Bulls n Bears Daily Market Commentary : 09 July 2024

Wed Jul 10 08:50:04 CAT 2024

 <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 July 2024

ZSE commentary

Winning streak persists on the bourse ...

The ZSE market continued to trek northwards as eighteen bulls charged on one
bear to register a strong positive breadth of seventeen. The mainstream All
Share Index advanced 3.52% to close at 156.Slpts while, the Top Ten Index
notched up 4.22% to 166.84pts. The ZSE Agr iculture Index rose 1.08% to
122.52pts while, the Mid Cap Index added 1.30% to end at 132.36pts.
Agriculture concern CFI soared 15.00% to settle at $1.8515, trailed by cable
manufacturer CAFCA that notched 13.64% to $12.5000 . Financial services
group ZB rallied 11.64% to $6.4023 as beverages group Delta 9.13% to
$11.2067. Fintech group Ecocash surged 8.89% to end pegged at $0.3975 as it
capped the top five winners of the day. Hotelier RTG was the sole faller of
the day on a 0.02% retreat to $0.2809 .

Volumes traded ballooned 184.57% to 12.61m as Ecocash claimed a bulky 84.56%
of the aggregate . Turnover ballooned 168 .66% to $10.23m as Ecocash, Delta,
Meikles and Econet accounted for a combined 89.87% of the aggregate apiece.
The Datvest MCS was the only fund to register price movement as it added
4.55% to $0.0230 . A total of 785,414 units worth $10,906.14 exchanged hands
in the session as Morgan and Co MIZ claimed 96.54% of the total volumes and
69.52% of the total value traded. The Tigere REIT succumbed 14.05% to
$0.6236 as a hefty 16.97m units worth $10.58m.

VFEX slips into the red...

The VFEX market slipped into the red in Tuesday's session as

the decliners of the day on a 9.90% to $0.0801 while. Simbisa followed on a
1.85% slide to $0.3400. African Sun parred off 1.46% to $0.0404 while,
Natfoods came off 0.28% to $1.7935. Trading in the positive territory was
lnnscor that edged up 0.47% to $0.4535 while, SeedCo International gained
0.37% to $0.2700. Banking group First Capital improved 0.22% to settle at
$0.0456.

Activity aggregates were depressed in the session as volumes tumbled 98.13%
to 14,279 shares while, turnover dipped 91.82% to $3,960.12. Volume leaders
of the day were lnnscor, Axia, First Capital Bank and African Sun that
claimed a combined 91.10% of the aggregate. Value leaders of the day were
lnnscor (63.26%) and Natfoods (19.25%).-efesecurities

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity 

South Africa

South African rand stable as markets await US interest rate hints

(Reuters) - The South African rand was little changed in early trade on
Tuesday, as markets awaited the Federal Reserve chair's testimony in
Washington and U.S. June inflation data for clues on the country's future
interest rate path.

At 0644 GMT, the rand traded at 18.1300 against the dollar, near its
previous close of 18.1175.

"The rand has opened marginally softer at 18.13 this morning, and we expect
trading to remain range-bound in the short term," said Andre Cilliers,
currency strategist at TreasuryONE.

Markets will listen to the tone of Fed Chair Jerome Powell's testimony in
Washington on Tuesday and Wednesday and look to June inflation data out of
the U.S. later this week for hints on the future interest rate path in the
world's biggest economy.

"Analysts will be gauging the Fed's response to the recent softer U.S.
economic and labour data, with markets already starting to price in two rate
cuts this year," Cilliers added.

The risk-sensitive rand often takes cues from global drivers like U.S.
economic policy in the absence of major local factors.

South Africa's benchmark 2030 government bond was slightly stronger in early
deals, with the yield down 1 basis point at 9.74%.

Nigeria

Naira loses N22 in two days 

The naira continued its depreciation streak against the dollar in the
foreign exchange market, despite a surge in FX transaction turnover.

FMDQ data showed the naira weakened to N1532.58 against the dollar on
Tuesday from N1523.85 traded the previous day.

This represents N8.73 depreciation against the dollar compared to the
N1523.85 traded on Monday.

The development comes despite the increase in foreign currency transaction
turnover to $188.19 million on Tuesday from $133.46 million the previous
day.

Similarly, at the parallel foreign exchange market, the naira depreciated to
N1540 on Tuesday from N1530.

Further analysis showed that from last Friday to Tuesday, the naira lost
N22.91 and N15 at both the official and parallel foreign exchange markets,
respectively, despite the rise in Nigeria's external reserves to $34.66
billion as of June 4, 2024.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar gains as Fed's Powell cautious on rate cuts

(Reuters) - The dollar gained on Tuesday after Federal Reserve Chair Jerome
Powell acknowledged progress in inflation and a cooling job market, but did
not give a clear signal that the U.S. central bank is close to cutting
interest rates.

Powell said that inflation "remains above" the U.S. Federal Reserve's 2%
target, but has been improving in recent months and "more good data would
strengthen" the case for central bank interest rate cuts.

In remarks to Congress, he also noted that the job market has cooled, adding
that "we now face two-sided risks," and can no longer focus solely on
inflation.

But Powell stopped short of offering the dovish view of the economy that
some market participants were looking for.

"The market is counting the days until we get a rate cut signal from Federal
Reserve Chair Powell and I think there were some in the market who were
looking for a more concrete step towards rate cuts later this year," said
Adam Button, chief currency analyst at ForexLive in Toronto.

"When he didn't deliver that we saw a little bit of U.S. dollar buying,"
Button said.

The dollar index , which measures the U.S. currency against the euro,
sterling, yen and three other major rivals, was last up 0.15% at 105.13. It
fell to 104.80 on Monday, the lowest since June 13.

"I don't think he said anything that we didn't know already," said Marc
Chandler, chief market strategist at Bannockburn Global Forex in New York.
"The highlight would be that he says the labor market has cooled, so that's
a little recognition of last Friday's jobs data."

The government's jobs report for June on Friday showed rising unemployment
and downward revisions for jobs gains for the prior two months.

Traders boosted bets after the jobs data that the Fed will cut twice by
December. A cut in September is seen as having a 73% probability, down from
76% on Monday, according to the CME Group's FedWatch Tool.

This week's main U.S. economic focus will be Thursday's consumer price index
for June, which is expected to show that headline prices rose 0.1% on the
month, while core prices gained 0.2%. That would put annual gains at 3.1%
and 3.4%, respectively. (USCPI=ECI), opens new tab, (USCPF=ECI), opens new
tab

The euro dipped after Monday's sharp swings as investors came to terms with
a hung parliament in France, which points to a potential political gridlock
but lessens fiscal concerns stemming from outright far-right or leftist
victories.

French political leaders from the left-wing bloc that came first in Sunday's
legislative election said they intended to govern according to their
tax-and-spend program, but centrists laid claim to a role as the left lacks
a majority.

The single currency was last down 0.11% at $1.081. It reached $1.0845 on
Monday, the highest since June 12.

The European Central Bank can continue to gradually reduce interest rates
without jeopardizing a current fall in inflation, governing council member
Fabio Panetta said on Tuesday.

The ECB cut rates for the first time in June from their record highs, but
has made no explicit commitment on a follow-up move.

The dollar strengthened 0.29% to 161.28 Japanese yen . It is holding below a
38-year high of 161.96 reached last week.

Some market players called on the Bank of Japan to slow its bond buying to
roughly half the current pace under a scheduled tapering plan due out this
month, the central bank said on Tuesday.

Sterling weakened 0.15% to $1.2785.

In cryptocurrencies, bitcoin gained 2.69% to $57,776.

 <mailto:info at bulls.co.zw> 

Commodities Markets

India Gold price today: Gold rises, according to FXStreet data

The price for Gold stood at 6,359.17 Indian Rupees (INR) per gram, up
compared with the INR 6,345.91 it cost on Tuesday.

The price for Gold increased to INR 74,172.44 per tola from INR 74,017.45
per tola a day earlier.

FXStreet calculates Gold prices in India by adapting international prices
(USD/INR) to the local currency and measurement units. Prices are updated
daily based on the market rates taken at the time of publication. Prices are
just for reference and local rates could diverge slightly.

INVESTORS DIARY 2024

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

Bulls n Bears 

 Invest Cellphone:            +263 71 944 1674 | +27 79 993 5557 

Email:               bulls at bullszimbabwe.com

Website:            www.bullszimbabwe.com 

Blog:                 www.bullszimbabwe.com/blog

Twitter (X):        @bullsbears2010

LinkedIn:           Bulls n Bears Zimbabwe

Facebook:          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) 2024 Web: www.bullszimbabwe.com Email: bulls at bullszimbabwe.com Tel: +27
79 993 5557 | +263 71 944 1674

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240710/9efbb8c7/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/20240710/9efbb8c7/attachment-0001.png>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 29359 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240710/9efbb8c7/attachment-0002.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240710/9efbb8c7/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130916 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20240710/9efbb8c7/attachment-0001.obj>