Bulls n Bears Daily Market Commentary : 13 March 2025

Fri Mar 14 08:03:08 CAT 2025

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Bulls n Bears Daily Market Commentary : 13 March 2025

ZSE commentar

ZSE extends losses in Tuesday's session ...

The ZSE market extended losses in Tuesday's session as the All Share Index
was 1.28% weaker at 206.65pts. The Mid Cap Index was 0.37% lower at
227.22pts as its constituents clinched the top five spots in the losers'
list. On the contrary, Blue Chip Index was 0.10% up at 207 .51pts while, the
Agriculture Index was 0.07% up at 181.73pts. Leading the worst performers of
the day was Turnall that plunged 16.39% to $0.0500 while, property concern
Mashonaland retreated 14.29% to $1.1400.  First Mutual Holdings eased 10.00%
to $3.6000 while, TSL was 1.97% lower at $1.6000 as 399,900 shares exchanged
hands in the session. Banking group NMB capped the top five worst performers
list of the day as it slipped 0.45% to $3 .7025 . Telecommunications giant
Econet led the risers of the day as it inched up 3.11% to $3 .7778 having
traded an intraday high of $4.2125 while, beverages producer Delta put on
1.63% to end pegged at a VWAP of $15.3519. Seed technology group SeedCo
Limited was up 1.44% to close at $3.8143 having touched a high of $3.8500 in
the session. Dairy processor Dairibord added 0.42% to settle at $1.4686
while, Hippo inched up 0.14% to $6.1187.

Activity aggregates improved in the session as volumes traded ballooned
2,456 .98% to 16.30m shares while, turnover increased by 631.28% to $15.16m.
Top volume driver of the day was Star Africa that claimed 78.74% of the
volume traded while, Econet trailed behind with a 16.22% contribution. The
duo of Econet and Delta drove the turnover aggregate of the day as they
claimed a combined 88.63% of the total traded. In the ETF category, the
Morgan & Co MCS trimmed 4.98% to close at $1.9000 while, the Datvest MCS was
stable at $0.0300 as 27,382 units traded. The Tigere REIT was 1.20% higher
at $1.1349 as 39,385 shares exchanged hands

-

 <mailto:info at bulls.co.zw> 

South Africa

South African rand slips as markets focus on budget talks

JOHANNESBURG (Reuters) -South Africa's rand weakened on Thursday as the
dollar recovered some ground after recent losses, a day after South Africa's
national budget was tabled before lawmakers and met with resistance.

At 1504 GMT, the rand traded at 18.3325 against the U.S. dollar, about 0.1%
weaker than its previous close. It fell more than 1% at one point on
Wednesday.

The dollar last traded firmer against a basket of currencies though it
remained pressured after data on U.S. producer prices for February came in
slightly weaker than expected and traders worried about global growth
prospects amid trade tensions.

Domestic investors will keep a keen eye on the post-budget discussions on
Friday, following resistance to Finance Minister Enoch Godongwana's proposal
on Wednesday to raise the value-added tax by 0.5 percentage point this year
and another 0.5 percentage point next year.

The initial budget version shelved three weeks ago had put forward a
2-percentage-point VAT increase this year.

Most big parliamentary parties publicly rejected Godongwana's revised
budget, despite the scaling back of the size of a proposed hike in VAT,
which currently sits at 15%.

"Political stability will be closely scrutinised during this period and will
be held in high regard for rand forecasts," said Warren Venketas, trading
services manager at IG Group.

Data released by Statistics South Africa on Thursday showed mining output
fell 2.7% year on year in January, while manufacturing output fell 3.3% year
on year in the same month.

On the Johannesburg Stock Exchange, the blue-chip Top-40 index closed up
about 0.4%.

South Africa's benchmark 2030 government bond was weaker, with the yield up
2.5 basis points to 9.11%.

Nigeria

Naira records highest depreciation against dollar in 48 hours

The naira continued its depreciation against the dollar across foreign
exchange markets for the fourth consecutive time.

This comes as the Naira fall to N1,554.85 per dollar from N1,543.91 on
Wednesday, according to the Central Bank of Nigeria's exchange rate date on
Thursday.

Thursday's depreciation at the official market is the highest drop in the
past 48 hours as it dipped by N10.92 against the dollar.

Similarly, the Naira weakened to N1,590 per dollar mark on Thursday at the
black market.

This is N5 depreciation on a day-to-day basis when compared to the N1585 per
dollar exchange rate at the parallel market the previous day.

DAILY POST reports that since this week kicked off, the Naira has been on a
depreciation streak.

The development showed that Naira is fast undoing past months appreciation
and stability record against the dollar despite the Central Bank of
Nigeria's policy interventions.

 <mailto:info at bulls.co.zw> 

Global Markets

US dollar rises as markets consolidate positions; outlook remains downbeat

(Reuters) - The U.S. dollar rose against most major currencies including the
Swiss franc and the euro on Thursday, as investors consolidated positions
after selling the greenback for most of this week, but the outlook remained
weak amid concerns about slowing growth arising from the Trump
administration's trade policies.

U.S. President Donald Trump threatened to impose a 200% tariff on wine,
cognac and other alcohol imports from Europe, opening a new front in a
global trade war that has roiled financial markets and raised recession
fears.

Get the latest news and expert analysis about the state of the global
economy with the Reuters Econ World newsletter. Sign up here.

Advertisement . Scroll to continue

Trump on Wednesday also threatened to retaliate against the EU's
announcement that it would place counter-tariffs on $28 billion worth of
U.S. imports from next month.

Labor Department data on Thursday showed that U.S. producer prices were
unexpectedly unchanged on a monthly basis in February, but the prospects of
tariffs are unlikely to keep prices down in the coming months.

"We've had a very large dollar weakening move in the previous days and weeks
and it feels like we're entering a bit of a consolidation period," said
Vassili Serebriakov, FX strategist at UBS in New York, who raised his
year-end forecast for the euro against the dollar to $1.120 from $0.990.

"We do see the possibility that the dollar recovers because we're still
being hit with tariffs news and we have this early April reciprocal tariff
deadline coming up."

The dollar strengthened 0.11% to 0.883 against the Swiss franc .

The euro was down 0.28% to $1.0856 against the dollar but near the
five-month top of $1.09470 hit earlier in the week.

Germany's fiscal reset plan has provided additional support to the euro.
Germany's outgoing lower house of parliament will hold a special session on
Thursday to debate the 500 billion euro fund for infrastructure and changes
to borrowing rules in Europe's largest economy to bolster defence.

"We are due for a dollar consolidation and a rebound, but it will depend on
how much the trade policy and tariffs take precedence over the drivers of
dollar weakness, which are European recovery and fiscal spending and weaker
U.S. data," Serebriakov added.

STRONGER YEN

The Japanese yen strengthened 0.39% against the greenback to 147.84 per
dollar, boosted by expectations of higher Japanese interest rates later this
year.

While the Bank of Japan is expected to leave its key interest rate unchanged
at next week's policy meeting, more than two-thirds of economists polled by
Reuters expect a rise of 25 basis points to 0.75% in the third quarter, most
likely in July.

Currency markets also were processing data from Wednesday showing U.S.
consumer prices rose slightly less than expected in February, but the relief
it offered could be temporary as the data did not fully capture the cascade
of Trump's tariffs.

The dollar index , which measures the greenback against a basket of
currencies including the yen and the euro, rose 0.2% to 103.80. It is on
track for two straight days of gains.

The Canadian dollar weakened 0.39% versus the greenback to C$1.4424 per
dollar, a day after the Bank of Canada trimmed its key policy rate by 25
basis points, with trade disputes leaving traders on edge.

"The choppiness and volatility (in the dollar) are probably the bigger
story, and it's certainly being driven by uncertainty about tariffs,
uncertainty about a potential trade war and whether it's uncertainty about
the emerging geopolitical environment," said Marvin Loh, senior global
market strategist at State Street in Boston.

 <mailto:info at bulls.co.zw> 

Gold price hits fresh all-time high  

Gold price (XAU/USD) enters a bullish consolidation and oscillates in a
narrow range near the all-time peak touched during the Asian session on
Friday, News.Az reports citing FX Street.

Investors remain worried about US President Donald Trump's aggressive trade
policies and their impact on the global economy, which, in turn, continues
to underpin demand for the safe-haven bullion.

Apart from this, rising bets for further monetary policy easing by the
Federal Reserve (Fed) turn out to be another factor that benefits the
non-yielding yellow metal.

However, some follow-through US Dollar (USD) buying, for the third straight
day, along with a slight improvement in the global risk sentiment, keeps the
Gold price below the $3,000 psychological mark. Furthermore, overbought
conditions on the weekly chart seem to hold back bullish traders from
placing fresh bets around the XAU/USD pair.

Nevertheless, the precious metal remains on track to register strong gains
for the second straight week and the fundamental backdrop supports prospects
for additional gains.

Gold price needs to consolidate before making a sustained move above $3,000

>From a technical perspective, this week's breakout through the $2,928-2,930
horizontal resistance and a subsequent move beyond the previous record high,
around the $2,956 region, could be seen as a fresh trigger for bulls. That
said, the Relative Strength Index (RSI) on the daily chart remains close to
the overbought territory and makes it prudent to wait for some near-term
consolidation or a modest pullback before the next leg up. The broader
setup, however, suggests that the path of least resistance for the Gold
price remains to the upside and supports prospects for an extension of a
nearly three-month-old well-established uptrend. 

In the meantime, any meaningful corrective slide is more likely to attract
fresh buyers near the $2,956 area, below which the Gold price could drop to
the $2,930-2,928 horizontal resistance breakpoint, now turned support. The
latter should act as a key pivotal point and a convincing break below might
prompt some technical selling, which should pave the way for deeper losses.
The XAU/USD pair might then accelerate the fall towards the $2,900 round
figure en route to the $2,880 region, or the weekly low touched on Tuesday.

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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