Bulls n Bears Daily Market Commentary : 27 August 2025

[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 : 27 August  2025

 

 	



 

 	


ZSE commentary

 

Stock Market Update: CDC sees record July, Invictus Energy soars 145%, ZSE
ekes out small gain

 

HARARE - Chengetedzai Depository Company is making significant strides in
strengthening its depository services with the ongoing development of a
Securities Lending and Borrowing (SLB) platform.

Currently operating within a regulatory sandbox until the end of 2025, these
initiatives aim to improve market liquidity and efficiency, aligning
Zimbabwe with global best practices. In its July operating update,
Chengetedzai said that engagements also continue with other markets on SLB.

Globally, securities lending and borrowing are widely adopted to facilitate
short selling, liquidity provision, and market stabilization. For instance,
major financial centers such as New York, London, and Hong Kong have mature
SLB markets that contribute to enhanced market depth and price discovery.
Countries like South Africa and Nigeria have also successfully incorporated
SLB frameworks, which have helped boost investor confidence and market
resilience.

In Zimbabwe, the CDC's move to implement SLB is seen as a key step towards
modernising its capital markets platform. The initiative is expected to
enhance liquidity and support more sophisticated trading strategies among
market participants.

Meanwhile, the latest CDC operating update for July underscores a positive
trend across the stock exchange. The month recorded the highest trading
activity on the Zimbabwe Stock Exchange since the introduction of the
Zimbabwe Gold currency, with the CDC settling trades worth ZWG764.15 million
in July and a cumulativeZWG2.78 billion from January to July.  This follows
the return of some institutional investors angling for value creation of an
undervalued market.

Moreover, account openings also saw an uptick, with 103 new accounts created
in July, bringing the total number of accounts to nearly 49,039 since
inception.

On the dematerialisation front, the average penetration ratio has reached
62.21%, reflecting an ongoing shift towards electronic securities
management. Dematerialised securities now constitute 52% of the total market
value for listed shares, amounting to ZWG$34.55 billion.  Corporates and
pension funds hold the largest shares of this value, at 31.46% and 27.42%,
respectively.

Meanwhile, Invictus Energy were up almost 150% on the Australian Stock
Exchange after it announced that a major Qatari investor would buy a slice
of the company and provide $500 million to support its gas development plans
in Zimbabwe.

In addition, the Middle East player has agreed to form a joint venture with
Sydney-listed Invictus to buy oil and gas assets in Africa and pursue merger
and acquisition opportunities on the continent. Several high-impact asset
transactions are at an advanced stage, with the first expected to complete
before the end of the year, said Invictus.

The shares closed 145.28% higher to AU$0.13 taking its market cap to
AU$220.96 million, levels last seen in November 2023. The exploration
company had closed trades at AU$83.5 million yesterday.  On the VFEX, the
ZDRs did not trade.

In local markets, Zimbabwe Stock Exchange shares moved unimpressively higher
at the close of mid-week trades with the All-Share Index gaining 0.21% to
206.41. This follows gains in select heavyweight counters. Econet strongly
supported turnover after 48.86 million shares exchanged hands, the majority
of which are book-overs as the major shareholder continues to switch within
portfolios. For this month alone, around 110 million shares have traded.

Total market turnover was at ZWG234.73 million from the sale of 52.67
million shares. Econet led in value at ZWG221.2 million. Stock of interest
NMB saw a volume of 3.33 million worth ZWG11.99 million. Foreigners were net
sellers at ZWG18.26 million in Delta and Econet, against purchases of ZWG2.7
million.

  

The Top Ten Index put on 0.50% to 203.78. Mash Holdings led the risers with
a 13.66% gain to 168.50c albeit in the wake of its disappointing half year
results where the bottom line declined 34%.

The Mid-Cap Index was 0.90% down to 235.38. Turnall lost 45.45% to 6c and
Tanganda was 14.16% lower to 100.87c. Other losses were in RTG and OK
Zimbabwe. 

 

The VFEX was 0.18% higher to 123.67 in a lacklustre turnover session.-fx

-fx

 

 <mailto:info at bulls.co.zw> 

 

South Africa

 

South African rand weakens as dollar firms

 

(Reuters) - The South African rand slipped on Wednesday, as the dollar made
a tentative rebound, while concerns lingered over the independence of the
U.S. Federal Reserve.

 

By 0925 GMT the rand was trading at 17.7225 against the dollar, or 0.5%
weaker than Tuesday's close.

 

The dollar USD traded about 0.3% stronger against a basket of currencies,
dulling the appeal of the risk-sensitive rand, which was also on the
backfoot for most of Tuesday's session as markets await clues from local
economic data.

 

Releases due later in the week include producer inflation numbers on
Thursday, money supply and private sector credit data, and trade balance and
budget balance figures on Friday.

 

"Even the technicals are not offering much direction to trade on, and it
appears that the same also applies to the USD, which is also trading in a
range," ETM Analytics said in a research note.

 

The note added that investors would focus on U.S. President Donald Trump's
"doubling of tariffs on Indian imports and his meddling at the Fed in firing
Fed Governor Cook" for directional momentum.

 

Trump's doubling of tariffs on Indian exports to as much as 50% took effect
as scheduled on Wednesday, escalating tensions between the world's two
largest democracies and strategic partners.

 

On the Johannesburg Stock Exchange, the Top-40 index was down 0.7% in early
trade.

 

South Africa's benchmark 2035 government bond was also weaker, as the yield
rose 2.5 basis points to 9.61%.

 

 

 

 

Nigeria

 

Naira rebounds after two days of losses as reserves cross $41bn

 

 

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated
slightly by N0.54 as the dollar closed at N1,537.07, compared to N1,537.61
quoted the previous day, according to data from the Central Bank of Nigeria
(CBN).

 

 

In the parallel market, popularly called the black market, the local
currency remained stable at N1,540 per dollar. Similarly, GTBank's FX rate
for international transactions held steady at N1,544 since Monday, after
rising from N1,542 on Friday.

 

Nigeria's external reserves climbed to $41.22 billion as of August 26, 2025,
CBN data showed, crossing the $41 billion mark for the first time in over
four years. External reserves, which provide the CBN with the financial
strength to defend the naira, had stood at $41.00 billion as of August 19,
2025. This represents a year-on-year increase of $4.53 billion or 12.42
percent compared to $36.47 billion recorded on the same date in 2024. The
last time reserves were at this level was on March 12, 2021, when they stood
at $41.08 billion.

 

 

 

A report by FBNQuest highlighted that total foreign exchange inflows into
Nigeria's FX market regained momentum in July 2025, reflecting renewed
investor appetite. According to FMDQ data, FX inflows rose by 24 percent
month-on-month to about $3.8 billion, compared to $3.1 billion recorded in
June. However, inflows in July were still significantly below the peak of
$6.7 billion recorded in May.

 

The recovery in inflows, while encouraging, underscores the volatility of FX
liquidity. Foreign Portfolio Investments (FPIs) continued to dominate as the
primary source of supply, accounting for around 45 percent of total inflows.
In absolute terms, offshore investor inflows increased to $1.7 billion in
July, up from $1.5 billion in June. This improvement signals a cautious
return of foreign investor confidence, spurred by attractive carry trade
opportunities and relatively stable global macroeconomic conditions during
the period.

 

 

 

 <mailto:info at bulls.co.zw> 

 

Global Markets

 

The dollar was on the back foot against the euro even after France's prime
minister on Wednesday unexpectedly called a confidence vote for next month,
which is likely to result in the fall of his minority government.

The dollar index , which gauges the currency against six major peers, was
steady at 98.145, following two days of declines.

 

Japan's chief trade negotiator Ryosei Akazawa canceled a trip to Washington
at the last minute on Thursday, delaying an announcement of the details of
Japan's $550 billion investment pledge in the United States as part of a
tariff deal.

Advertisement . Scroll to continue

 

Report This Ad

A government spokesperson said the decision was taken after talks with the
U.S. side revealed some points that need further discussion "at the
administrative level".

On the U.S. monetary front, the Fed's Williams said in an interview with
CNBC on Wednesday that "every meeting is, from my perspective, live."

"Risks are more in balance," he said. "We are going to just have to see how
the data play out."

Key among data releases ahead of the Fed's September 16-17 policy meeting is
the PCE price index on Friday - the Fed's preferred inflation measure - and
the monthly payrolls report a week later.

Traders currently lay around 89% odds of a quarter-point rate cut next
month, and have priced in a cumulative 55 basis points of easing by
year-end, according to LSEG data.

That helped send two-year Treasury yields , which are extremely sensitive to
policy expectations, sliding to the lowest level since May 1 overnight,
adding to pressure on the dollar.

 

 

 

 

 <mailto:info at bulls.co.zw> 

 

Commodities

 

Gold holds firm as soft US dollar, rate-cut bets lend support

 

Gold held firm near a more than two-week peak on Thursday, supported by a
weaker dollar and U.S. interest rate cut prospects as market participants
awaited U.S. inflation data due this week.

 

Spot gold was steady at $3,394.60 per ounce, as of 0648 GMT. Earlier in the
session, bullion touched its highest point since August 11.

Get a look at the day ahead in European and global markets with the Morning
Bid Europe newsletter. Sign up here.

U.S. gold futures for December delivery edged 0.1% higher to $3,451.60.

 

The dollar index (.DXY), opens new tab fell 0.1% against its rivals, making
gold less expensive for other currency holders.

 

"We've got a lot of positive interest for gold because of that sort of
issues with institutional trusts and risks about Fed's independence," said
Kyle Rodda, Capital.com's financial market analyst.

Investors are now awaiting the release of the Personal Consumption
Expenditures (PCE) Price Index, the preferred inflation measure of the U.S.
Fed, scheduled for Friday.

"But we're really looking for something more sort of to push the price above
critical level of $3,400 ... the U.S. PCE data will be super significant. We
are still bullish on gold. I think all the fundamentals (are) moving in the
right direction," he added.

 

 

Economists polled by Reuters expect the PCE price index (USPCEY=ECI), opens
new tab to rise 2.6% in July, matching the climb from June.

Markets are anticipating an over 88% chance of a 25-basis-point rate cut at
the Fed's policy meeting next month, according to CME FedWatch Tool.

Non-yielding gold typically performs well in a low-interest-rate
environment.

New York Fed Bank President John Williams said on Wednesday it is likely
interest rates can fall at some point but policymakers will need to see what
upcoming data indicate about the economy to decide if it's appropriate to
make a cut next month.

Elsewhere, spot silver was up 0.6% at $38.86 per ounce, platinum gained 0.3%
to $1,351.63 and palladium climbed 0.6% to $1,097.95.

 

 

 

 

 

 


 

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 

 

 

 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) 2025 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/20250828/6b221f45/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/20250828/6b221f45/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/20250828/6b221f45/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/20250828/6b221f45/attachment-0003.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: oledata.mso
Type: application/octet-stream
Size: 130902 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20250828/6b221f45/attachment-0001.obj>