Bulls n Bears Daily Market Commentary : 10 April 2025

Fri Apr 11 05:11:58 CAT 2025

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Bulls n Bears Daily Market Commentary : 10 April 2025

ZSE commentary

ZSE records 0.80% gain in Thursday's trades...

The ZSE market extended gains in the penultimate session of the week as it
recorded a 0.80% gain to 202.36pts. The Blue Chip Index was 0.86% firmer at
194.82pts on the back of gains in Econet while, the Mid Cap Index rose 0.64%
to 254.20pts. The Agriculture Index surged 2.98% to end at 174.66pts.
Headlining the risers of the day was Hippo that advanced 8.73% to $6.8500
while, TSL  edged  up 8.22% to  settle  at $2.6000. Banking group Ecocash
inched up 6.14% to end at $0.1701 on the back of scrappy 4,600 shares in the
counter. Dairy processor Dairibord reversed prior session's losses as it
climbed 4.88% to $1.7200 while, Econet fastened the top five gainers' list
of the day on a 4.43% ascent to $2.9245. Partially weighing down the market
was brick manufacturer Willdale that declined 2.58% to $0.0370, trailed by
OK Zimbabwe that parred off 0.15% to $0.3400. Beverages giant Delta was
0.09% weaker at $15.2730 despite increasing demand in the counter while, tea
producer Tanganda lost a negligible 0.05% to close pegged at $1.0000.

Activity aggregates faltered in the session as volumes traded declined
89.81% to see 5.64m shares worth $5.93m exchange hands. Sugar processor Star
Africa led the volume aggregates of the day as it contributed 86.49% of the
volume traded . The duo of Delta and Cafca drove the turnover aggregates of
the day as they claimed a combined 77.63% of the total traded while,
telecommunications group Econet claimed 10.58%. No trades were recorded in
ETF category. The Tigere REIT was stable at $1.3325 as 3,350 units exchanged
hand in the session .- efesecurities

 <mailto:info at bulls.co.zw> 

South Africa

South African rand stumbles, stocks soar as markets digest tariff pause

South Africa's rand stumbled on Thursday on global market jitters while
stocks jumped, as investors digested U.S. President Donald Trump's
announcement of an immediate 90-day tariff pause for many countries.

At 1703 GMT, the rand traded at 19.5125 against the U.S. dollar , about 1%
weaker than its previous close. The dollar last traded about 1.7% weaker
against a basket of currencies.

The rand hit a record low of 19.9325 on Wednesday when Trump's
country-specific import tariffs kicked in. The duties sparked the most
intense episode of financial market volatility since the early days of the
COVID-19 pandemic.

The local currency rebounded after Trump temporarily lowered tariffs imposed
on dozens of countries including South Africa on the same day but kept a 10%
blanket duty on almost all U.S. imports.

The rand has weakened about 2% against the greenback this week.

IG senior market analyst Shaun Murison said that despite the local
currency's short-term recovery, its long-term trajectory remains one of
depreciation.

"While we welcome the temporary relief provided by the tariff pause, we
remain cautious about the rand's future performance until there's greater
clarity on both international trade policies and South Africa's internal
political stability," Murison said.

In addition to Trump's tariffs, local politics have weighed on the
risk-sensitive rand, after a contentious budget vote last week threatened
the future of the ruling coalition.

The second-biggest party in the coalition, the pro-business Democratic
Alliance, voted against important but contested legislation in the budget
and challenged the budget process in court.

South African stocks rebounded following the tariff pause. The Johannesburg
Stock Exchange's Top-40 index (.JTOPI), opens new tab closed about 4.5%
higher on Thursday, after closing 2% weaker on Wednesday.

The benchmark 2030 government bond was stronger, with the yield down 7 basis
points at 9.235%.

Nigeria

Naira Depreciates After Trump's 90-Day Tariff Pause

The naira weakened against the US dollar across both the official and
parallel foreign exchange markets on Wednesday, following US President
Donald Trump's announcement of a 90-day suspension of global tariffs - with
the exception of China.

According to data from the Central Bank of Nigeria (CBN), the naira fell to
N1,628.93 per dollar at the official market on Wednesday, just a day after
it had recorded a marginal gain of 60 kobo. This represented a depreciation
of N17.38 from Tuesday's rate of N1,611.55 per dollar.

Similarly, in the parallel market, the naira dropped to N1,620 per dollar on
Wednesday, down from N1,575 traded the previous day.

Naira Dollar

Money changers in Lagos, Nigeria on 25 September, 2023.

A Bureau de Change operator based in Wuse Zone, Abuja, confirmed the rate
movement, stating that the naira slid in response to heightened demand. He
explained that they bought the dollar at N1,610 and sold it for N1,620 on
Wednesday, attributing the drop to increased customer demand.

This latest development came despite the Central Bank of Nigeria's
announcement on the same day that the country recorded a balance of payments
surplus of $6.83 billion, alongside a notable rise in diaspora remittances,
which reached $20.93 billion in 2024.

Trump had announced on Wednesday that the US would pause trade tariffs for
countries around the world, excluding China, a decision that sent ripples
across global financial markets.

 <mailto:info at bulls.co.zw> 

Global U.S. dollar index suffers biggest drop since 2022, hits new low for
the year

The ICE U.S. Dollar Index  dropped sharply again on Thursday, putting the
greenback on track for its worst day since 2022.

The index, which measures the U.S. dollar against a basket of global
currencies, was last down 1.83% to 101.02. At one point in the session, it
slipped below the 101 level. This would mark the index's lowest close since
September.

The dollar continued its recent decline with a sharp drop on Thursday.

The drop Thursday widens the struggle for the dollar in the face of
President Donald Trump's aggressive trade policy. Wall Street originally
anticipated that the tariffs would boost the dollar, but instead the U.S.
currency has fallen more than 7% since Trump's inauguration, and more than
2% since the president unveiled his full trade policy last week.

The decline for the dollar has come along with sell-offs in U.S. stocks and
bonds. This could be a sign that foreign investors are responding to Trump's
protectionist policies by dumping U.S. assets, putting downward pressure on
the dollar.

Rising worries about an economic recession could also be weighing on the
dollar. Some of the greenback's biggest declines on Thursday came against
the Japanese yen

and the Swiss franc, two of the leading safe-haven currencies.

 <mailto:info at bulls.co.zw> 

Gold climbs after levy chaos drives biggest gain

Gold rose again after posting its biggest one-day gain in 18 months, as
confusion over US President Donald Trump's tariff agenda drove investors to
buy the precious metal as a haven.

Bullion climbed as much as 1.6 percent on Thursday and was trading less than
$50 short of last week's all-time high. That's after it closed up 3.3
percent on Wednesday in a whipsaw day for markets. The precious metal has
also been supported by a weaker greenback.

Gold's initial surge in the previous session came after US tariffs on around
60 trading parters kicked in, fueling market upheavals and increasing
worries about a global recession. Then Trump announced a 90-day pause to
higher tariffs on 56 countries and the European Union, which will now be
taxed at the 10% baseline rate.

Still, Trump also hiked duties on China to 125 percent, effective
immediately, after the Asian country announced plans to retaliate with an 84
percent tariff to start Thursday. Those moves are exacerbating concerns the
world's two biggest economies will become enmeshed in a crippling trade war.

Markets rallied after Trump's tariff-pause announcement. US stocks had their
best day since the financial crisis, with the S&P 500 soaring nearly 10
percent, after slumping to the fringe of a bear market in the past week.

The constant back-and-forth of the US administration's tariff plan has
rocked the world, as investors scramble to find direction and certainty.
That's generally been supportive for gold, which is up 18% this year. The
metal has also been bolstered by hopes for more Federal Reserve monetary
easing and central-bank buying.

"We remain quite positive for gold," Dominic Schnider, head of commodities
and Asia Pacific currencies at UBS Global Wealth Management, said on
Bloomberg Television.

"The next step is going to be, at some point, the Fed coming in - and that
gives the next leg up for gold." - Bloomberg

INVESTORS DIARY 2025

Company

Event

Venue

Date & Time

Counters trading under cautionary

CBZH

GetBucks

EcoCash

Padenga

Econet

RTG

Fidelity

TSL

FMHL

ZBFH

Invest Wisely!

Bulls n Bears 

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