Bulls n Bears Daily Market Commentary : 29 May 2025

Fri May 30 09:04:03 CAT 2025

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Bulls n Bears Daily Market Commentary : 29 May 2025

ZSE commentary

ZSE record modest  gains in the penultimate session of the month...

The market recorded modest gains in the penultimate session of the month as the All-Share Index rose by 0.04% to 196.61pts while, the Agriculture Index advanced 1.67% to 188.87pts. The Mid Cap Index edged up 0.56% to 247.17pts while, on the contrary the Blue-Chip Index fell 0.14% to 189.23pts. TSL Limited led the gainers of the day on 11.54% jump to settle at $2.9000 with Proplastics trailing behind on a 6.17% gain to $1.2000. First Mutual Holdings ticked up 5.99% to $4.1321 while, dairy producer Dairibord added 3.09% to end pegged at $1.6500. Telecommunications company Econet capped the top five performers of the day on a 2.60% increase to end at a VWAP of $2.9446. Partially weighing the market was ART Holding that tumbled 14.93% to $0.1701 while, banking giant CBZ slipped 8.61% to end pegged at $7.1282. Sugar possessor

Star Africa retreated 5.25% to $0.0578 while, Ecocash dropped 2.43% to $0.1405. RTG capped the top five laggards of the day on a 0.47% decrease to settle at $0.6370.

Activity aggregates enhanced in the session as volume traded soared 212.91% to 7.03m shares while, turnover heightened by 37.56% to $14.40m. OK Zimbabwe, ART Holdings and Delta drove the volume aggregates after contributing a combined 88.45%. Delta Corporation dominated the turnover aggregate after accounting for 76.63% of the value traded. The Datvest MCS fund was the only ETF to record trades in the sessions as 7,200 units worth $216.0000 exchanged hands. Tigere REIT dipped 2.26% to $1.2004 as 2.48m units traded in the name.

-rfr

 <mailto:info at bulls.co.zw> 

South Africa

South African rand steady before interest rate decision, PPI data

(Reuters) – The South African rand was steady in early trade on Thursday, ahead of a much-anticipated interest rate decision by the South African Reserve Bank (SARB) and monthly producer inflation figures.

At 0702 GMT, the rand traded at 17.92 against the dollar, little changed from Wednesday’s closing level.

Statistics South Africa will publish April domestic producer inflation figures at 0930 GMT, and Nedbank economists said in a research note that they expect it to have remained steady at 0.5%.

Investor attention will be pinned on an interest rate decision by the central bank expected around 1300 GMT.

The majority of economists polled by Reuters expect the bank to trim its main lending rate by 25 basis points, though a significant minority think the rate could be left unchanged.

Inflation is currently below the central bank’s target range, though policymakers have stressed risks from U.S. President Donald Trump’s trade war and domestic politics.

“The upside risks to the outlook have subsided since the March meeting,” the Nedbank note said.

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South Africa’s benchmark 2030 government bond was also little changed in early deals, with the yield at 8.78%.

Nigeria

Naira Rebounds in Absence of Dollar Shortage in FX Market

At the Nigerian Foreign Exchange Market, the naira reclaimed value by 0.29% to close at ₦1,586.15 per US dollar, from ₦1,590, according to FX data update from the Central Bank. Whereas in the parallel market, the naira closed at ₦1,615 per dollar amidst expectations that the Apex Bank will stop selling dollars to bureau de change at the official rate from May 2025.

The rally was supported by an improved dollar liquidity driven in part by the Central Bank’s intervention. The USD/NGN pair traded within a narrow band of N1,584.50 to N1,590.70.

With sufficient inflows and moderate corporate demand, analysts said, barring major shocks, the naira should remain within its current exchange rate range. In the global commodity market, oil prices declined on Thursday, reversing earlier gains, after the International Energy Agency warned of weaker Chinese demand.

Investors also monitored potential new U.S. sanctions on Russian crude and an upcoming OPEC+ decision on July output. Earlier, prices had risen following a U.S. court ruling that President Trump exceeded his authority in imposing broad tariffs, boosting global risk appetite.

However, the ruling excluded specific industry tariffs and may be temporary, as the administration plans to appeal. Brent crude dropped 60 cents to $64.30, while WTI fell 67 cents to $61.17.

Analysts anticipate OPEC+ will approve another 411,000-bpd production hike, maintaining this incremental increase through Q3 as the group prioritizes market share retention. #Naira Rebounds in Absence of Dollar Shortage in FX Market

 <mailto:info at bulls.co.zw> 

US Dollar Index holds positive ground near 99.50 ahead of US PCE inflation data

The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges higher to near 99.40 during the Asian trading hours on Friday. However, the potential upside for the Greenback might be limited, and the DXY is set for a fifth-straight monthly decline on trade and fiscal uncertainty. 

Thursday's US weekly Jobless Claims came in weaker than expected, which weighs on the US Dollar. The number of Americans filing new applications for jobless benefits for the week ending May 24 rose to 240K, compared to the previous week of 226K (revised from 227K), the US Department of Labor (DOL) showed on Thursday. This figure came in above the market consensus of 230K. Meanwhile, Continuing Jobless Claims increased by 26K to reach 1.919M for the week ending May 17.

The Wall Street Journal (WSJ) reported late Thursday, “US President Donald Trump's administration is considering an existing law that includes language allowing for tariffs of up to 15% for 150 days.” However, the administration has not made a final decision, and the uncertainty around tariffs might contribute to the DXY’s downside in the near term.

Money markets suggest that traders have priced in nearly 49 basis points (bps) of rate reductions toward the end of the year, following the soft US Initial Jobless Claims report, according to Prime Market Terminal data. San Francisco Fed President Mary Daly said on Thursday that policymakers might cut interest rates twice this year, but rates should remain steady for now to ensure inflation is on track to reach the Fed's 2% target.

Traders will take more cues from the US April Personal Consumption Expenditures (PCE) Price Index report later on Friday, as it might offer some hints about the Federal Reserve’s (Fed) policy trajectory. In case of a stronger-than-expected outcome, this could help limit the DXY’s losses. Additionally, the final reading of the Michigan Consumer Sentiment and the Chicago Purchasing Managers Index (PMI) will be released. San Francisco Fed President Mary Daly is scheduled to speak later in the same day. 

 <mailto:info at bulls.co.zw> 

Gold

Saudi Arabia Gold price today: Gold falls, according to FXStreet data

Gold prices fell in Saudi Arabia on Friday, according to data compiled by FXStreet.

The price for Gold stood at 397.24 Saudi Riyals (SAR) per gram, down compared with the SAR 400.17 it cost on Thursday.

The price for Gold decreased to SAR 4,633.36 per tola from SAR 4,667.52 per tola a day earlier.

Unit measure        Gold Price in SAR

1 Gram       397.24

10 Grams    3,972.43

Tola  4,633.36

Troy Ounce 12,355.58

FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) 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

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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.

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