Bulls n Bears Daily Market Commentary : 27 May 2025

Wed May 28 09:04:55 CAT 2025

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Bulls n Bears Daily Market Commentary : 27 May 2025

ZSE commentary

ZSE records marginal gains in new week...

The ZSE market registered marginal gains in the new week as the All-Share
Index rose by 0.31% to settle at 195.61pts while, the Blue-Chip Index
charged 0.89% to 188.44pts. On the contrary, the Mid Cap Index fell by 0.46%
to 245.26pts while, the Agriculture Index dropped 2.26% to 185.03pts on the
back of losses in SeedCo, Ariston and Dairibord. Zimre Holdings headlined
the gainers' list of the day on a 14.93% jump to end pegged at $0.4130,
trailed by Mashonaland Holdings that edged up 13.54% to $1.2178. Plastic
pipe producer Proplastics added 10.53% to settle at $1.0500 while, Art
Holdings gained 1.75% to $0.2000. Banking group NMB fastened the top 5
winners of the day on a 1.55% rise to end at $3.7600. Partially weighing
down the market was SeedCo that plunged 13.03% to $2.8005 while, Ariston
followed on a 12.24% retreat to close at $0.0502. Dairy processor, Dairibord
parred off 5.87% to $1.6002 while, Ecocash shed 4.25% to settle at $0.1253.
StarAfrica capped the top five worst performers of the day on a 2.19%
descend to end pegged at $0.0610.

Activity aggregates improved in the session as turnover soared 299.67% to
$5.00m while, volume traded ballooned 1053.80% to 4.71m shares. Ecocash and
Dairibord were the top volume drivers in the session as they claimed a
combined 85.99% of the aggregate. The trio of Dairibord, Delta and Econet
drove the turnover aggregate as they claimed 31.91%, 27.81% and 25.85%
respectively. The Tigere Reit trimmed 3.98% to close at $1.2002 as a circa
of 1.65m units exchanged hands. In the ETF category, no price movement were
recorded as 5,170 units worth $285.30 traded in the session.-EFE

 <mailto:info at bulls.co.zw> 

Nigeria

Naira stable as exporters inflows contribution swell

The Naira on Tuesday maintained stability across foreign exchange (FX)
markets as exporters account for the largest contribution of inflows into
the market.

The local currency closed flat on Tuesday as the dollar was quoted at
N1,583.73, marking a 0.3% loss compared to N1,579.40 quoted the previous day
at the Nigerian Foreign Exchange Market (NFEM), according to data from the
Central Bank of Nigeria (CBN).

In the parallel market also known as the black market, the naira steadied at
N1,610 per dollar.

The naira appreciated by 0.06% as the dollar was quoted at N1,5970.40 on
Monday, marking a gain of N1.04 compared to N1,580.44 quoted on Friday at
NFEM.

The NFEM window recorded an inflow of $3.38 billion compared to $4.29
billion in the previous week, according to a report by the research
department of Coronation Merchant Bank Limited.

The total inflow decreased by 21.28% week-on-week, Exporters accounted for
75.54% CBN accounted for 2.98% of the total inflow, Foreign Portfolio
Investors (FPIs) brought in 9.72%, non-bank corporates 9.61%, while other
sources accounted for 2.15%.

The gross foreign reserves increased by 0.48% w/w to close at $38.56bn as of
May 22, 2025.

For the Chinese Yuan, the Naira gained 0.81% against the Chinese Yuan (CNY),
to close at N219.96CNY/N.

In the foreign exchange market last week, the Naira appreciated for the
second consecutive week in a row, gaining 1.14% w/w against the US dollar in
the official spot market, closing at N1,580.44/$1. The 1-month forward rate
closed at N1,623.11/$1.

The 3-month forward contract rate closed at N1,682.77/$1. The 6-month
forward contract closed at N1,770.17/$1. The 1-year forward rate closed at
N1,938.74/$1. At the parallel market, Naira gained 0.43% against the dollar,
closing at N1,620.00/$1 on Friday May 23, 2025, the report noted.

Recently, the CBN, in collaboration with the Nigeria Inter-Bank Settlement
System (NIBSS), formally launched the Non-Resident Diaspora Bank
Verification Number. The initiative is designed to strengthen financial ties
between Nigeria and its diaspora community and boost foreign exchange
inflows into the country.

Olayemi Cardoso, Governor of the CBN reaffirmed the Bank's goal of
attracting $1 billion in monthly diaspora remittances. He underscored the
importance of adhering to the FX Code and regulatory frameworks as part of
efforts to ensure market stability and build trust among stakeholders.

South African 

South African rand weakens, interest rate decision ahead

(Reuters) - South Africa's rand weakened early on Tuesday, with investors
focussed firmly on the central bank's impending interest rate decision later
this week.

At 0827 GMT, the rand traded at 17.9225 against the dollar, about 0.3%
softer than its previous close.

Economists polled by Reuters expect the South African Reserve Bank (SARB) to
cut its main interest rate by 25 basis points to 7.25% on Thursday.

South Africa's inflation stayed below the SARB's target range of 3% to 6% in
April while the local currency has recovered from its recent losses to trade
below 18 per dollar.

Central bank data earlier in the day showed South Africa's composite leading
business cycle indicator rose 1.1% month on month in March.

On the stock market, the Top-40 index was little changed.

South Africa's benchmark 2030 government bond was stronger in early trading,
with the yield down 2.5 basis points at 8.865%.

 <mailto:info at bulls.co.zw> 

Global Markets

Dollar gains, yen slips as Japanese yields tumble

(Reuters) - The dollar strengthened on Tuesday as the yen came under
pressure from a sharp fall in Japan's long-dated bond yields, while the
greenback was boosted by data improving U.S. consumer confidence.

"It's very much being driven by global bond markets, and most recently what
we've seen in Japan," said Eric Theoret, FX strategist at Scotiabank in
Toronto. "Market participants are reading into the fact that the Ministry of
Finance sent out a questionnaire to their primary dealers about issuance."

The Reuters Tariff Watch newsletter is your daily guide to the latest global
trade and tariff news. Sign up here.

Bloomberg reported on Tuesday that the Japanese Ministry of Finance sent a
questionnaire to market participants regarding issuance and current market
issues. Japan will consider trimming issuance of super-long bonds in the
wake of recent sharp rises in yields for the notes, two sources told Reuters
on Tuesday.

The plan comes amid a recent spike in super-long bond yields to record
levels due to dwindling demand from traditional buyers such as life insurers
and global market jitters over steadily rising debt levels.

The dollar was last up 1% at 144.28 Japanese yen . The euro fell 0.46% to
$1.1335.

The greenback added to gains after data showed U.S. consumer confidence in
May was much better than economists had expected.

Data this week will include personal consumption expenditures for April, the
Federal Reserve's preferred inflation measure, on Friday.

Minneapolis Fed President Neel Kashkari on Tuesday called for keeping
interest rates steady until there is more clarity on how higher tariffs
affect inflation, warning against "looking through" the impact of such
supply price shocks.

The euro, meanwhile, was dented by data showing that French inflation fell
to its lowest level since December 2020 in May.

U.S. President Donald Trump on Sunday dropped his threat to impose 50%
tariffs on European Union imports from next month, which boosted risk
appetite on Tuesday.

European Union policymakers have asked the EU's leading companies and CEOs
to swiftly provide detail of their U.S. investment plans, according to two
sources familiar with the matter, as Brussels prepares for trade talks with
Washington.

Investors are concerned that tariffs will hurt growth and potentially
reignite inflation, though traders have become less pessimistic on the U.S.
economic outlook since the United States and China earlier this month
reached a deal to slash tariffs they had imposed on each other.

Longer-term, the more protectionist stance of the United States is expected
to continue to hurt the greenback.

"We're still in an environment of medium to longer term U.S. dollar
weakness," said Theoret.

European Central Bank President Christine Lagarde said on Monday that the
euro could become a viable alternative to the dollar if governments could
only strengthen the bloc's financial and security architecture.

Investors are also watching the passage of a spending and tax bill through
the U.S. Congress that is expected to add trillions of dollars of debt.

"Our first take on the House budget is it's not too bad, but could be
better. It will reduce the deficit-to-GDP ratio, though probably not enough
to put the budget on a sustainable path," Chris Low, chief economist at FHN
Financial said in a note.

Low noted, however, that "no one is happy" with the bill, with right-wing
commentators upset that it didn't further DOGE spending cuts, while left
wing pundits are mainly opposed to the size of cuts to social spending.

U.S. Senate Republicans said on Thursday they will seek substantial changes
to the spending bill after it narrowly won approval in the House of
Representatives.

Elsewhere the dollar strengthened 0.77% to 0.827 Swiss franc .

Swiss inflation could enter negative territory in the coming months, but
this will not necessarily trigger a reaction by the Swiss National Bank, SNB
Chairman Martin Schlegel said on Tuesday.

 <mailto:info at bulls.co.zw> 

Gold Philippines Gold price today: Gold falls, according to FXStreet data

Gold prices fell in Philippines on Wednesday, according to data compiled by
FXStreet.

The price for Gold stood at 5,883.29 Philippine Pesos (PHP) per gram, down
compared with the PHP 5,889.82 it cost on Tuesday.

The price for Gold decreased to PHP 68,621.05 per tola from PHP 68,697.73
per tola a day earlier.

Unit measure        Gold Price in PHP

1 Gram       5,883.29

10 Grams    58,832.48

Tola  68,621.05

Troy Ounce 182,991.00

FXStreet calculates Gold prices in Philippines by adapting international
prices (USD/PHP) to the local currency and measurement units. Prices are
updated daily based on the market rates taken at the time of publication.
Prices are just for reference and local rates could diverge slightly.

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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