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5.4pt'><p class=MsoNormal style='line-height:105%'><b><u><span style='font-family:"Verdana",sans-serif;color:#002060;mso-fareast-language:EN-US'><o:p><span style='text-decoration:none'> </span></o:p></span></u></b></p><p class=MsoNormal style='margin-left:26.1pt;text-indent:-1.35pt;line-height:105%'><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullszimbabwe.com </span></b><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></a></span><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US'> </span></b><span style='mso-fareast-language:EN-US'><a href="mailto:bulls@bulls.co.zw"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Views & Comments</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullish Thoughts</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span style='mso-fareast-language:EN-US'><a href="http://www.twitter.com/BullsBears2010"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Twitter</span></b></a></span><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;mso-fareast-language:EN-US;text-decoration:none'> </span></b></span><span 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style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Unsubscribe</span></b></a></span><span class=style30><span style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:26.1pt;line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Bulls n Bears Daily Market Commentary : 22 March 2023</span></b></span><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></b></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:1.0pt'><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p class=MsoNormal align=center style='text-align:center;line-height:105%'><span class=style30><b><o:p> </o:p></b></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><o:p></o:p></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:7.2pt'><td width=881 colspan=5 valign=top style='width:661.0pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:7.2pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><br></span></b><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" 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</v:shapetype><v:shape id="Picture_x0020_4" o:spid="_x0000_s1026" type="#_x0000_t75" href="https://www.facebook.com/Hyundaizimbabwe" style='position:absolute;left:0;text-align:left;margin-left:39.4pt;margin-top:14.05pt;width:406.6pt;height:283.45pt;z-index:251658240;visibility:visible;mso-wrap-style:square;mso-width-percent:0;mso-height-percent:0;mso-wrap-distance-left:9pt;mso-wrap-distance-top:0;mso-wrap-distance-right:9pt;mso-wrap-distance-bottom:0;mso-position-horizontal:absolute;mso-position-horizontal-relative:text;mso-position-vertical:absolute;mso-position-vertical-relative:text;mso-width-percent:0;mso-height-percent:0;mso-width-relative:margin;mso-height-relative:margin' o:button="t">
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</v:shape><![endif]--><![if !vml]><a href="https://www.facebook.com/Hyundaizimbabwe"><img border=0 width=542 height=378 src="cid:image003.jpg@01D95D37.CC6DC270" align=left hspace=12 title="" v:shapes="Picture_x0020_4"></a><![endif]><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>ZSE commentary<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>ZSE rising tide continue…<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The ZSE rising tide persisted in the mid-week session as the primary All Share Index surged 1.31% to close at 38522.35pts while, the Blue-Chip Index inched up 0.95% to 23339.55pts. The Mid Cap Index rose 2.06% to 73458.48pts while, the Agriculture Index added 1.59% to 137.76pts. Banking group, First Capital led the gainers of the day on a 14.88% jump to close at $28.9500, followed by Proplastics that advanced 11.64% to $89.3644. Tea producers Tanganda that soared 10.66% to $348.5714 while, Rainbow Tourism Group climbed 7.88% to $13.0000. Fintech group Ecocash Holdings completed the top five winners’ pack on a 7.18% uplift to settle at $90.0000. Headlining the losers of the day was Zimpapers that slid 7.92% to $5.3500 while, Ariston Holdings tumbled 5.22% to $10.4263. Zimplow Holdings eased 2.60% to settle at $35.1042 as First Mutual Properties slipped 1.15% to end pegged at $15.6667. BAT capped the losers’ pack on a 0.31% slump to $2,699.0000. The market closed with a positive breadth of nine as seventeen counters registered gains against eight that lost their grip.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Activity aggregates were enhanced as turnover jumped 84.66% to $766.73m while, volume of shares traded swelled 132.66% to see 6.65m shares exchange hands. Delta, OKZim, Econet, and FBC Holdings were the top value drivers as they contributed a combined 91.59% to the outturn. The top volume drivers of the day were OKZim (49.80%), Econet (11.07%), First Capital (9.61%) and Delta (8.07%). On the VFEX, Padenga and Bindura lost 4.17% and 1.86% to $0.2207 and $0.2645 respectively. Contrarily, Axia put on 0.24% to close the day at $0.1250. A total of 2.99m units worth $5.58m traded on the ETF segment. Cass Saddle and Datvest ETFs added 0.41% and 0.51% to see the former close at $2.0900 and the latter at $1.8600. Morgan and Co MCS and the Old Mutual ETF surged 11.86% and 3.47% to settle at $24.6501 and $9.2037. The Tigere REIT shed 2.41% to close the day pegged at $45.7226. –efesecurities<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Global Currencies & Equity Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Zambia<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Kwacha performance a source of worry – ZIPAR<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>THE Zambia Institute for Policy Analysis and Research (ZIPAR) says the depreciating Kwacha is a source of concern. According to the Bank of Zambia daily market rates, the Kwacha was buying at K20.6295 against the US dollar and selling at K20.6720 as at 12:30 hours, Monday. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Asked about the impact of the Kwacha performance on investments, ZIPAR Executive Director Dr Herrick Mpuku said in an interview, Monday, that the impact could not be determined now.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> “I wouldn’t try to zone in specifically on the exchange rate, the way I put it myself is that the macroeconomic instability which is a short-term instability in the economy represents uncertainty, and that uncertainty, business does not like uncertainty. So the fact that there…...<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>South Africa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>S.African rand edges higher ahead of inflation data, Fed rate decision<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>(Reuters) - South Africa's rand edged higher in early trade on Wednesday, ahead of the release of local inflation data and highly anticipated interest rate decision by the U.S. Federal Reserve.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>At 0645 GMT, the risk-sensitive rand traded at 18.5000 against the dollar, 0.32% stronger than its previous close.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>South African markets were closed on Tuesday on account of a public holiday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Local investors will be looking at February inflation figures due at 0800 GMT by Statistics South Africa for clues on the health of the economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Market focus will also be on the Fed's policy meeting, which will end later in the day, with investors awaiting clarity on the path the U.S. central bank could take in the wake of a global banking turmoil.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Markets are currently pricing in a 25-basis-point hike.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>"Risk-sensitive currencies have all come under pressure due to the prospect of higher rates in the US and the strain on the global banking system," said Andre Cilliers, currency strategist at TreasuryONE.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The government's benchmark 2030 bond was weaker in early deals, with the yield up 5 basis points to 9.980%.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;text-decoration:none'><img border=0 width=804 height=268 id="Picture_x0020_3" src="cid:image004.jpg@01D95D37.CC6DC270"></span></a><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Global Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Dollar falls after Fed raises rates, indicates one more hike ahead<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>(Reuters) - The dollar slid on Wednesday after the U.S. Federal Reserve raised its key rate by a quarter of a percentage point, as widely expected, and pointed to just one more rate hike this year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Fed projected at least one additional interest rate increase of 25 basis points by the end of 2023, but suggested that could represent at least an initial stopping point for the rate hikes.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The dollar index last fell 0.63% to 102.500, with the euro up 0.87% to $1.0861.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The dollar fell 0.82% against the Japanese yen , while Sterling was last trading at $1.2268, up 0.41% on the day.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>In a key shift driven by the sudden failures this month of Silicon Valley Bank (SVB) and Signature Bank, the Fed's latest policy statement no longer says that "ongoing increases" in rates will likely be appropriate. That language had been in every policy statement since the March 16, 2022 decision to start the rate-hiking cycle.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“I think the Fed did take the path of least resistance here, hiking but also providing a relatively dovish outlook on rates over the year ahead. That essentially gives markets what they were looking for," said Karl Schamotta, chief market strategist at Corpay.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Markets had projected a quarter-point rise in U.S. rates, but investors were also paying close attention to Fed Chair Jerome Powell's comments about the crisis that has rattled global banks this month.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>"Our banking system is sound and resilient with strong capital and liquidity. We will continue to closely monitor conditions of the banking system and are prepared to use all of our tools as needed to keep it safe and sound," Powell said at the news conference following the Fed's rate hike announcement.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Fed, together with other major central banks, has made provisions to grease the wheels of the financial system, after the failure of several smaller U.S. lenders and the implosion of Credit Suisse (CSGN.S) at the weekend unleashed huge market volatility and a rout in banking stocks and bonds in particular.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Fed’s “dovish hike” should mean a lower dollar in the coming weeks and days, provided that bank liquidity issues remain at bay, Wells Fargo analysts wrote in a research note.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The pound rose after data showed UK inflation came in much hotter than expected in February, which puts Bank of England policymakers in a tough position when they meet on Thursday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Australian dollar rose 0.29% versus the greenback to $0.669, while New Zealand's kiwi rose 0.57% versus the greenback to $0.623.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>In cryptocurrencies, bitcoin last fell 2.5% to $27,488.00, after hitting a nine-month peak on Monday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1029" src="cid:image005.jpg@01D95D37.CC6DC270"></span></a><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Commodities Markets<br><br><o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold prices could notch an all-time high soon — and stay there<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold prices have more room to run as global banks struggle and the U.S. Federal Reserve renders another interest rate decision, potentially breaking all-time highs — and staying there.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“A sooner Fed pivot on rate hikes will likely cause another gold price surge due to a potential further decline in the U.S. dollar and bond yields,” said Tina Teng from financial services company CMC Markets. She expects gold will trade between $2,500 to $2,600 an ounce.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Investors have been flocking to gold and Treasurys as bank stocks have been whacked by the shuttering of Silicon Valley Bank and Credit Suisse’s implosion.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold is trading at $1,940.68 per ounce. On Monday, it breached $2,000 to strike its highest since March 2022. Gold has risen around 10% since early March when SVB was hit by a bank run.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold’s all-time high was $2,075 in August 2020, according to Refinitiv data. Demand from central banks will likely keep wind in its sails.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“Continued central bank buying of gold bodes well for long-term prices,” said CEO Randy Smallwood of Wheaton Precious Metals, a precious metals streaming company.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>I think it’s very plausible that we see a strong performance in gold over the coming months. The stars appear to be aligning for gold which could see it break new highs before long.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Smallwood forecasts gold prices hitting $2,500.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Demand for gold skyrocketed to an 11-year high in 2022, owing to “colossal central bank purchases,” according to the World Gold Council. Central banks bought a 55-year high of 1,136 tons of gold last year.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>In late March, Fitch Solutions predicted that gold would notch a high of $2,075 “in the coming weeks.” The firm based that outlook on “global financial instability,” adding that it expects gold to “remain elevated in the coming years compared to pre-Covid levels.”<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. arranged in Budapest, Hungary, on Tuesday, March 22, 2022. Gold edged higher in Asian trading -- following its biggest weekly drop since June -- as investors weighed monetary policy tightening in the U.S. against the impact of the Russia-Ukraine war. Photographer: Akos Stiller/Bloomberg via Getty Images<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“I think it’s very plausible that we see a strong performance in gold over the coming months. The stars appear to be aligning for gold which could see it break new highs before long,” one analyst said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Craig Erlam, a senior market analyst at foreign exchange company Oanda, agrees with Fitch’s buoyant outlook.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“I think it’s very plausible that we see a strong performance in gold over the coming months. The stars appear to be aligning for gold which could see it break new highs before long,” he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“Interest rates are at or near their peak, cuts are now being priced in sooner than anticipated on the back of recent developments in the banking sector,” said Erlam, who added that he thinks that dynamic will boost gold demand, even if it coincides with a softer dollar.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Fed’s next moves<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Investors are closely watching the Federal Reserve’s next moves and their impact on gold prices.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The Fed began their two-day meeting on Tuesday, where it’s widely expected to approve a 25 basis point rate hike Wednesday, though predictions vary among analysts.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>The process of crafting gold as seen in the Krastsvetmet company, one of the world's largest producers of precious metals in Moscow, Russia on January 31, 2023.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“Overall, the Fed will have to choose between higher inflation or a recession, and either outcome is bullish for gold,” said Nicky Shiels, head of metals strategy at precious metals firm MKS Pamp.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“Overall, the Fed will have to choose between higher inflation or a recession, and either outcome is bullish for gold,” said Nicky Shiels, head of metals strategy at precious metals firm MKS Pamp. She forecasts gold to extend to $2,200 per ounce.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>A weakening of the dollar may support gold prices, according to HSBC’s chief precious metals analyst James Steel, who expects a 25 basis point hike from the Fed.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Gold and the greenback<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“What we saw earlier [last] week was the simultaneous events of both gold and the dollar. And that’s quite unusual,” Steel said, referring to the rise in gold prices and the dollar last week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>There’s usually an inverse relationship between gold prices and the U.S. dollar. But investors tend to like the perceived safety of U.S. Treasurys and gold simultaneously during periods of financial stress.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>“This scenario does not happen often but when it does — it is always a sign of elevated investor concerns,” Steel said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:7.2pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td></tr><tr><td width=881 colspan=5 style='width:661.0pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><strong><span style='font-family:"Verdana",sans-serif;color:#345883;mso-fareast-language:EN-US'>INVESTORS DIARY 2023</span></strong><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=221 style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Company</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Event</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Venue</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Date & Time</span></b><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Good Friday<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>April 7<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Easter Saturday<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>April 8<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Easter Sunday<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>April 9<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Easter Monday<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>April 10<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Independence Day<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>April 18<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Workers’ Day<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>May 1<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>Africa Day<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=top style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif;mso-fareast-language:EN-US'>May 25<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=221 valign=top style='width:165.7pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=157 style='width:117.8pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Counters trading under cautionary<o:p></o:p></span></b></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>CBZH<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>TSL<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Fidelity<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> 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1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>ZBFH<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>GetBucks<o:p></o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Zimre<o:p></o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Seed Co<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:3.25pt'><td width=378 colspan=2 valign=top style='width:10.0cm;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=327 style='width:245.25pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=175 valign=bottom style='width:131.5pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='margin:0cm;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr style='height:99.35pt'><td width=880 colspan=4 style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoNormal style='line-height:106%;background:white'><i><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><b><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Cellphone: </span><span style='mso-fareast-language:EN-US'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Alt. Email: </span><span style='mso-fareast-language:EN-US'><a href="mailto:info@bulls.co.zw"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif'>bulls@bullszimbabwe.com</span></a></span><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Website: </span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif'>www.bullszimbabwe.com</span></a></span><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Blog: </span><span style='mso-fareast-language:EN-US'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>www.bullszimbabwe.com/blog</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%;background:white'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Facebook: </span><span style='mso-fareast-language:EN-US'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='font-size:10.0pt;line-height:106%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><img border=0 width=278 height=115 id="_x0000_i1028" src="cid:image001.png@01D95D37.CC6DC270"><!--[if gte mso 9]><xml>
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</xml><![endif]--></span><span style='mso-fareast-language:EN-US'><o:p></o:p></span></p><p class=MsoNormal style='line-height:106%'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white;mso-fareast-language:EN-US'>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.</span></i><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p></o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span lang=EN-GB style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white;mso-fareast-language:EN-US'><o:p> </o:p></span></i></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=top style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>(c) 2023 <b>Web</b>:</span><span style='mso-fareast-language:EN-US'><a href="http://www.bullszimbabwe.com"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bullszimbabwe.com </span></a></span><b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'>Email:</span></b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> </span><span style='mso-fareast-language:EN-US'><a href="mailto:info@bulls.co.zw"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>bulls@bullszimbabwe.com</span></a></span><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr><td width=880 colspan=4 valign=bottom style='width:660.25pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 colspan=2 style='width:4.45pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'> <o:p></o:p></span></p></td><td style='border:none;padding:0cm 0cm 0cm 0cm' width=1><p class='MsoNormal'> </td></tr><tr height=0><td width=221 style='border:none'></td><td width=157 style='border:none'></td><td width=327 style='border:none'></td><td width=175 style='border:none'></td><td width=1 style='border:none'></td><td width=5 style='border:none'></td><td width=1 style='border:none'></td></tr></table></div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt'><span style='mso-fareast-language:EN-US'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>