
solid technical support at the October low of 351.95 cents. First resistance
is seen at 367.50 cents and then at this week's high of 372.55 cents. First
support is seen at 360.00 cents and then at 355.00 cents. Wyckoff's Market
Rating: 3.0.

Try out my "Markets Front Burner" email report. My next one is due out today
and is going to be entitled, "When China sneezes..." Front Burner is my best
writing and analysis, I think, because I get to look ahead at the
marketplace and do some market price forecasting. And it's free! Sign up to
my new, free weekly Markets Front Burner newsletter .

.

INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

Bulls n Bears 

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> bulls at bullszimbabwe.com  

Website:         <http://www.bullszimbabwe.com> www.bullszimbabwe.com  

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bullszimbabwe.com/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

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.

(c) 2023 Web: <http://www.bullszimbabwe.com>  www.bullszimbabwe.com Email:
<mailto:info at bulls.co.zw> bulls at bullszimbabwe.com Tel: +263 4 2927658 Cell:
+263 77 344 1674

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.png
Type: image/png
Size: 34378 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 190468 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 28503 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130967 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231109/35e10bea/attachment-0001.obj>