Bulls n Bears Daily Market Commentary : 17 April 2018

Tue Apr 17 17:02:41 CAT 2018

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Bulls n Bears Daily Market Commentary : 17 April 2018

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

Market Turnover $1,819,071.09 with foreign buys at $64,186.10 and foreign
sales were $395,238.30. Total trades were 71.

The All Share index gained a further 2.55 points  to close at 93.23 points.
DELTA  jumped up $0.1233 to close at $1.8120,  ECONET gained $0.0497 to
trade at $0.8696 while OLD MUTUAL  put on $0.0281 to end at $5.6800.
NATIONAL FOODS  went up by $0.0100 to $5.4100 and AXIA  was $0.0056 firmer
at $0.2356.

PPC   was the only lame duck losing $0.0200 to settle at $0.9800.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Uganda

Ugandan shilling holds steady as demand for dollars falls

(Reuters) - The Ugandan shilling was stable on Tuesday amid lower appetite
for hard currency from both commercial banks and merchandise importers.

At 0918 GMT, commercial banks quoted the shilling at 3,685/3,695 per dollar,
same level as Monday’s close.

Kenya

Kenyan shilling rises to strongest level in nearly two years

(Reuters) - The Kenyan shilling strengthened to its highest level against
the dollar since May 2016 on Tuesday, traders said. 

The shillings was quoted at 100.35 per dollar, up from Monday's close of
100.60. Traders attributed the strengthening to banks cutting their dollar
holdings. 

The shilling has been firmer this year, mainly due to the reduction of
political risk after last year's presidential election, which has boosted
foreign investment inflows.

The hard currency reserves held by the central bank have also rose to record
highs.     

America

Dollar at 3-Week Lows, Pound Hits Post Brexit Highs

Investing.com - The dollar slid to three week lows against a currency basket
on Tuesday as concerns over tensions between the U.S. and Russia eased,
while the pound hit a post Brexit high ahead of the latest UK jobs report.

The U.S. dollar index, which measures the greenback’s strength against a
basket of six major currencies, 

was down 0.12% to 89.02 by 04:20 AM ET (08:20 AM GMT), the lowest level
since March 28.

The dollar drifted lower as risk appetite improved amid expectations that
U.S.-led missile strikes on Syria 

over the weekend would not lead to an escalation into a broader conflict.

But geopolitical tensions remained in focus amid lingering concerns over a
simmering U.S. - China trade 

spat.

The dollar came under pressure on Monday after U.S. President Donald Trump
accused Russia and China of devaluing their currencies in a Twitter post.

The tweet came after the U.S. Treasury Department published its semi-annual
report on currencies on 

Friday and declined to name China as a currency manipulator.

China's foreign ministry said on Tuesday that information coming out of U.S.
regarding the Chinese currency is “a bit chaotic”.

The dollar was lower against the yen, with USD/JPY down 0.14% to 106.97.

The euro rose to three week highs, with EUR/USD advancing 0.13% to 1.2396.

The pound hit a 22-month high against the dollar, with GBP/USD last up 0.15%
to 1.4359.

The gains in the pound came ahead of a jobs report that was expected to show
that wage growth 

overtook inflation in February, easing a cost of living squeeze and raising
the chances for a rate hike by the 

Bank of England next month.

Commodities Markets

Gold dips as sharper risk appetite lifts equities

(Reuters) - Gold fell on Tuesday as sharper  appetite for risk benefited
cyclical assets at bullion's expense, though losses were capped by the
dollar's slip to three-week low against a basket of currencies. 

Gold rallied to a 2-1/2 month high last week as heightened tensions over
Syria and U.S. sanctions on Russia sparked a drop in equities and ratcheted
up interest in nominally defensive

assets. Those gains, however, have proved hard to maintain.

Spot gold        was down 0.3 percent at $1,342.77 an ounce at 1120 GMT,
while U.S. gold futures         were down 0.5 percent at $1,344.40.

A gradual return of risk appetite lifted world shares on Tuesday, with
European stocks climbing 0.4 percent to erase the previous session's losses.

The U.S. yield curve reached its flattest in more than a decade on Monday
after the White House said that U.S. President Trump would nominate Richard
Clarida as Federal Reserve Vice

Chairman, another hawkish voice at the central bank.

A flatter yield curve typically indicates that the Fed is planning to lift
interest rates in the near term and is often understood to signal concern
over the macroeconomic outlook.

Higher rates tend to weigh on non-yielding bullion. 

The euro hit a three-week high on Tuesday as solid Chinese economic data and
receding fears of more U.S. strikes in Syria revived risk sentiment,
weakening the dollar.       

On Monday Trump also accused Russia and China of devaluing their currencies
while the United States raises interest rates. 

Among other precious metals, silver        was up 0.1 percent at $16.62 an
ounce, while platinum        was 0.1 percent higher at $924.90. 

Palladium        was down 1.6 percent at $985.97 an ounce after hitting its
strongest since March 1 the day before at $1,012.10 an ounce. 

It rallied nearly 10 percent last week, the biggest weekly gain since
January 2017, on fears that U.S. sanctions on Russia could hurt supply of
the autocatalyst metal.

Chinese data weighs on metals; aluminium set to rebound

(Reuters) - Weak industrial data in top base metals consumer China weighed
on prices on  Tuesday, but aluminium was expected to resume its rally as
U.S. sanctions disrupt supplies from the world’s  No. 2 producer Rusal.
Chinese industrial output expanded 6.0 percent in March year-on-year, the
slowest  pace in seven months, while fixed asset investment for
January-March also came in below expectations.

China’s economy, however, grew 6.8 percent in the first quarter of 2018,
slightly faster than expected.

A fall in German investor morale to the lowest level since November 2012 and
a slightly firmer dollar also 

knocked sentiment.

Benchmark aluminium on the London Metal Exchange was volatile, touching a
6-1/2 year peak of $2,435, 

then slipping into negative territory in early European trading. It fell 1.1
percent to $2,372 a tonne in 

official open outcry trading.

“With all the uncertainty around Rusal, there’s no way but for the price to
head higher still to incentivise 

more production from elsewhere,” Bhar said.

While a fair price was around current levels, speculators and investors
could take it as high as $2,800-

$3,000, he added.

United Company Rusal accounts for 6-7 percent of global aluminium supply.

ALUMINIUM STOCKS: More aluminium arrived into LME warehouses, which traders
said was likely to be Rusal 

material, pushing up LME inventories MALSTX-TOTAL by 52,125 tonnes to
1,412,400 tonnes, the highest 

since June last year.

JAPAN: Major Japanese trading houses have asked Rusal to stop shipping
refined aluminium and other 

products in light of U.S. sanctions and are scrambling to secure metal
elsewhere, industry sources said.

COPPER: LME copper shed 1.1 percent to trade at $6,833 a tonne in official
rings after on-warrant LME 

stocks, those not earmarked for delivery, climbed 10,950 tonnes to 313,450
tonnes MCUSTX-TOTAL, 

indicating healthy supplies.

NICKEL: Nickel was the biggest decliner on the LME, bid down 2.7 percent at
$13,950 a tonne after failing trade during official activity.

With nickel the biggest speculative long of the LME complex, according to
estimates from broker Marex 

Spectron, it appeared some bulls were liquidating positions, traders said.

*PRICES: Zinc was bid down 0.4 percent at $3,125 a tonne in official rings,
lead was bid down 1.1 percent 

at $2,343 and tin traded up 0.2 percent at $21,075 a tonne.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Zimbabwe

Independence Day

Zimbabwe

18/04/2018

Workers’ Day

01/05/2018

Africa Day

25/05/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

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
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investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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