Bulls n Bears Daily Market Commentary : 13 December 2018

Fri Dec 14 07:41:53 CAT 2018

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Bulls n Bears Daily Market Commentary : 13 December 2018

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Zimbabwe Stock Exchange Update

Market Turnover $1,058,338.80 with foreign buys at $522,579.60 and foreign
sales were $277,042.95. Total trades were 80.

The All Share index continued in the downward trend losing 2.10 points to
settle at 153.22 points. DELTA   lost $0.1077 to end at $3.0423, ECONET
eased $0.0316 to end at $1.5472 and AMALGAMATED REGIONAL TRADING  shed
$0.0170 to $0.0880.  AFRISUN dropped $0.0100 to close at $0.0900 whilst
SEEDCO closed at $1.9900 after losing $0.0099.

OLD MUTUAL LIMITED put on $0.0155 to trade at $8.2155, SEEDCO INTERNATIONAL
LIMITED  gained $0.0075 to $1.7100 and  RAINBOW TOURISM GROUP went up by
$0.0039 close at $0.0239. INNSCOR  shifted up by $0.0022 to settle at
$1.8978 whilst SIMBISA  inched up by $0.0002 to close at $0.7425.

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  Global Currencies & Equity Markets

South Africa

South African rand weaker, stocks inch up

(Reuters) - South Africa’s rand retreated on Thursday, giving up early small
gains with traders cautious going into year-end and demand for riskier
assets globally fading after the European Central Bank struck a tentative
tone on economic growth.

Stocks inched up following Asian and U.S. markets on signs of progress in
the U.S.-China trade dispute.

At 1500 GMT the rand was 0.23 percent weaker at 14.1825 per dollar after
closing overnight at 14.1500 and spending most of the session near the 14.10
mark.

The currency rallied in the previous session after South African inflation
rose only slightly and retail sales growth outpaced expectations, easing
stagflation fears that have kept bulls at bay despite signs the central bank
is on hiking cycle.

Easing trade tensions between China and United States had also spurred risk
demand, but on Thursday it ebbed after the ECB trimmed its growth and
inflation projections for next year.

Bonds were firmer, with the yield on the benchmark 2026 paper down 2 basis
points at 9.14 percent.

In equities, the All Share index rose 0.26 percent to 51,730 points while
the Top 40 was 0.09 percent stronger at 45,642 points.

Loss-making South African construction firm Group Five Ltd closed flat at
2.4 rand after saying it had received interest from a number of parties for
various parts of its business as it explores selling some assets.

Uganda

Ugandan shilling firms on tight liquidity

(Reuters) - The Ugandan shilling firmed against the dollar on Wednesday,
lifted by tight local currency liquidity as some players reserved some of
their shilling holdings for mid-month tax payments.

At 0803 GMT, commercial banks quoted the shilling at 3,720/3,730, compared
to Tuesday’s close of 3,730/3,740.

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Asia

Asia leads emerging stocks higher as trade tensions ease

(Reuters) - Asian stock markets led gains in emerging markets on Wednesday
as signs of an easing of U.S.-China trade tensions boosted investors’
appetite for risk, while the dollar held near a one-month high, capping
gains in many developing world currencies.

In an interview with Reuters, President Donald Trump sounded upbeat on the
chances of a trade deal with China and said he would intervene with the U.S.
Justice Department in the case against a Chinese telecommunications
executive if it would help.

Huawei Technologies Co’s Chief Financial Officer Meng Wanzhou, who was
arrested earlier this month in Vancouver on charges of violating U.S.
sanctions against Iran, was released on bail on Tuesday, easing concern
among financial investors that the case could lead to more tit-for-tat moves
by Beijing and Washington.

MSCI’s index for developing world stocks climbed 1 percent, with Chinese and
Hong Kong shares both closing higher.

South Korea’s main index rose 1.4 percent, buoyed by gains in shares of the
country’s biggest carmaker, Hyundai Motor Co.

Indian stocks rallied after the government moved quickly to calm markets and
appoint a new central bank governor, picking a former finance ministry
official and backer of some of Prime Minister Narendra Modi’s key policies.

The prospect of a swing towards the more dovish policy demanded by Modi’s
administration ahead of next year’s elections helped stock markets, but
concerns remain among investors about the independence of the bank.

Stocks on Johannesburg’s main index were at a one-week high after data
showed consumer inflation quickened slightly in November in Africa’s most
industrialised nation. That also boosted the rand.

Other emerging market currencies were mixed as the dollar recovered from
sharp falls last week, with the Russian rouble and Turkey’s lira weakening.
Most Asian currencies including the Chinese yuan and the Indian rupee
firmed.

 <mailto:info at bulls.co.zw> 

Commodities Markets

China Nov aluminium production rebounds, defying price slump

(Reuters) - China’s primary aluminium output rebounded in November after
three straight months of decline, official data showed on Friday, as
smelters pushed out metal before winter production curbs kicked in around
the middle of the month.

The world’s top aluminium maker produced 2.82 million tonnes last month,
data from the National Bureau of Statistics showed.

That was up 3.9 percent from 2.72 million tonnes in October and up 19.2
percent from November 2017, the bureau said.

On a daily basis, China produced 94,000 tonnes of aluminium last month,
versus around 88,000 tonnes in October, according to Reuters calculations.
That was the highest daily rate since July. November had one day fewer than
October.

The month-on-month rise came despite Shanghai aluminium prices falling by
2.8 percent in November and hitting two-year lows, leaving smelters
struggling to turn a profit in a well-supplied market.

State-run Aluminum Corp of China Ltd , known as Chalco, said on Nov. 30 that
it was cutting 470,000 tonnes of annual capacity after taking into account
market conditions and environmental protection requirements.

Top producer China Hongqiao Group has been ordered to close up to 550,000
tonnes of annual smelting capacity for the winter heating season that
started in mid-November, according to analyst calculations based on a local
government document.

Over the first 11 months of 2018, China produced 31.45 million tonnes of
aluminium, up 7.5 percent year-on-year and on course for an annual
record-high, the NBS data showed.

Meanwhile, output of 10 nonferrous metals - including copper, aluminium,
lead, zinc and nickel - came in at 4.71 million tonnes in November, up 4.2
percent from October and up 12.7 percent year-on-year.

On a daily basis, production came to 157,000 tonnes, the highest since June
2017.

January-November output was up 6.1 percent at 50.43 million tonnes. The
other metals in the group are tin, antimony, mercury, magnesium and
titanium. 

China Nov crude oil throughput up 2.9 pct y/y at 50.5 mln T -stats bureau

(Reuters) -

* China’s November crude oil throughput rose by 2.9 pct year-on-year to 50.5
million tonnes, according to data released by the National Bureau of
Statistics on Friday.

* China Jan-Nov crude oil throughput +7.2 pct y/y at 554.5 mln tonnes -
stats bureau

* China Nov power generation +3.6 pct y/y at 554.3 bln Kwh - stats bureau

* China Jan-Nov power generation +6.9 pct y/y at 6.16 trln KwH - stats
bureau

* China Nov coal output +4.5 pct y/y at 315.4 mln tonnes - stats bureau

* China Jan-Nov coal output +5.4 pct y/y at 3.2 bln tonnes - stats bureau

* China Nov coke output +1.9 pct y/y at 35.4 mln tonnes - stats bureau

* China Jan-Nov coke output -0.1 pct y/y at 397.8 mln tonnes - stats bureau

* China Nov crude steel output +10.8 pct y/y at 77.6 mln tonnes - stats
bureau

* China Nov crude steel output lowest on monthly basis since April - rtrs
records

* China Jan-Nov crude steel output +6.7 pct y/y at 857.4 mln tonnes - stats
bureau

* China Nov non-ferrous output +12.7 pct y/y at 4.71 mln tonnes - stats
bureau

* China Nov non-ferrous output highest on daily basis since June 2017 - rtrs
records

* China Jan-Nov non-ferrous output +6.1 pct y/y at 50.4 mln tonnes - stats
bureau 

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Unity Day

22/12/2018

Christmas Day

25/12/2018

Boxing Day

26/12/2018

New Years’ Day

01/01/2019

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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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