Bulls n Bears Daily Market Commentary : 20 August 2018

Tue Aug 21 08:10:59 CAT 2018

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Bulls n Bears Daily Market Commentary : 20 August 2018

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Zimbabwe Stock Exchange Update

Market Turnover $656,554.06 with foreign buys at $222,268.92 and foreign
sales were $549,625.84. Total trades were 77.

The All Share index was flat at 112.77 points in mixed trading. OLD MUTUAL
added $0.0186 to close at $5.2000, POWERSPEED  rose by $0.0160 to settle at
$0.0960 and  MASIMBA   advanced by $0.0080 to end at $0.0478. BINDURA  moved
up by $0.0040 to $0.0600 while AFRICAN SUN closed at $0.0760 following a
$0.0028 gain.

Losses were seen in ZB FINANCIAL HOLDINGS which dropped by $0.0325 to close
at $0.3000,  CAFCA  shed $0.0099 to $0.7401 and FIRST MUTUAL HOLDINGS went
down by $0.0097 to close at $0.1700. ECONET  was $0.0033 weaker at $1.2000.

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Global Currencies & Equity Markets

Uganda

Uganda shilling weaker as banks' demand weighs

(Reuters) - The Uganda shilling weakened on Monday, undercut by an uptick in
demand for the dollar mostly by commercial banks beefing up their positions.

At 0926 GMT commercial banks quoted the shilling at 3,750/3,760, weaker than
Friday's close of 3,736/3,746. 

Kenya

Kenyan shilling holds steady against dollar

(Reuters) - The Kenyan shilling held steady against the dollar on Monday
boosted by banks cutting long dollar positions to meet local reserve ratio
requirements, traders said.

At 0749 GMT, commercial banks quoted the shilling at 100.78/100.98 per
dollar, the same as Friday's close. 

       <mailto:info at bulls.co.zw> 

Asia

Asian stocks up on hopes trade tensions ease, Trump comments hit dollar

(Reuters) - Asian stocks rose on Tuesday, supported by hopes Beijing and
Washington would dial back trade hostilities, though comments from the U.S.
president about the yuan and Federal Reserve policy capped gains and weighed
on the dollar.

Spreadbetters expected European stocks to open slightly lower, with
Britain’s FTSE dipping 0.25 percent, Germany’s DAX shedding 0.05 percent and
France’s CAC losing 0.1 percent.

In an interview with Reuters on Monday, President Donald Trump said that
China was manipulating its currency to make up for having to pay tariffs
imposed by Washington on some imports from China. This kept global trade
conflict concerns alive and dented some of the market optimism ahead of
upcoming U.S.-China trade talks.

He also said he believed the euro was being manipulated.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6
percent.

Australian stocks lost 1 percent, South Korea’s KOSPI gained 0.95 percent
and Japan’s Nikkei advanced 0.2 percent.

Chinese shares rose, with the Shanghai Composite Index climbing more than 1
percent, helped by bargain hunting of consumer and healthcare firms after
their recent slump.

Wall Street’s major indexes rose on Monday on optimism over trade talks
between the United States and China, though they fell from session highs
after Trump’s comments.

Immediate focus was on the lower-level trade talks due to start this week
between the United States and China. Speculation that the talks might help
ease trade tensions has shored up the broader equity markets over the past
few sessions.

Market optimism was tested, however, after Trump said he did not “anticipate
much” from the discussions.

In currency markets, the dollar came under pressure after Trump reiterated
his displeasure at the Fed’s rate hikes, saying the central bank should do
more to help him boost the U.S. economy.

The dollar index against a basket of six major currencies was down 0.4
percent at 95.499, extending losses from the previous day.

The euro brushed a 12-day high of $1.1544, stretching its gains after
climbing about climbing about 0.35 percent overnight.

The U.S. currency touched 109.775 yen, its lowest since late June before
edging back to 110.085.

The onshore Chinese yuan rose to as high as 6.828 per dollar, its strongest
since Aug. 9. The currency was on track for its fourth session of gains,
pulling further away from 6.934, its weakest since January 2017 marked last
week.

The yuan has weakened to a 19-month low against the dollar earlier this
month amid concerns towards the country’s economic growth, Sino-U.S. trade
war worries and a broad rally by the dollar.

The yuan has since pulled back slightly from the trough, with the People’s
Bank of China taking steps perceived by investors that the authorities were
not going to allow the currency to keep depreciating indefinitely.

The yield on the 10-year U.S. Treasury note was at 2.835 percent after
stooping to a near a six-week low of 2.815 percent overnight in the wake of
Trump’s interest rate comments.

Oil prices nudged further up after rising the previous day, when investors
grew more concerned about an expected fall in supply from Iran due to U.S.
sanctions.

U.S. crude futures were up 0.33 percent at $66.65 per barrel while Brent
added 0.05 percent to $72.25 per barrel. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

South Africa's Harmony Gold posts 43 percent fall in FY profit

(Reuters) - South Africa’s Harmony Gold posted a 43 percent fall in annual
earnings on Tuesday, hurt by impairments and a translation loss on debt
denominated in U.S dollars.

Headline earnings per share - the main profit measure in South Africa that
strips out certain one-off items - came in at 171 cents, bang in line with
what it had previously flagged to the market, from 298 cents a year earlier.

London copper ticks above $6,000 a tonne as dollar slips

(Reuters) - Base metals prices rose on Tuesday, with London copper climbing
back above the $6,000-a-tonne mark, as the dollar slipped, making metals
cheaper for holders of other  urrencies, while the market awaited U.S.-China
trade talks in Washington.

Copper prices on the London Metal Exchange have fallen by 18 percent from a
four-year high touched on June 7 amid concerns a trade row between the
United States and China, which have slapped billions of dollars in tariffs
on each other's goods, will hit demand for industrial metals.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

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

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