Bulls n Bears Daily Market Commentary : 31 July 2018

Wed Aug 1 08:21:07 CAT 2018

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Bulls n Bears Daily Market Commentary : 31 July 2018

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Zimbabwe Stock Exchange Update

Market Turnover $34,838,479.18 with foreign buys at $1,333,478.88 and
foreign sales were $1,303,114.41. Total trades were 99.

The All Share was marginally down by 0.01 points  to settle at 114.32
points. DAIRIBORD  put on $0.0070 to close at $0.1400, OLD MUTUAL  added
$0.0050 to $5.0100 and OK ZIMBABWE  rose by $0.0009 to end at $0.2209. DELTA
inched up by $0.0004 to trade at $2.1500.

However, HIPPO  shed $0.0100 to close at $1.6900,  INNSCOR came off $0.0014
to $1.4200 whilst AXIA  slipped $0.0010 to trade at $0.2490. ECONET was
marginally down by $0.0001 to close at $1.2490.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Uganda

Ugandan shilling little-changed, end-month flows offer help

(Reuters) - The Ugandan shilling was little-changed against the dollar on
Wednesday, with a slight bias toward the stronger side on the back of some
end-month inflows from charities.

At 1119 GMT, commercial banks quoted the shilling at 3,695/3,705, compared
to Monday’s close of 3,700/3,710.

Kenya

Kenya central bank head sees 2018 economic growth at 6.2 pct

(Reuters) - Kenya’s economy is likely to expand by 6.2 percent this year,
the central bank’s governor said on Tuesday, offering a rosier outlook than
the Finance Ministry which expects growth of 5.8 percent.

The East African economy expanded by 5.7 percent in the first quarter as
farming, which accounts for close to a third of output, recovered from a
drought in the same period a year earlier. The economy expanded by 4.9
percent in 2017.

Patrick Njoroge, the governor, told a news conference the forecast was based
on the economy’s performance in the first quarter, a stronger agriculture
sector and a jump in tourists’ forward bookings.

Russia

Moscow Exchange to quote dollar vs sterling, yuan, lira in 2018

(Reuters) - The Moscow Exchange plans to start trading the sterling, the
Chinese yuan and the Turkish lira versus the U.S. dollar this year,
mirroring the global foreign-exchange market to attract more clients, the
exchange’s managing director told Reuters.

Trading the new currency pairs is part of the Moscow Exchange’s strategy to
develop its infrastructure amid a Kremlin-backed bid to make Moscow one of
the world’s leading financial hubs.

By the end of the year, the Moscow Exchange plans to start trading the
sterling versus the dollar, the dollar against the Swiss franc, the dollar
against the Turkish lira, the dollar against the Japanese yen, the dollar
against the yuan, and the dollar against the Kazakh tenge.

Igor Marich, who oversees the money and derivatives market at the Moscow
Exchange, said in an interview in mid-July that players would need new pairs
for arbitrage trading, used to profit from price imbalances of the same
asset on different trading platforms.

The decision to offer the new pairs, approved by the Moscow Exchange foreign
currency market committee on June 26, follows its move to start offering
clients repo operations with most liquid shares of U.S. companies listed in
the United States.

Separately, the Moscow Exchange, previously known as Micex-RTS, is also
working to offer deliverable futures for gold as soon as September, Marich
said, in a move to prop up bullion market liquidity.

The futures will be denominated in roubles and the weight will be measured
in grams, Marich said last year.

The central bank has said it will only act as the buyer of gold via the
deliverable futures on the Moscow Exchange.

Marich said the Moscow Exchange was now also looking into non-deliverable
forwards for aluminium, copper, nickel and tin. 

Commodities Markets

Copper slides as China data fuels angst over demand

(Reuters) - Copper prices slipped on Tuesday as data showing slower growth
in China’s manufacturing sector fuelled nervousness about demand in the top
consumer, but labour negotiations at major producer Codelco helped underpin
sentiment.

Benchmark copper on the London Metal Exchange traded down 0.2 percent at
$6,237 a tonne in official rings.

Copper prices are on course for a 6.1 percent drop in July, which would mark
their steepest monthly fall since August 2016, having also been driven down
by fears of a China-U.S. trade war.

CHINA: Growth in China’s manufacturing sector slowed more than expected in
July, as the worsening trade dispute with Washington, bad weather and weaker
domestic demand weighed on factory activity.

China’s official Purchasing Managers’ Index (PMI) released on Tuesday fell
to 51.2 in July, from 51.5 in June and below the 51.3 in a Reuters poll of
economists.

CHUQUICAMATA: Workers at Codelco’s Chuquicamata copper mine in Chile, the
state miner’s second largest by output, walked off the job on Monday and
blocked access to the mine, union leaders said, in a move criticised as
“illegal” by Codelco.

ESCONDIDA: The union at BHP’s Escondida mine in Chile, the world’s largest
copper deposit, is expected to overwhelmingly reject the final contract
offer from the Anglo-Australian miner, increasing the likelihood of a
strike, a union leader told Reuters on Monday.

Union members have until Wednesday to finish voting on the company’s
proposal, when the union will conduct an official count. After that, either
party can call for government-mediated arbitration that could last up to 10
days.

COPPER: Traders are watching a large holding of copper warrants and cash
contracts - between 50 and 79 percent - as it may mean nearby tightness on
the LME market.

TIN: Also in focus is a large tin position holding between 50 and 79 percent
of cash contracts and warrants, which could see the premium for the cash
over the three-month contract rise further towards the highs of $260 a tonne
seen January.

The premium is currently around $124 a tonne. CMSN0-3

PRICES: Aluminium CMAL0-3 was down 0.9 percent at $2,075.5, zinc rose 1.1
percent to $2,584.5, lead gained 0.7 percent to $2,167, tin was up 0.2
percent at $20,075 and nickel slipped 0.3 percent to $13,850.

Aluminum products maker Arconic's revenue rises 9.6 pct

(Reuters) - Aluminum products maker Arconic Inc’s revenue climbed 9.6
percent in the second quarter, led by increased demand for aircraft parts.

Net income fell to $120 million, or 24 cents per share, in the quarter ended
June 30, from $212 million, or 43 cents per share, a year earlier.

Sales rose to $3.57 billion from $3.26 billion.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Delta

AGM

Head Office, Northridge Close, Borrowdale

27/07/2018 12:30pm

NicozDiamond

shares delist from the ZSE

06/08/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls ‘n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

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