Bulls n Bears Daily Market Commentary : 19 November 2025

Wed Nov 19 18:27:56 CAT 2025

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Bulls n Bears Daily Market Commentary : 19 November 2025

ZSE commentary

ZSE falters in midweek session...

ZSE faltered in the midweek session as the All-Share Index fell 0.08% to 215.52pts while, the Blue-Chip Index parred off 0.67% to 212.68pts. The Agriculture Index trimmed 0.29% to 164.93pts while, on the contrary the Mid Cap Index edged up 2.11% to 246.40pts. FML headlined the worst performers of the day, having lost 14.98% to close at $1.2600, with FMP trailing behind on a 14.41% decline to end at $1.0013. Sugar processor Star Africa came off 12.07% to $0.0300 while, retailer OKZIM retreated 5.24% to $0.1900. TN Cybertech capped the top five laggards of the day on a 1.67% loss to end pegged at $0.1175. Partially mitigating today's losses was ZSE

Holdings Limited, that jumped 14.99% to land at $1.4540 as ZB Financial Holdings followed on a 9.21% charge to settle at $4.7000. Agriculture concern Ariston grew 2.73% to $0.0226 while, Mashonaland Holdings went up 1.99% to $1.0000. Brick manufacturer Willdale Limited completed the top five gainers' list of the day on a 0.29% lift to finish at $0.0351.

Activity aggregates traded sideways as the turnover soared 48.91% to $13.43m while, volumes traded plummeted 91.08% to 1.21m shares. Delta and Econet were the top volume drivers in the session, claiming a combined 83.19% of the total traded. Delta drove the value aggregate as it contributed 87.94% of the total. In the ETF category, Morgan & Co made in Zim was stable at $0.0400 on 105,000 units. The Datvest MCS was unchanged at $0.0400 on 346 units. The Tigere REIT added 11.48% to $1.4333 as 133,940 units exchanged hands in the session.

VFEX maintains upward momentum... 

The VFEX market maintained upward momentum in the session as the primary All Share Index rose 1.14% to 161.01pts. First Capital Bank led the gainers of the day on a 13.53% climb to end pegged at $0.0965, followed by Invictus Energy that surged 5.75% to $0.1600. Hotelier African Sun ticked up 5.42% to close at $0.0350 while, Caledonia inched up 0.76% to $33.2500. Conglomerate Innscor concluded the gainers of the day on a 0.58% rise to settle at $0.8025. Trading in the negative territory was Axia that shed 3.93% to finish at $0.0979 while, fast foods group Simbisa Brands dropped 2.81% to $0.4600. Kavango Resources dipped 0.51% to end at $0.0195 while, Padenga Holdings trimmed a negligible 0.02% to $0.5099.

Volumes traded succumbed 94.53% to 220,515 shares while, turnover declined 83.23% to $69,237.80. First Capital Bank drove the volumes traded in the session as it claimed 80.95%. The top value drivers of the day were Caledonia (52.54%), First Capital Bank (24.88%) and Padenga (15.52%). -efesecurities

efesecrities

 <mailto:info at bulls.co.zw> 

South Africa

South African rand edges higher ahead of inflation data

(Reuters) – The South African rand edged up in early trade on Wednesday, as traders turned their attention to inflation data for clues on the country’s economy ahead of an interest rate decision on Thursday – the last one for the year.

At 0725 GMT the rand traded at 17.1550 against the dollar, about 0.2% firmer than its previous close.

Domestically-focused traders are waiting for October consumer inflation data 0800 GMT and September retail sales at 1100 GMT.

Economists polled by Reuters expect annual inflation will come in at 3.7% for October, up from 3.4%.

Nedbank economists anticipate a marked acceleration to 3.8%. “Food prices are at peak levels, with the upside driven mainly by meat prices reflecting the ongoing challenges relating to foot-and-mouth vaccinations, while all other categories are showing signs of moderation,” the bank’s economists said in a note.

Retail sales are forecast to rise from 2.3% in August to 3% in September, based on Nedbank’s forecasts.

“The positive momentum in sales is being supported by a low base, more subdued inflationary environment, lower interest rates, and easing debt service costs, all of which have lifted real wages and boosted discretionary spending,” Nedbank said.

On the Johannesburg Stock Exchange, the Top-40 index was last up 0.4%.

South Africa’s benchmark 2035 government bond was firmer in early deals, as the yield fell 1.5 basis points to 8.66%.

Nigeria

Naira Gains 0.04% Against Dollar at Official Market

The Naira gained 0.04 per cent or 60 Kobo against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday to settle at N1,447.43/$1, in contrast to the N1,448.03/$1 it was traded in the preceding session.

Equally, the domestic currency improved its value against the Pound Sterling in the same market segment during the session by N5.72 to close at N1,903.51/£1 compared with the previous day’s N1,909.23/£1, but lost 17 Kobo against the Euro in the official market to sell for N1,679.16/€1 versus Monday’s closing price of N1,678.99/€1.

At the parallel market, the Nigerian Naira closed flat against the US Dollar yesterday at N1,460/$1 and at GTBank, it was unchanged at N1,447/$1.

The Naira rally was soft as the market anticipates the Central Bank of Nigeria (CBN) to boost the supply side to reverse a trend of minimal interventions by the apex bank due to increasing FX inflows from foreign portfolio investors and exporters. In recent weeks, the CBN has capped sales at $50 million. 

On Wednesday, it was revealed that Nigeria’s external reserves reached the $46.7 billion mark, largely attributed to the federal government’s Eurobond issuance and rising FX inflows from offshore investors.

Other positive signals like Nigeria’s headline inflation rate easing by 1.97 percentage points to 16.05 per cent in October from 18.02 per cent in September 2025, also supported. 

In the cryptocurrency market, the sentiment in crypto still remained cautious despite some gains. 

More than $1 trillion were wiped off the value of the cryptocurrency market in the past six weeks amid fears of a tech bubble and fading expectations for a rate cut in the US next month.

The gains were clawed as traditional market suffered beatings and provided havens for traders to make profit, with Solana (SOL) going up by 1.6 per cent to $138.16.

Further, Binance Coin (BNB) rose by 1.5 per cent to sell for $921.75, Dogecoin (DOGE) appreciated by 0.9 per cent to $0.1560, Ethereum (ETH) jumped by 0.8 per cent to $3,026.61, and Bitcoin (BTC) jumped by 0.8 per cent to $90,639.68.

But, Cardano (ADA) depreciated by 1.2 per cent to $0.4583, Ripple (XRP) fell by 0.9 per cent to $2.13, and Litecoin (LTC) declined by 0.8 per cent to $93.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

 <mailto:info at bulls.co.zw> 

Global Markets

Yen falls as Japan monitors market with "sense of urgency", sterling down after CPI

(Reuters) - The yen fell to a 10-month low on Wednesday after Finance Minister Satsuki Katayama said Japan's new government was closely monitoring markets, while sterling eased after declining British consumer price inflation raised expectations for a Bank of England cut.

In the meantime, the dollar edged higher ahead of Nvidia's earnings release and key U.S. data.

Japanese government ministers including Finance Minister Satsuki Katayama met Bank of Japan Governor Kazuo Ueda on Wednesday. The yen fell after comments by Katayama, who said the government was closely watching the market "with a high sense of urgency".

The currency has been falling on market expectations that Prime Minister Sanae Takaichi's new administration will deliver a huge spending package backed by low interest rates.

In Britain, consumer price inflation fell to 3.6% in October, from September's joint 18-month high of 3.8%, as expected by the BoE and economists polled by Reuters, official figures showed on Wednesday.

INTERVENTION RISKS WEIGH ON YEN

The yen eased 0.3% to 156.15, after hitting its lowest against the dollar since January.

"The big move has obviously been done over yen... The risk of intervention obviously rises," said Sonja Marten, Head of Research Currencies and Monetary Policy at DZ BANK.

"There's obviously some concern over the current weakness of the yen. But I think the problem is that it's quite difficult for the government to decide what to do about this. I mean, intervention has a long but not always highly successful history in Japan."

The inauguration last month of Takaichi, who is known as an advocate of expansionary fiscal and monetary policy, has complicated the BOJ's efforts to gradually push up still-low interest rates.

The Kyodo news agency reported Japan's stimulus package could exceed 20 trillion yen ($129 billion) and be funded by an extra budget of around 17 trillion yen.

BOE EXPECTED TO CUT RATES IN DECEMBER

UK inflation data cemented expectations that the BoE could cut interest rates in December.

"We think Governor (Andrew) Bailey will feel more confident about cutting Bank Rate below 4%," said Deutsche Bank chief UK economist Sanjay Raja.

Sterling was down 0.14% against the dollar at 1.3125, briefly touching its lowest since Friday, when British markets were whipped around as speculation swirled around the highly-anticipated November 26 budget, which remains the key event for sterling this month.

A line chart with the title 'How inflation in the UK has moved'

PIVOTAL MOMENT

Elsewhere, investors focused on third-quarter earnings reports from chip giant Nvidia (NVDA.O), opens new tab, while U.S. agencies were clearing a backlog of data after a prolonged government shutdown.

Global equity markets have been hit hard this week on concerns about valuations of AI stocks.

"Nvidia’s results have become a macro event, acting as a bellwether for the defining investment theme of our time," said Kenneth Lamont, Principal at Morningstar.

Francesco Pesole, FX strategist at ING said Nvidia results will likely be a "pivotal moment".

"It's not a very common thing to happen, that one earnings release has major impacts on the FX market. If those are extremely good or extremely bad, then obviously it will be a very meaningful impact," he said.

The dollar index , which measures the greenback's strength against a basket of six currencies, edged 0.07% higher at 99.65.

ING's Pesole said the positive moment for the dollar reflects a combination of safe-haven flows and doubts around Fed pricing in December.

Fed funds futures are pricing an implied 47% probability of a 25-basis-point cut at the December 10 meeting, compared with a 42.4% chance a day earlier, according to the CME Group's FedWatch tool.

U.S. President Donald Trump renewed his attacks on Federal Reserve Chair Jerome Powell on Tuesday, saying "I'd love to get the guy currently in there out... but people are holding me back." Powell's term as Fed chair is up in May.

Another test will come with the delayed release of Thursday's non-farm payrolls release for September, after initial jobless claims data released on Tuesday showed the number of Americans on jobless benefits surged between mid-September and mid-October.

Amid the rout in risk assets, the Australian dollar fell 0.3% to $0.6489 , while the kiwi slipped 0.5% to $0.5627 .

The Norwegian crown fell 0.4% to 10.1418.

($1 = 156.1800 yen)

 <mailto:info at bulls.co.zw> 

Commodities

Gold rises 1% on safe-haven demand ahead of key US data

(Reuters) - Gold prices climbed over 1% on Wednesday, as investors flocked to the safe-haven asset ahead of the release of the Federal Reserve’s latest meeting minutes later in the day and delayed U.S. employment data on Thursday.

Spot gold was up 1.2% at $4,116.26 per ounce, at 9:36 a.m. ET (1436 GMT). U.S. gold futures for December delivery gained 1.3% to $4,117.10 per ounce.

"There's safe haven buying that's going on in the market right now.... The (job) numbers that have come out have been a little softer, and there are jitters in the equity markets," said RJO Futures market strategist Bob Haberkorn.

Global shares stabilized on Wednesday, following another selloff driven by nerves over AI valuations, although the mood was cautious ahead of what could be make-or-break earnings from chip titan Nvidia and U.S. jobs data this week.

Meanwhile, data showed on Tuesday that the number of Americans receiving unemployment benefits stood at a two-month high in mid-October.

Markets will scrutinize the release of the Federal Reserve’s October meeting minutes at 2 p.m. ET today for clarity on policymakers’ stance on another rate cut. The central bank trimmed interest rates by 25 basis points at the meeting, but Chair Jerome Powell signalled caution on further cuts this year.

Non-yielding gold tends to do well in a low-interest-rate environment and during times of economic uncertainty.

Also on tap is the release of September's job report on Thursday, delayed due to the U.S. government shutdown, expected to provide an early gauge of economic health. Economists polled by Reuters expect the September employment report to show 50,000 jobs were added during the month. (USNFAR=ECI), opens new tab

Traders now see a 51% chance for a rate cut, compared to 46% earlier in the session, the CME FedWatch tool showed. FEDWATCH

Elsewhere, spot silver rose 2.3% to $51.87 per ounce, platinum added 1.3% to $1,544.80, and palladium fell 0.5% to $1,396.50.

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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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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