Bulls n Bears Daily Market Commentary : 09 November 2023

[Bulls n Bears]

 <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 : 09 November 2023

 

 	

 

 

 	


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

 

The ZSE All Share Index added 1,395.52 points to close the session at
173,583.74 points. Trading in the positive: TSL LIMITED added $135.8000 to
$1,041.4500, DELTA CORPORATION LIMITED gained $38.1316 to close at
$3,549.8950 and FIRST MUTUAL HOLDINGS LIMITED increased by $21.5051 to
$681.5051. FIRST MUTUAL PROPERTIES LIMITED

was $10.4480 up at $168.0980 and WILLDALE LIMITED added $0.7972 to $26.8000.

 

Trading in the negative: ECOCASH HOLDINGS ZIMBABWE LIMITED shed $4.7274 to
close at $130.0000, NMBZ HOLDINGS LIMITED lost $0.0420 to close at $405.0080
and

RAINBOW TOURISM GROUP LIMITED eased $0.0286 to $129.9000.

 

EXCHANGE TRADED FUNDS

MORGAN & CO MULTISECTOR EXCHANGE TRADED FUND added $0.8438 to $286.8438 and
MORGAN & CO MADE IN ZIMBABWE was $0.3884 up at $7.1784.

 

DATVEST MODIFIED CONSUMER STAPLES EXCHANGE TRADED FUNDS and OLD MUTUAL TOP
10 ETF were flat at $8.0000 and $34.6800 respectively. CASS SADDLE
AGRICULTURE EXCHANGE TRADED FUND lost $0.0007 to $7.2500.

 

REAL ESTATE INVESTMENT TRUST 

TIGERE REAL ESTATE INVESTMENT TRUST remained unchanged at $245.0000.-zse

 

 

 

Global Currencies & Equity Markets

 

 

Zambia

 

Zambia's Currency Plunges to Record Despite Government Steps

Kwacha among the worst performing in the world year-to-dateThe currency has
declined over 20% versus the dollar in 2023

 

Zambia's kwacha fell to a record low against the US dollar days before new
central bank measures take effect.

 

The kwacha dropped 0.4% to trade at 22.7250. The southern African nation's
currency has depreciated more than 20% against the greenback this year.

 

 

 

Nigeria

 

Naira falls to N1, 000/$ in official market

Despite recent moves by the Central Bank of Nigeria to strengthen the
foreign exchange market, the naira closed trading on the Investor & Exporter
forex window on Thursday at N996.75/$.

 

This is a 13.95 per cent decline from the N874.71/$ it closed trading on
Wednesday. So far, the naira has lost 27.75 per cent of its value since
opening the week at N780.23/$ according to details on FMDQ OTC Securities
Exchange.

 

Since firming up against the dollar last week, after news that the apex bank
was clearing some of its backlog broke, the naira has been on a steady
decline in both the official and parallel markets.

 

So far, the naira has lost about 40 per cent of its value in 2023, earning
the tag of one of the worst performing African currencies from the World
Bank.

 

 

In the parallel market, the currency has lost value too, falling from N950/$
as of Friday to close to N1,140/$ as of Thursday according to Bureaux De
Change operators who spoke to The PUNCH. This represents a 20 per cent
decline.

 

A trader who only gave his name as Kadri said, "Dollar is N1,100 if you want
to sell. It is N1,140 if you want to buy." Another trader, Awolu, stated
that he would buy the dollar at N1,100 from our correspondent.

 

He said, "Dollar is N1,100 if you want to sell to me."

 

 

Earlier in the week, the President of the Association of Bureaux De Change
Operators of Nigeria, Aminu Gwadabe, told The PUNCH that the dollar was
gaining against the naira because people who had bought it at a higher price
were resisting its fall.

 

He said, "Speculators are always looking at elements of sustainability. Once
they sense that it (the injection) is not continuous, they begin to react.
They begin to react. It is the reaction of the market we are witnessing.
Also, there is resistance. There are people that bought at a higher price
that this does not favour. People are not willing to take further losses."

 

Concerned with the fall of the currency, the presidency recently stated that
it is planning policies to strengthen the local currency.

 

A Special Adviser to the President on Economic Matters, Dr Tope Fasua, who
was representing the Vice President, Kashim Shettima, at an event, said:
"For those who are speculating and praying and wishing that the currency
would become nonsense, I believe that the central bank is rolling out the
policies and the government that I serve, led by the President, will shock
some of them."

 

 

 

 

 

South Africa

 

South African rand edges higher ahead of Powell's speech

(Reuters) - The South African rand edged higher in early trade on Thursday,
ahead of a speech by the Federal Reserve Chair that could provide insight on
possible direction for U.S. interest rates.

 

At 0638 GMT, the rand traded at 18.4500 against the dollar ZAR=D3, about
0.14% stronger than its previous close.

 

The dollar =USD was last up about 0.03% against a basket of global
currencies.

 

Fed Chair Jerome Powell will give a speech at 1900 GMT, which investors hope
will hint at the future interest rate path for the world's biggest economy.

 

He did not comment on monetary policy during an event on Wednesday, while
other Fed speakers indicated earlier this week that the central bank might
not be done with rate hikes.

 

"The recent conflicting signals from the Fed over its next interest rate
moves have markets on edge and currencies fairly range-bound," said Andre
Cilliers, currency strategist at TreasuryONE.

 

Like other risk-sensitive currencies, the rand often takes direction from
global drivers like U.S. monetary policy in addition to local drivers.

 

 

Locally, Statistics South Africa will publish the country's September mining
data ZAMNG=ECI at 0930 GMT and manufacturing ZAMAN=ECI figures at 1100 GMT.

 

South Africa's benchmark 2030 government bond ZAR2030= was stronger in early
deals, with the yield down 2 basis points to 10.295%.

 

 

 <mailto:info at bulls.co.zw> 

 

 

 

Global Markets

 

Dollar eyes best week against yen in three months; cryptos leap

(Reuters) - The dollar was headed for its best week against the yen in three
months on Friday, after Federal Reserve Chair Jerome Powell and a chorus of
Fed officials poured cold water on market expectations of a peak in U.S.
rates.

 

In cryptocurrencies, bitcoin and ether held near multi-month highs, with
renewed speculation over the imminent approval of an exchange-traded bitcoin
fund breathing new life into the digital assets.

 

A slew of Fed policymakers including Powell on Thursday said they are still
not sure that interest rates are high enough to finish the battle with
inflation, comments taken as hawkish by markets and which sent the greenback
rising.

 

The dollar stood near a one-year high at 151.38 yen on Friday and touched
one-week highs against the Australian and New Zealand dollars.

 

"Powell's speech was quite hawkish, and that just really hit sentiment,"
said Tina Teng, market analyst at CMC Markets.

 

The remarks from Fed officials came a week after the U.S. central bank left
interest rates steady and cemented expectations that rates could have
peaked, causing the dollar and Treasury yields to tumble in the aftermath.

 

The greenback, however, regained its footing this week and was eyeing a
weekly gain of roughly 1.3% against the yen, its best performance since
August.

 

"Dollar/yen did trend higher this week and it's now back above 151. It does
raise the risk of the BOJ stepping into the (forex) market to strengthen the
yen, but I think markets are expecting no intervention unless dollar/yen
moves to about 152," said Carol Kong, a currency strategist at Commonwealth
Bank of Australia.

 

The Aussie and the kiwi were likewise headed for a 2.4% and 1.8% weekly
decline against the dollar respectively, also their steepest drop in months.

 

"Even though we don't expect Powell to deliver on the tightening bias, that
tightening bias does support the dollar," said Kong.

 

The Australian dollar last stood at $0.6359 after slipping to a one-week low
of $0.6352 earlier in the session, while the New Zealand dollar was last at
$0.5893, having similarly hit a one-week trough of $0.5886 earlier.

 

Falling oil prices and a faltering economic recovery in China have also kept
a lid on the Antipodean currencies.

 

Australia's central bank, in its quarterly Statement on Monetary Policy
released on Friday, warned there were risks of further upside surprises to
inflation following its latest hike in interest rates, while also raising
forecasts for economic growth and employment.

 

Elsewhere, the euro steadied at $1.0668, while sterling slipped 0.02% to
$1.2218. They were both on track to lose 0.56% and 1.3% for the week,
respectively.

 

Bitcoin , the world's largest cryptocurrency, meanwhile held near an
18-month high and last bought $36,519, having peaked at $37,978 in the
previous session, its highest level since May 2022.

 

The second-largest cryptocurrency Ether last stood at $2,102.90, after
similarly jumping to its highest since April of $2,131.50 in the previous
session.

 

Prices of the digital assets have surged on swirling speculation of an
imminent approval of BlackRock's spot bitcoin ETF, with the asset management
giant also having registered to create an ethereum trust.

 

"The potential approval of spot ETFs by the (U.S. Securities and Exchange
Commission) could significantly impact the cryptocurrency sector," said Carl
Szantyr, managing partner of digital asset hedge fund Blockstone Capital.

 

"Such an endorsement would make it more accessible for institutional
investors to enter the crypto space, likely boosting demand and
subsequently, prices."

 

 

 

 

 

 <mailto:info at bulls.co.zw> 

 

 

 

 

Commodities Markets



Gold price fall Rs 440 to Rs 60,760, silver declines Rs 300 to 73,200

The price of 24-carat gold dipped Rs 440 in early trade on Friday, with ten
grams of the precious metal selling for Rs 60,760, according to the
GoodReturns website. The price of silver fell Rs 300, with one kilogram of
the precious metal selling at Rs 73,200.

 

The price of 22-carat gold slid Rs 400, with the yellow metal selling at Rs
55,700.

 

In Mumbai, the price of ten grams of 24-carat gold is in line with prices in
Kolkata and Hyderabad, at Rs 60,760.

 

In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold
stood at Rs 60,910, Rs 60,760, and Rs 61,250, respectively.

 

The price of ten grams of 22-carat gold in Mumbai is at par with that in
Kolkata and Hyderabad, at Rs 55,700.

In Delhi, Bengaluru, and Chennai, ten grams of 22-carat gold are selling at
Rs 55,850, Rs 55,700, and Rs 56,150, respectively.  

 

US gold prices were flat on Friday and on track for their worst week in more
than a month, weighed down by a stronger dollar and Treasury yields after
hawkish remarks from Federal Reserve Chair Jerome Powell.

Spot gold was little changed at $1,959.74 per ounce by 0127 GMT after
hitting its lowest since Oct. 18 on Thursday.

 

US gold futures fell 0.3 per cent to $1,964.50.

Gold was also set for second straight week of losses, down 1.6 per cent so
far this week.

Spot silver rose 0.3 per cent to $22.68 per ounce, while platinum was flat
at $859.66. Palladium gained 0.8 per cent to $999.71 per ounce, but was
holding near its lowest level since 2018.

In Delhi and Mumbai, one kilogram of silver is currently trading at Rs
73,200.

In Chennai, one kilogram of silver is trading at Rs 76,200.

.

 

 


 

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/20231110/c76aabb5/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/20231110/c76aabb5/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/20231110/c76aabb5/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/20231110/c76aabb5/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/20231110/c76aabb5/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130908 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20231110/c76aabb5/attachment-0001.obj>