Bulls n Bears Daily Market Commentary : 28 November 2023

Wed Nov 29 06:42:40 CAT 2023

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Bulls n Bears Daily Market Commentary : 28 November 2023

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

The ZSE All Share Index further increased by 3,375.29 points to close at
186,320.34 points. Trading in the positive: SEED CO LIMITED added $145.2000
to $1113.5000, DELTA CORPORATION LIMITED added $97.0672 to close at
$3276.5359 and DAIRIBORD HOLDINGS LIMITED increased by $75.2039 to 624.2424.

MEIKLES LIMITED added $59.9735 to $1230.9412 and NMB HOLDINGS LIMITED traded
$25.4513 higher to $495.4813. Trading in the negative: CBZ HOLDINGS LIMITED
shed $9.2184 to close at $2100.0000, ECOCASH HOLDINGS LIMITED lost $3.8575
to close at $125.9727 and FBC HOLDINGS LIMITED traded $3.1073 lower to
$905.1146. GENERAL BELTINGS HOLDINGS LIMITED was $1.3756 down at $20.9744
and AFDIS DISTILLERS LIMITED decreased by $0.0269 to $2123.0500

EXCHANGE TRADED FUNDS 

CASS SADDLE AGRICULTURE EXCHANGE TRADED FUND , DATVEST MODIFIED CONSUMER
STAPLES EXCHANGE TRADED FUNDS and MORGAN & CO MADE IN ZIM EXCHANGE TRADED
FUND remained unchanged at $7.5000, $9.0000 and $7.5600. OLD MUTUAL TOP 10
ETF shed $0.2113 to $30.8049. MORGAN & CO MULTISECTOR EXCHANGE TRADED FUND
added $7.6233 to $419.6233

REAL ESTATE INVESTMENT TRUST 

TIGERE REAL ESTATE INVESTMENT TRUST added $17.9288 to $253.7188.zse

Global Currencies & Equity Markets

South Africa

South African rand stable, supported by investors' Fed conviction

(Reuters) - The South African rand was stable on Tuesday, supported by the
conviction among global investors that the U.S. Federal Reserve will not
raise interest rates again.

At 1606 GMT, the rand traded at 18.6500 against the dollar , the same level
as its previous close.

The dollar was last trading down 0.3% against a basket of major currencies
and on track for a loss of more than 3% in November, its worst performance
in a year.

In the absence of major local drivers, global market factors were in the
driving seat for the rand on Tuesday.

"The local currency was supported by improved risk sentiment and the gold
price consolidating above the $2,000 level," said Andre Cilliers, currency
strategist at TreasuryONE.

Later this week South Africa-focused investors will turn their attention to
October trade (ZATBAL=ECI), budget (ZABUDM=ECI), producer inflation
(ZAPPIY=ECI) and private sector credit (ZACRED=ECI) figures.

The global focus will be on the Fed's preferred measure of inflation and an
OPEC+ policy meeting.

On the Johannesburg Stock Exchange, the Top-40 index (.JTOPI) and the
All-share index (.JALSH) rose 0.3%.

The benchmark 2030 government bond was stronger, the yield down 12 basis
points to 10.025%.

Nigeria

Naira depreciates against Dollar at forex market

Nigeria's currency, the Naira, depreciated against the US Dollar on Monday
at the foreign exchange market.

Official data from FMDQ disclosed that the Naira depreciated marginally to
N814.60/$1 on Monday from N794.89/$1 at the close of work on Friday.

This represents N19.17 depreciation or a 2.48 per cent increase at the
official forex market compared to the 793.50 it closed on Friday.

Similarly, at the Parallel Market, Naira maintained stability, exchanging at
N1,115/$1 on Monday, the same figure as on Friday.

Meanwhile, Central Bank of Nigeria (CBN), Governor, Dr Olayemi Cardoso,
speaking at the Chartered Institute of Bankers of Nigeria (CIBN)
50th-anniversary event on Friday, noted that the fluctuating exchange rate
was hampering business growth and promised to be transparent and fair to all
as the bank performs its function.

"The removal of petrol subsidy and the adoption of a floating exchange rate
and other government policies are anticipated to affect the economy in the
medium term positively.

"I'm confident and optimistic that by taking appropriate corrective actions
and strategic steps, we can restore macroeconomic stability and address
fundamental flaws," he stated.

Recall that Cardoso failed to hold a Monetary Policy Committee meeting for
the second time in two months.

Nigeria's FX market has continued to experience a crisis since CBN
introduced reforms in June this year.

 <mailto:info at bulls.co.zw> 

Global Markets

US dollar skids to 3-1/2-month low, headed for biggest monthly drop in a
year

(Reuters) - The U.S. dollar sank to its lowest in more than three months on
Tuesday as investors continued to take the view that growth in the world's
largest economy is starting to slow down, with the market starting to price
in a rate cut by the first half of the year.

U.S. rate futures were pricing in a 33% chance of a rate cut in March,
rising to a roughly 65% probability in May, according to the CME's FedWatch
tool. Those odds were at 21% and roughly 50% late on Monday.

The dollar extended losses after Fed Governor Christopher Waller, a hawkish
policymaker, flagged a possible rate cut in the months ahead.

If the decline in inflation continues "for several more months ... three
months, four months, five months ... we could start lowering the policy rate
just because inflation is lower," he said.

The dollar index , which measures its value against six major currencies,
fell as far as 102.60, the lowest since mid-August. It was last down 0.3% at
102.82. The index is on track for a loss of 3.6% in November, its worst
performance since November 2022.

"The dollar bounced over the summer, with the help of divergence -- the
outperformance of the U.S. economy. Now the dollar is weakening on the new
convergence," said Marc Chandler, chief market strategist, at Bannockburn
Forex in New York.

"It's not that Europe or China is looking much better. But they're slowing
down and the U.S. looks like it's slowing down."

Tuesday's U.S. data, however, showed mixed results.

U.S. consumer confidence rose in November after three straight monthly
declines, a survey showed. The Conference Board said its consumer confidence
index increased to 102.0 this month from a downwardly revised 99.1 in
October.

At the same time, U.S. annual home price growth accelerated again in
September. Home prices were up 6.1% on a year-over-year basis, up from an
upwardly revised 5.8% increase in August.

However, the Richmond Fed manufacturing index dropped into negative
territory at -5 in November.

In other currencies, the euro rose to a 3-1/2-month peak of $1.1009 . It
last changed hands at $1.0981, up 0.3%.

Sterling also gained, climbing to its highest since Sept. 1. The pound was
last up 0.4% at $1.2685.

Traders are now eyeing the U.S. core personal consumption expenditures (PCE)
price index - the Fed's preferred measure of inflation - this week for more
confirmation that inflation is slowing.

PCE tops off a slew of other key economic events this week, including flash
inflation data from major euro zone economies, with bloc-wide data due
Thursday, Chinese purchasing managers' index (PMI) data and an OPEC+
decision on crude output.

The dollar fell 0.8% to 147.49 yen , with the Japanese currency continuing
its recovery from the brink of 152 per dollar earlier in the month.

The dollar also slid 0.2% to 0.8762 Swiss francs, its lowest level since the
start of September, and the Australian dollar briefly touched a near
four-month high of US$0.6665.

The New Zealand dollar hit its highest since August at US$0.6147. It was
last at US$0.6127, up 0.5%. The Reserve Bank of New Zealand has its monetary
policy meeting on Wednesday, where it is expected to keep interest rates
steady at 5.50% for the fourth straight time.

In cryptocurrencies, bitcoin rose 2.7% to $38,228 .

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold extends gains on Fed pause bets, dollar retreat

(Reuters) - Gold rose for a fourth consecutive session on Tuesday and hit a
more than six-month high, driven by a retreating dollar and expectations
that the U.S. Federal Reserve has finished hiking interest rates.

Spot gold gained 1.4% at $2,041.55 per ounce by 3:00 p.m. ET (2000 GMT),
highest since May 10.

U.S. gold futures for December delivery settled 1.4% higher at $2,040.

The near-term outlook for gold remains bullish, with the dollar index in a
downtrend on hopes the Fed will no longer raise interest rates and will
maybe even cut them by springtime, said Jim Wyckoff, senior analyst at Kitco
Metals.

However, "if (U.S.) GDP numbers and inflation indicators are stronger than
expected, it will dent traders' enthusiasm in bullion," Wyckoff added.

Fed policymakers look increasingly comfortable closing out the year with
interest rates on hold and waiting before cutting them. Lower rates reduce
the opportunity cost of holding non-interest-bearing bullion.

Fed Governor Christopher Waller said he is "increasingly confident" that
policy is in the right spot.

Making bullion less expensive for overseas buyers, the dollar index touched
its lowest since mid-August.

Investors will monitor Thursday's U.S. Personal Consumption Expenditures
(PCE) data, the Fed's preferred inflation indicator. The focus is also on
the revised U.S. third-quarter GDP figures scheduled for Wednesday.

"A sense of caution ahead of another busy week for global financial markets
is also lending support to the precious metal. Given how the $2,000 level
proved an extremely tough resistance to conquer, gold could end up dipping
without a potent fundamental catalyst," FXTM senior research analyst Lukman
Otunuga said.

Silver rose 1.4% to $24.97 per ounce, platinum was up 2.3% at $939.80.
Palladium fell 1.4% to $1,055.59 per ounce.

INVESTORS DIARY 2023

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

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