Bulls n Bears Daily Market Commentary : 06 August 2025

Thu Aug 7 08:51:04 CAT 2025

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Bulls n Bears Daily Market Commentary : 06 August  2025

ZSE commentary

ZSE retreats further...

The main stream All Share Index stayed in the negative in the midweek
session as it dropped 0.06% to settle at 205.77pts. The Top Ten Index added
0.03% to 200.82pts with the ZSE Agricultural Index putting on a negligible
0.01% to close at 176.55pts. The Mid Cap Index extended losses to settle at
245.09pts on a 0.38% drop. Headlining the losers of the day was brick
manufacturers Willdale that succumbed 12.50% to $0.0350 where demand could
be established. Following was construction group Masimba which continued to
lose its glitter having fallen 10.70% in the session and closed at $2.5800
on scrappy 1,000 shares. Star Africa was 5.34% down at $0.0401, albeit it
closing firmly bid at $4.0500. ART Corporation lost 2.63% that took the
conglomerate to $0.1505 while, Ariston Holdings eased a further 0.38% to end
at $0.0300. Overall, six counters traded in the positive against five
laggards, to leave the market with a negative breadth of one.

Topping the risers of the day was retailer OKZim that rebounded 14.95% to
settle at $0.2415 on 200 shares. First Mutual Properties was 0.51% higher at
$1.4825 with tea processor Tanganda adding 0.41% to end the session at
$1.1025 where supply could be found. Rarely traded sole miner RioZim
registered a trade at $0.8025 after ticking up 0.31% as 100 shares exchanged
hands. Telecoms giant Econet also featured in the risers zone after
advancing on a negligible 0.06% to end pegged at $4.6085, closing with a
spread of $4.500-$4.6070. Activity aggregates closed mixed as reflected in
volumes which went down 41.52% to 0.83m shares, yielding a value outturn of
$7.01m which was 33.87% on yesterday. Delta was the most sought-after stock
of the day propelling both the volumes and values on a 54.85% and 89.77%
claim respectively. The other notable value traded counter was Econet which
accounted for 9.86% of the total.

 <mailto:info at bulls.co.zw> 

South Africa

South African rand gains on weaker dollar but tariff concerns linger

(Reuters) - The South African rand gained against a weaker dollar on
Wednesday as traders ruminated over last week's weaker-than-expected U.S.
jobs data, while awaiting tariff updates before Washington's deadline.

At 1451 GMT, the rand traded at 17.80 against the dollar , roughly up 0.5%
on Tuesday's close.

This week's major focus for South Africa is whether it can negotiate a
better trade pact as it faces a 30% duty on goods exported to the U.S., the
highest rate among Sub-Saharan African countries.

The dollar last traded 0.3% weaker against a basket of currencies as
investors held back from making big bets, still reeling over the
disappointing July employment report but also on the look out for U.S.
President Donald Trump's decision on appointments to the Federal Reserve.

Trump on Tuesday said he would soon announce a short-term replacement for
Fed Governor Adriana Kugler, who announced her resignation on Friday, as
well as his pick for the next Fed chair.

"The USD is losing its exceptionalism and is steadily finding itself on the
defensive, allowing other currencies to make up lost ground," ETM Analytics
said in a research note.

The Johannesburg Stock Exchange's Top-40 index (.JTOPI), opens new tab was
up 0.5% and the wider All-share index (.JALSH), opens new tab up 0.4%.

South Africa's benchmark 2035 government bond was little changed as the
yield rose half a basis point to 9.68%.

Nigeria

Naira continues depreciation against Dollar, defies Nigeria's external
reserves rise

The Naira continued depreciation against the dollar at the official foreign
market on Wednesday, for the second time this week, despite a rise in
Nigeria's external reserves.

Central Bank of Nigeria exchange data showed that the Naira further weakened
to

N 1,534.44 against the dollar on Wednesday, down from N 1,533.10 traded on
Tuesday.

This indicates that the country's currency dropped by N1.34 on a day-to-day
basis.

Meanwhile, at the black market, the Naira remained at N1,565 per dollar on
Wednesday, the same rate as on Tuesday.

This development comes despite the continued rise in Nigeria's external
reserves, which stood at $39.81 billion as of August 4th, 2025, up from
$39.54 billion at the start of the month.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar holds losses on US economy concerns, Fed appointments

(Reuters) - The dollar remained lower against major peers on Thursday, as
expectations of Federal Reserve rate cuts grew and concerns swirled about
partisanship creeping into key U.S. institutions.

Initial jobless claims in the United States are under scrutiny after last
week's disappointing nonfarm payrolls, which triggered a slide in the
greenback.

Meanwhile, the euro found support ahead of anticipated talks next week to
end the war between Russia and Ukraine. Sterling was steady ahead of a
policy announcement, with markets widely expecting another rate cut.

Last week, President Donald Trump fired the official responsible for the
labour data he did not like, and focus is centring on his nomination to fill
a coming vacancy on the Fed's Board of Governors and candidates for the next
chair of the central bank.

"All those things suggest that we're seeing those political risks around the
U.S. dollar increase, and on top of that you've got the weak data coming
through," said Tony Sycamore, a market analyst at IG.

Any progress in ending the war in Ukraine "is going to be a positive driver
of the euro," he added.

The dollar index , which measures the greenback against a basket of major
peers, was barely changed at 98.133 after a 0.6% slide in the previous
session.

The U.S. currency was little changed at 147.35 yen . The euro edged up 0.1%
to $1.1671 .

The U.S. Labor Department is expected to report that initial claims for
unemployment benefits likely rose by 3,000 to 221,000 for the week ended
August 2. Continued jobless claims for the week that ended July 26 are
expected to increase slightly.

Data last Friday showed U.S. employment growth was weaker than expected in
July while the nonfarm payrolls count for the prior two months was revised
down considerably, suggesting a sharp deterioration in labour market
conditions.

Fed funds futures traders are now pricing in a 94% probability of a 25 basis
point cut at the Fed's September meeting, up from 48% a week ago, according
to the CME Group's FedWatch Tool. In total, traders see 60.5 basis points in
cuts this year.

Shares of Apple jumped 5% to provide the biggest boost to all three major
indexes after a White House official said the tech giant will invest another
$100 billion in its domestic manufacturing.

Trump could meet Russian leader Vladimir Putin as soon as next week, a White
House official said on Wednesday, as the U.S. kept up pressure on Moscow to
end the war in Ukraine.

The president said on Tuesday he would decide on a nominee to replace
outgoing Fed Governor Adriana Kugler by the end of the week and had
separately narrowed the possible replacements for Fed Chair Jerome Powell to
a short list of four.

In Britain, the looks poised to cut interest rates for the fifth time in 12
months later on Thursday, but nagging worries about inflation are likely to
split its policymakers and cloud the outlook for its next moves.

Sterling edged up 0.1% to $1.33655 , poised for a five-day advance that
would be the longest since mid April. New Zealand's kiwi dollar climbed 0.4%
to $0.5950.

Bitcoin slipped 0.5% to $114,499.46.

China's yuan firmed slightly, supported by a stronger official midpoint and
upbeat Chinese trade data.

 <mailto:info at bulls.co.zw> 

Commodities

Gold gains as Trump doubles India tariffs, boosting safe-haven demand

(Reuters) - Gold rose on Thursday, supported by renewed safe-haven demand
after U.S. President Donald Trump slapped an additional 25% tariff on Indian
imports, escalating trade frictions.

Spot gold was up 0.3% at $3,378.18 per ounce as of 0452 GMT. U.S. gold
futures gained 0.4% to $3,445.60.

A line chart titled "Spot gold price in USD per oz" that tracks the metric
over time.

"Trump has been dishing up fresh tariff threats which is keeping gold in the
frame as a defensive play for investors," Tim Waterer, chief market analyst
at KCM Trade said.

"Gold is moving towards the doorstep of the psychological $3400, with
risk-assets being kept off-balance somewhat by the constant tariff
proclamations by the U.S. president."

Trump on Wednesday slapped an additional 25% tariff on imports of Indian
goods, citing New Delhi's continued buying of Russian oil, deepening a trade
rift between the two nations after talks reached a deadlock.

The new import tax, effective 21 days after August 7, will raise duties on
some Indian exports to as high as 50% - among the highest levied on any U.S.
trading partner.

Trump also said the United States will impose a tariff of about 100% on
imports of semiconductors but offered up a big exemption - it will not apply
to companies that are manufacturing in the U.S. or have committed to do so.

Adding to gold's support, the dollar index (.DXY), opens new tab hovered
near a more than one-week low after surprisingly weak U.S. jobs data last
week triggered bets for a U.S. rate cut in September.

Traders are now pricing in a 95% chance of a 25 basis point rate cut next
month, according to the CME Group's FedWatch Tool.

The Federal Reserve may need to cut rates in the near-term in response to a
slowing U.S. economy, Minneapolis Fed President Neel Kashkari said.

Gold, traditionally considered a safe-haven asset during political and
economic uncertainties, tends to thrive in a low-interest-rate environment.

Elsewhere, spot silver rose 0.5% to $38.04 per ounce, platinum lost 0.4% to
$1,328.77 and palladium gained 1.3% to $1,146.80.

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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