Bulls n Bears Daily Market Commentary : 19 June 2025

Fri Jun 20 09:12:36 CAT 2025

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Bulls n Bears Daily Market Commentary : 19 June 2025

ZSE commentary

ZSE falters in Thursday's session...

ZSE faltered in Thursday's session as the Agriculture Index constituents,
Hippo and Tanganda and heavy cap  Econet weighed down the market. The
Alli-Share Index trimmed 1.39% to 192.55pts while, tlhe Blue-Chip Index
retreated 1.85% to 189.75pts. The Agriculture Index dropped 3.01% to
154.66pts while, on the contrary the Mid Cap Index edged up 0.08% to settle
at 225.33pts. Hippo Valley Estates took the greatest knock having lost
14.99% to end pegged at $5.9270 with telecoms  giant  Econet  following  on
a  6.25%  decline  to $3.7151. First Mutual Holdings shed 4.12% to $4.1706
while, Tangarida parred off 1.51% to close at $0.9769. Zimre Holdings capped
the top five worst performers of the day on a 1.23% decrease to finish at
$0.3200. P.artially tnitigati111g today's losses was Ariston that added
14.11% to $0.0461 with Zirnpapers  trailing  behind on  a  1.85% increase
to  land  at $0.1100. NMB Holdings rose 1.35% to $3.7500 while, Ok Zimbabwe
ticked up 0.12% to $0.2993 . SeedCo Limited concluded the top five gainers
of the day on a 0.08% lift to dose at $2.3750

Activity aggregates improved in the session as volumes traded. surged
14f).92% to 18.37m shares while,. turnover soared 307.46% to $9.59m. Ecocash
Holldings took the spotlight in the in the volume category as it claimed
85.50% of the outturn. The top value drivers were Econet and Ecocash again
that claimed 64.68% and 20.48% of the value traded in the session apiece.
The Tigere REIT dropped 0.69% to $1.1595 as 9,541 units exchanged hands in
the session while, the Revitus REIT fell 0.24% to $0.6280 as 3,275 units
traded in the session..EFESEC

 <mailto:info at bulls.co.zw> 

South Africa

South African rand slips as investors shun riskier markets

(Reuters) - The South African rand fell on Thursday, weighed down by
risk-off sentiment as the Israel-Iran conflict continued into a seventh day.

At 1415 GMT, the rand traded at 18.07 against the U.S. dollar , down roughly
0.3% on Wednesday's close and near its lowest level in a month.

This was in line with declines in emerging market peer currencies as
investors fled to safe-haven assets while weighing the possibility of U.S.
involvement in the Israel-Iran conflict.

Domestically, six large banks passed an inaugural climate-risk stress test
by South Africa's central bank on the resilience of the country's financial
system.

The Johannesburg Stock Exchange's Top-40 index (.JTOPI), opens new tab last
traded down 0.3%.

Petrochemical firm Sasol (SOLJ.J), opens new tab was up over 4% as the
conflict in the Middle East continued to push up global oil prices .

South Africa's benchmark 2035 government bond was marginally weaker, with
the yield rising 1 basis point to 10.13%.

Our Standards: The Thomson Reuters Trust Principles.

Nigeria

Naira continues to depreciate against dollar 

The naira continued its depreciation streak against the dollar at the
official foreign exchange market on Thursday.

According to the Central Bank of Nigeria's exchange rate data, the naira
weakened slightly to N1,549.49 from N1,549.21.

This means that the naira dropped marginally by N0.28 against the dollar on
a day-to-day basis.

DAILY POST reports that this is the third straight depreciation of Nigeria's
currency, the naira, against the dollar since Monday, January 16, 2025.

Similarly, the naira also lost steam at the black market to N1,600 per
dollar on Thursday from N1,595 traded on Wednesday.

Recall that the naira depreciated at the official market on Wednesday, just
like on Tuesday.

 <mailto:info at bulls.co.zw> 

Global Markets

Australian Dollar advances despite increased risk aversion amid Middle East
conflict

The Australian Dollar (AUD) retraces its recent losses on Friday. The
AUD/USD pair remains stronger following the release of the interest rate
decision from China. However, the upside of the pair could be limited due to
dampened risk sentiment amid escalating Middle East tension.

The People's Bank of China (PBOC) decided to leave its Loan Prime Rates
(LPRs) unchanged on Friday. The one-year and five-year LPRs were at 3.00%
and 3.50%, respectively.

US intelligence agencies believe that Iran has yet to decide whether to make
a nuclear weapon, even though it has developed a large stockpile of the
enriched uranium necessary to make a bomb. However, Iran was likely to shift
toward producing a bomb if the US military attacked Iran's uranium
enrichment site Fordo, or if Israel killed Iran's supreme leader, senior US
intelligence sources added, The New York Times.

The US Dollar (USD) received support from heightened safe-haven demand amid
rising concerns over potential US involvement in the Israel-Iran air war.
The Israel-Iran conflict has entered its seventh day as the two countries
continue further air attacks on Thursday. White House spokeswoman Karoline
Leavitt noted that US President Donald Trump will decide within two weeks
whether to strike Iran.

Australian Bureau of Statistics reported on Thursday that Employment Change
fell by 2.5K in May against a 87.6K increase in April (revised from 89K) and
the consensus forecast of a 25K rise. Furthermore, the Unemployment Rate
steadied at 4.1% in May, as expected.

Australian Dollar appreciates as US Dollar extends losses on technical
pullback

The US Dollar Index (DXY), which measures the value of the US Dollar against
six major currencies, is trading lower at around 98.60 at the time of
writing. Traders will likely gauge the Fed's Monetary Policy Report,
scheduled for release on Friday.

The US Federal Reserve (Fed) decided to keep the interest rate steady at
4.5% in June as widely expected. The Federal Open Market Committee (FOMC)
still sees around 50 basis points of interest rate cuts through the end of
2025.

Fed Chair Jerome Powell warned that ongoing policy uncertainty will keep the
Fed in a rate-hold stance, and any rate cuts will be contingent on further
improvement in labor and inflation data.

Bloomberg cited unnamed sources on Thursday, reporting that "US officials
prepare for possible strike on Iran in coming days." "The US plans for any
attack on Iran continue to evolve." Moreover, the Wall Street Journal cited
individuals familiar with discussions, saying that US President Trump said
late Tuesday that he approved of attack plans for Iran, but held it to see
if Tehran would abandon its nuclear program.

On Tuesday, US President Donald Trump posted on his social media platform,
calling for Iran's "unconditional surrender." Investors are concerned that
the United States will participate in the Israel-Iran conflict.

G7 leaders issued a joint statement on Monday: "We have been consistently
clear that Iran can never have a nuclear weapon." The leaders emphasized
that resolving the Iranian crisis could lead to broader de-escalation of
hostilities in the region.

China Retail Sales rose 6.4% year-over-year in May, surpassing the 5.0%
expected and April's 5.1% increase. Meanwhile, Industrial Production
increased 5.8% YoY, but came in below the 5.9% forecast and 6.1% prior.

Moreover, the National Bureau of Statistics (NBS) in China noted that the
domestic economy is expected to have remained generally stable for the first
half (H1) of 2025. However, economic growth in China may struggle since the
second quarter due to uncertain trade policies.

Australian Dollar tests nine-day EMA barrier near 0.6500

The AUD/USD pair is trading around 0.6480 on Friday. The technical analysis
of the daily chart indicates the revival of the bullish bias as the pair
attempts to rebound toward the ascending channel pattern. Additionally, the
14-day Relative Strength Index (RSI) is positioned slightly above the 50
mark, suggesting the strengthening of a bullish bias. However, the pair is
positioned below the nine-day Exponential Moving Average (EMA), indicating
that short-term price momentum is still weaker.

A successful return to the channel would strengthen the bullish bias and
support the pair to test the barrier at the nine-day EMA of 0.6492, followed
by the seven-month high of 0.6552, which was recorded on June 16. A break
above this crucial resistance zone may reinforce the bullish bias and lead
the pair to target the eight-month high at 0.6687, followed by the upper
boundary of the ascending channel around 0.6760.

On the downside, the AUD/USD pair may target the 50-day EMA at 0.6436. A
break below this level would weaken the medium-term price momentum and put
downward pressure on the pair to navigate the region around the 0.5914, the
lowest level since March 2020.

 <mailto:info at bulls.co.zw> 

Gold little changed, platinum retreats from 10-year high

(Reuters) - Gold prices were little changed on Thursday as heightened
geopolitical tensions offset pressure from the Federal Reserve's hawkish
stance, while platinum slipped after scaling its highest level since
September 2014.

The U.S. market will remain closed today in observance of Juneteenth.

Spot gold was down 0.1% at $3,365.79 an ounce at 0940 a.m. EDT (1340 GMT).
U.S. gold futures fell 0.7% to $3,382.80.

The U.S. dollar ticked up, making greenback-priced metals more expensive for
other currency holders.

"The U.S. Federal Reserve indicated that inflation risk remains high. So
that reduces the chances of resuming the interest rate cuts, which is
weighing on gold prices," said ANZ Commodity Strategist Soni Kumari.

The Fed held interest rates steady on Wednesday and policymakers still
forecast cutting rates by half-a-percentage point this year, but have slowed
their overall outlook for rate cuts in response to a more challenging
economic outlook.

Fed Chair Jerome Powell cautioned against putting too much weight on this
outlook, warning of "meaningful" inflation ahead as higher import tariffs
loom.

On the geopolitical front, Israel bombed nuclear targets in Iran and Iranian
missiles hit an Israeli hospital overnight, as the week-old air war
escalated with no sign yet of an off-ramp.

Gold is considered a safe-haven asset during times of geopolitical and
economic uncertainty. But a higher interest rate environment dulls its
appeal as it yields no interest.

In other metals, platinum lost 3.7% to $1,269.30, after rising to its
highest level since September 2014 earlier in the session.

"When a sharp rally breaks a key technical level like 1,000, it often
triggers buying from both investors and speculators. However, such swift
price moves are typically not rooted in fundamentals and carry a high risk
of profit-taking," Kumari added.

Palladium lost nearly 1.1% to $1,038.56, while silver fell 1.4% to $36.21
per ounce.

Reporting by Anushree Mukherjee in Bengaluru; Additional reporting by Sarah
Qureshi; Editing by Elaine Hardcastle, Louise Heavens and Andrea Ricci

Our Standards: The Thomson Reuters Trust Principles.

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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