Bulls n Bears Daily Market Commentary : 26 November 2025

Thu Nov 27 09:06:29 CAT 2025

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Bulls n Bears Daily Market Commentary : 26 November 2025

ZSE commentary

ZSE stretches gains in midweek session...

ZSE stretched gains in the midweek session to see the All-Share Index rising
0.12% to 224.16pts while, the Blue-Chip Index added 0.66% to 222.49pts. On
the contrary, the Agriculture Index retreated 4.39% to 181.35pts while, the
Mid Cap Index fell 1.80% to 251.08pts. Mashonaland Holdings headlined the
gainers list of the day on a 14.96% jump to settle at $1.3215 with FML
Holdings trailing behind on a 14.48% climb to close at $1.3658. Zimre
Holding edged up 13.19% to $0.4720 while, banking group NMB Holdings grew
10.64% to $5.2000. Cable manufacturer CAFCA completed the gainers list of
the day as it went up 6.67% to end at $16.0000. Partially weighing down

the market was brick manufacturer Willdale that lost 21.79% to finish at
$0.0305, followed by agriculture concern Ariston Holdings that trimmed
15.90% to settle at $0.0252. BAT parred off 15.00% to $98.0000 while, ZSE
Holdings shed 13.55% to $0.9942. FMP capped the top five losers of the day
on a 4.59 loss to close at $1.0500.

Activity aggregates improved in the session as turnover ballooned 147.17% to
$2.02m while, volumes traded heightened 284.23% to 0.74m shares. Volume
contributors of the day were Ariston (24.06%), Econet (23.92%), Meikles
(18.48%), Willdale (12.69%) and ZSE Holdings (5.95%). Econet, Meikles and
Delta drove the value traded as they claimed a combined 89.38% of the total.
In the ETF category, Morgan & Co Multi Sector fell 0.54% to $1.8500 on 500
units while, Datvest MCS was stable at $0.0400 as 100 units were traded. The
Revitus Reit came off 10.71% to $1.2500 on 180 units while the Tigere Reit
lost 12.84% to $1.3054 as 1.05m units exchanged hands in the session.

VFEX advances...

The VFEX advanced in the session as the All-Share Index notched up 1.95% to
171.37pts. Hotelier African Sun led the risers of the day on a 13.16% charge
to settle at $0.0387 as Axia followed behind on a 11.53% rebound to $0.0948.
Padenga Holdings ticked up 6.36% to $0.5318 while, Invictus Energy surged
6.18% to close at $0.1805. Seed producer Seed Co International concluded the
gainers list of the day on a 1.73% gain to finish at $0.3170. Trading in the
negative was Zimplow and First Capital Bank that declined 6.91% and 0.83% to
end pegged at $0.0310 and $0.0958 respectively.

Total volume traded plummeted 97.49% to 120,951 shares while, turnover
plunged 88.31% to $78,425.30. Innscor and Kavango were the top volume
contributors of the day,

claiming 68.89% and 12.64% a piece. Innscor drove the value outturn in the
session as it claimed 96.45% of the total. -efesecurities

efesecrities

 <mailto:info at bulls.co.zw> 

South Africa

South African rand steady as investors eye developments with US; domestic
PPI data awaited

(Reuters) - The rand held steady in early trade on Thursday, as cautious
traders awaited further updates after U.S. President Donald Trump said he
would not invite South Africa to the G20 summit next year.

At 0603 GMT the rand traded at 17.13 against the dollar , near its previous
close, with the greenback also little changed against a basket of
currencies.

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Trump said on Wednesday that South Africa will not be invited to take part
in next year's G20 summit in Florida after Washington boycotted the leaders'
summit in Johannesburg last week, which South Africa called a "punitive"
measure against it.

Traders will also keep tabs on the October domestic producer inflation
figures (ZAPPIY=ECI), opens new tab, due at 0930 GMT, which will provide
insights into price pressures in Africa's most industrialised economy.

Economists polled by Reuters expect year-on-year producer inflation to rise
to 3.1% (ZAPPIY=ECI), opens new tab from 2.3% in September, slightly wider
than Nedbank's prediction of an increase to 2.9%.

"Fuel and food remain the key drivers," Nedbank economists said in a note.

Investor attention will shift to credit (ZACRED=ECI), opens new tab, trade
(ZATBAL=ECI), opens new tab and budget (ZABUDM=ECI), opens new tab data on
Friday.

South Africa's benchmark 2035 government bond was flat in early deals, with
the yield at 8.572%.

Nigeria

Naira records three straight appreciations against US dollar 

The Naira recorded three straight appreciations against the United States
dollar at the official foreign exchange market on Wednesday.

Central Bank of Nigeria data showed that the Naira further strengthened to
N1,442.92 per dollar on Wednesday, up from N1,446.3156 traded on Tuesday.

This means that the Naira gained N3.4 against the dollar on a day-to-day
basis.

At the black market, the Naira remained flat at N1,465 per dollar on
Wednesday, the same exchange rate as the previous day.

DAILY POST reports that in the last three days, the Naira has added a
massive N10.92 gain, almost undoing the losses recorded in the past week.

This comes as the country's foreign reserves rose to $44.46 billion as of
November 24, 2025, according to the apex bank.

 <mailto:info at bulls.co.zw> 

Global  Markets

Dollar retreats, kiwi leaps as rate direction diverges

(Reuters) - The dollar was drifting toward its largest weekly drop in four
months on Thursday as trade thinned ahead of the U.S. Thanksgiving holiday,
leaving investors mulling the coming year where the U.S. is looking
increasingly lonely in cutting rates.

The yen drifted 0.4% higher to 155.87 per dollar in Asia trade, helped by a
hawkish turn in tone from Bank of Japan officials and the euro clambered
above $1.16.

A resurgent New Zealand dollar skipped out to a three-week peak of $0.5728
and has gained about 2% since a hawkish shift at the central bank a day
earlier.

The Reserve Bank of New Zealand cut rates on Wednesday but said a hold was
discussed and flagged that the easing cycle was likely over. Helped by some
strong economic data on Thursday, markets see rates going higher and price
in a hike by December 2026.

That contrasts with more than 90 basis points of cuts priced for the U.S.
Federal Reserve between now and the end of next year.

Data showed New Zealand retail sales rose in the third quarter, while
business confidence jumped to its highest in a year.

"Kiwi green shoots are really starting to mushroom quite quickly now," said
Westpac strategist Imre Speizer.

THE AUSSIE YIELDER

The Australian dollar has also been gaining after a hotter-than-expected
inflation reading on Wednesday added to the case that the easing cycle there
is also finished.

Australia's 3-year and 10-year rates of 3.86% and 4.5%, respectively, are
the highest in the G10, which analysts point out makes the currency look
cheap.

At $0.6536 the Aussie is in the middle of a channel where it has traded for
about 18 months. Kit Juckes at Societe Generale, however, notes it has more
closely tracked China's yuan than interest rates lately - which could
support further gains as the yuan has climbed sharply in recent sessions.

Pushback from China's central bank fixing mechanism steadied the yuan at
7.08 per dollar on Thursday.

Sterling inched up to its highest since late October at $1.3265 and was on
course for the largest weekly rise since August as Britain's budget
alleviated some concerns about the national finances.

DOLLAR DOWN

The U.S. dollar index was flat at 99.433, having retreated from a six-month
high hit a week ago to head for its largest weekly drop since July.

"The market will soon be thinking about the big trades for 2026, and I
strongly doubt that 'long USD' will be one of them," said Spectra Markets'
President Brent Donnelly.

He said if White House economic adviser Kevin Hassett - an advocate for rate
cuts - were appointed the next Federal Reserve chair it ought to be negative
catalyst for the dollar.

"Once we get past Friday, all the corporate and real money USD demand is
done."

 <mailto:info at bulls.co.zw> 

Commodities

Gold climbs to over one-week peak as hopes of Fed rate cut rises

(Reuters) - Gold prices hovered near an over one-week high on Wednesday,
after expectations the U.S. Federal Reserve will trim interest rates next
month kept non-yielding bullion a favoured asset.

Spot gold was up 0.8% at $4,162.99 per ounce at 01:55 p.m. ET (18:55 GMT),
after hitting its highest since November 14 earlier in the session. U.S.
gold futures for December delivery settled 0.6% higher at $4,165.20 per
ounce.

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"The focus has shifted away from the dollar and towards a decrease in
interest rates in December," said Marex analyst Edward Meir, noting gold's
rise despite the dollar index (.DXY), opens new tab being steady.

Rate cut bets "are helping gold a bit, as is the talk that they might
nominate a Fed chairman soon and the front runner is Kevin Hassett from the
Economic Advisory Committee of the president."

Hassett, like U.S. President Donald Trump, has said interest rates should be
lower than they are under Fed Chair Jerome Powell. Gold, a non-yielding
asset which thrives in a low-interest rate environment, received an
additional boost from this news.

Traders see an 85% chance of a Fed rate cut next month, compared to 30% a
week ago, the CME FedWatch tool, opens new tab showed.

Meanwhile, the number of Americans filing new applications for unemployment
benefits fell last week, pointing to still-low layoffs, though the labor
market is struggling to generate enough jobs for those out of work amid
lingering economic uncertainty.

U.S. consumer confidence also weakened in November as households grew more
concerned about jobs and their financial outlook. The data releases followed
a series of recent dovish comments from Fed policymakers.

The outlook for gold remains positive, with most research banks seeing gold
above $4,000 per ounce in 2026. Deutsche Bank has raised its 2026 gold
forecast to $4,450 an ounce from $4,000, citing stabilising investor flows
and persistent central bank demand.

Spot silver rose 3.3% to $53.12 per ounce, platinum was up 1.2% at
$1,571.80, while palladium added 1% to $1,411.50.

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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