Bulls n Bears Daily Market Commentary : 22 February 2018

Thu Feb 22 16:48:02 CAT 2018

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Bulls n Bears Daily Market Commentary : 22 February 2018

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Zimbabwe Stock Exchange Update

Market Turnover $1,975,016.59 with foreign buys at $723,057.13 and foreign
sales were $33,410.27. Total trades were 89.

The All Share index rebounded 0.28 points  to settle at 88.72 as four
counters gained ground. SEEDCO added $0.0486 to close at $1.9486, INNSCOR
put on $0.0130 to $0.9130 while ECONET was $0.0100 stronger at $0.7000.
Mining company BINDURA closed higher at $0.0400 after gaining $0.0028.

Trading in the negative territory; BRITISH AMERICAN TOBACCO lost $0.2000 to
close at $24.0000, PPC shed $0.0025 to end at $0.8500 while ARISTON   and
DELTA both slipped by $0.0022 to trade at $0.0095 and 1.5978 respectively.
OK ZIMBABWE dropped $0.0010 to close at $0.1660 whilst AFRISUN inched down
by $0.0003 to $0.0362.

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Global Currencies & Equity Markets

Kenya

Kenya central bank sells dollars after shilling weakens -traders

(Reuters) - Kenya’s central bank sold dollars to banks on Thursday after the
shilling weakened to its lowest level in three weeks, traders said.

The shilling weakened to 101.75/90 against the dollar, its lowest level
since Feb. 2, after news emerged the IMF had stopped Kenya’s access to a
$1.5 billion standby credit facility last June.

Uganda

Ugandan shilling weakens due to manufacturing, energy sector demand

(Reuters) - The Ugandan shilling       weakened for a second straight day on
Thursday, undercut by dollar demand from companies in the manufacturing and
energy sectors, traders said. 

At 1013 GMT commercial banks quoted the shilling at 3,640/3,650, weaker than
Wednesday's close of 3,635/3,645.

America

Dollar climbs on Fed; heads for first weekly gain of 2018

LONDON (Reuters) - The dollar inched up to a 10-day high on Thursday, after
minutes from the U.S. Federal Reserve’s January meeting showed policymakers
confident in rising inflation and the need for interest rates to keep
increasing.

What was widely interpreted as a slightly more upbeat tone in the minutes of
the Jan 30-31 meeting, released on Wednesday, cemented expectations that the
Fed will hike rates under its new chief Jerome Powell next month, and that
rates will be hiked on at least another two occasions in 2018.

The minutes also showed voting members, as well as the wider group of
policymakers, had upgraded their forecasts for the economic outlook since
December.

The dollar index, which measures the greenback against a basket of six major
currencies, climbed to as high as 90.235 .DXY, the strongest since Feb. 13.

That left the greenback up more than 2 percent from the three-year low it
plumbed on Friday, and on track for its first weekly gain of 2018.

The traditional positive correlation between U.S. Treasury yields and the
dollar has broken down this year, with analysts explaining the decoupling by
arguing that it is worries about runaway inflation that have been driving
yields higher.

But that correlation was back in place, at least temporarily, on Thursday,
with 10-year Treasury yields pushing toward 2.95 percent as the dollar
climbed US10YT=RR.

Market participants probably interpreted the Fed minutes as leaving open the
possibility that the central bank could raise interest rates four times this
year, said Hirofumi Suzuki, an economist for Sumitomo Mitsui Banking
Corporation (SMBC) in Singapore.

The euro EUR= touched its lowest level since Feb. 12 at $1.2260 earlier on
Thursday, but was last steady on the day at $1.2283.

Commodities Markets

Nickel, zinc hit week lows as China returns, steel slumps

(Reuters) - Nickel and zinc hit their lowest levels in over a week on
Thursday as Chinese investors sold metals as their markets opened after
holidays, the dollar strengthened and steel prices dropped.

Trading on the Shanghai Futures Exchange (ShFE) resumed on Thursday after a
week-long break for the Lunar New Year.

The move lower was across the board on the London Metal Exchange, but nickel
and zinc were the hardest hit after Chinese steel futures dropped nearly 2
percent, at one point touching their weakest level in five weeks.

Nickel is mainly used in stainless steel while zinc is largely used for
galvanising steel.

* DOLLAR: Weighing on the LME complex was a stronger dollar, which climbed
to a 10-day high against a basket of major currencies after minutes of the
Federal Reserve’s January meeting. * NICKEL: LME benchmark nickel was the
biggest decliner on the LME, falling 1.9 percent in official open outcry
trading to $13,580 a tonne, after touching $13,390, the weakest since Feb.
13

* ZINC: LME zinc shed 1.7 percent to $3,482 a tonne in official rings after
hitting $3,437, the lowest since Feb. 13.

* COPPER: LME three-month copper fell 0.7 percent in official trading to
$7,068 a tonne, having ended the previous session up 0.4 percent. Support is
seen at the 30-day moving average of $6,826 a tonne.

* COPPER STOCKS: Record high stocks of copper in land-locked Arizona and
Utah are a reflection of soaring transport costs in the United States and
weak demand for the industrial metal produced in the Americas, copper
industry sources say.

* ALUMINIUM OUTPUT: Global primary aluminium output rose to 5.557 million
tonnes in January from a revised 5.398 million tonnes in December, data from
the International Aluminium Institute showed on Thursday.

* ALUMINIUM: LME aluminium, untraded in official rings, was bid down 1
percent at $2,180 a tonne. Chinese aluminium inventory, including ShFE
levels and off-exchange stocks, has climbed to 1.96 million tonnes, up from
1.82 million before the Chinese holidays, according to news website SMM.

PRICES: LME lead was bid down 0.9 percent at $2,530 while tin traded 0.6
percent lower at $21,500.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

  Public Holiday

Public Holiday

Robert Mugabe National Youth Day

21 Feb 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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