Bulls n Bears Daily Market Commentary : 10 December 2018

Tue Dec 11 08:09:13 CAT 2018

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Bulls n Bears Daily Market Commentary : 10 December 2018

 <http://www.fbc.co.zw/> 

Zimbabwe Stock Exchange Update

Market Turnover $3,816,527.41 with foreign buys at $1,918,567.40 and foreign
sales were $57,067.93. Total trades were 110.

The All Share index opened  the week in the negative losing 0.55 points   to
close at 157.91 points. LAFARGE   dropped $0.2400 to close at $1.1600,
PADENGA   decreased by $0.0382 to end at $0.9475 and ECONET   traded $0.0112
lower at $1.5881. BINDURA  also lost $0.0097 to settle at $0.0605 whilst
SEEDCO INTERNATIONAL LIMITED  was $0.0025 down at $1.7000.

Trading in the positive was INNSCOR   which added $0.0269 to $1.9000, OLD
MUTUAL LIMITED   gained $0.0177 to end at $8.1876 and DELTA   was $0.0012
firmer at $3.3000. CBZ   also increased by $0.0003 to close at $0.1551 and
MEDTECH   traded $0.0002 stronger at $0.0005.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

South Africa

South African rand weaker on risk aversion sentiment, stocks fall

(Reuters) - South Africa’s rand weakened more than 1 percent on Monday, in
line with falls in stocks and some emerging market currencies, amid weak
data from the world’s biggest economies, concern over tension between the
U.S. and China dimmed investor appetite for riskier assets.

Stocks tracked their global counterparts that were lower on growth concerns
and lingering China-U.S. trade tensions.

The rand was trading at 14.3425 per dollar by 1512 GMT, 1.15 percent weaker
from its Friday close of 14.1800. The currency touched an intraday high of
14.3800.

Disappointing U.S. jobs data on Friday sent Wall Street more than 2 percent
lower, adding to signs elsewhere in Asia and Europe of weakening momentum
and the wider impact of the Sino-U.S trade war flared up.

China reported far weaker-than-expected November exports and imports,
showing slower global and domestic demand and raising the possibility
authorities will take more measures to keep the country’s growth rate from
slipping too much.

While the arrest Huawei CFO sparked concerns over its impact on China-U.S.
trade relations, White House trade adviser Peter Navarro said on Friday the
trade truce between China-U.S. and Meng’s arrest “are two separate events.”

But he warned of higher tariffs if the countries could not come to an
agreement during the truce.

Bonds were flat, with the yield on the benchmark bond due in 2026 at 9.170
percent.

The All Share index fell 1.15 percent to 50,449 points while the blue chip
Top 40 index was down 1.24 percent to 44,448 points.

Africa’s biggest telecoms firm MTN Group still in talks with Nigerian
authorities over an $8.1 billion dispute and a $2 billion tax demand in a
bid to reach an agreement.

MTN shares sagged 2.89 percent to a 83.89 rand close.

Gold stocks bucked the negative market to rise 4 percent as bullion prices
neared five-month highs. 

Sudan

Sudan pound slides to widest over official rate since devaluation

(Reuters) - The Sudanese currency slid to 60 pounds to the dollar on the
black market on Monday, traders said, increasing the gap with the official
rate of 47.5 pounds to its widest since a sharp devaluation two months ago.

The growing gap indicates the pound’s official value may have to weaken
further, adding to the woes of citizens already suffering shortages of bread
and fuel.

The government has been expanding the money supply to finance its budget
deficit, spurring inflation and weakening the currency’s value.

Annual inflation edged up to 68.93 percent in November from 68.44 percent in
October, the state statistics agency said on Sunday.

The pound was trading at 57 to the dollar on the black market as recently as
Saturday. On Oct. 7 the government weakened the official rate to 47.5 pounds
to the dollar from 29 pounds.

The severe shortages of fuel and bread, both subsidised by the government,
have forced people in the capital to queue in front of bakeries and cars to
line up in front of petrol stations.

       <mailto:info at bulls.co.zw> 

Kuwait

Kuwait's central bank tells foreign exchange firms to raise capital
requirements

(Reuters) - Kuwait’s central bank has told foreign exchange companies to
raise their capital requirements to 1.7 million dinars ($5.60 million) from
1.5 million dinars, the central bank said on Sunday. ($1 = 0.3036 Kuwaiti
dinars)

 <mailto:info at bulls.co.zw> 

Commodities Markets

London metals claw back ground on softer dollar

(Reuters) - London base metals recouped some of previous session's losses on
Tuesday, lifted by a weaker dollar, although ongoing Sino-U.S. trade
friction kept gains below 1 percent.

A weaker greenback makes dollar-denominated metals cheaper for holders of
other currencies and can support prices.

All five key London base metals are on track to post a yearly drop in 2018,
with copper and zinc both down more than 20 percent year-to-date on concerns
the trade friction will hurt

demand.

Fitch Solutions said in a 2019 commodities outlook, noting that stocks at
London Metal Exchange warehouses continued to fall.   

    FUNDAMENTALS

* COPPER: Three-month LME copper was up 0.7 percent at $6,130 a tonne, by
0418 GMT, after shedding 0.9 percent in the previous session. The
most-traded February copper contract

on the Shanghai Futures Exchange inched up 0.1 percent to 49,120 yuan
($7,146.49) a tonne by the end of the morning.

* TRADE: China and the United States discussed the road map for the next
stage of their trade talks on Tuesday, during a telephone call between
Chinese Vice Premier Liu He and U.S.

Treasury Secretary Steven Mnuchin and Trade Representative Robert
Lighthizer.

* CHILE: Chilean copper production rose by 6 percent year-on-year in
January-October to 4.74 million tonnes due to the stronger performance of
BHP's Escondida mine, but state copper miner Codelco posted a 3.4 percent
drop in output to 1.45 million tonnes.

* VEDANTA: India's environmental court on Monday said it will issue its
judgment in a week on whether to allow Vedanta Ltd to re-open its copper
smelter, which was closed earlier this year after 13 people died when police
fired onprotesters.

* OTHER METALS: LME aluminium, zinc and lead  added around 0.5 percent as
the dollar index edged 0.1 percent lower to 97.110. At one stage in
overnight trade it had fallen to 96.364, its lowest since Nov. 22, driven by
a growing view that the Federal Reserve could pause its rate hike cycle
sooner than previously thought.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Cassava 

shares list on the ZSE

11/12/2018

Unity Day

22/12/2018

Christmas Day

25/12/2018

Boxing Day

26/12/2018

New Years’ Day

01/01/2019

 <mailto:info at bulls.co.zw> 

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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