Bulls n Bears Daily Market Commentary : 28 February 2018

Wed Feb 28 15:51:39 CAT 2018

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Bulls n Bears Daily Market Commentary : 28 February 2018

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Zimbabwe Stock Exchange Update

Market Turnover $1,157,481.67 with foreign buys at $252,143.52 and foreign
sales were $266,162.81. Total trades were 56.

The All Share index rebounded 0.19 points to settle at 88.03 points. OLD
MUTUAL gained a further $0.0560 to close at $5.3100, ZIMPLOW added $0.0100
to end at $0.1000 while ECONET was $0.0068 stronger at $0.6873. DELTA rose
by $0.0037 to $1.5800 whilst ARISTON was $0.0019 higher at $0.0114.

Two counters lost ground as PADENGA eased $0.0125 to close at $0.4375 and
SEEDCO inched down by $0.0006 to end at $1.9500.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling strengthens to 7 day high against the dollar

(Reuters) - The Kenyan shilling strengthened to its highest in a week on
Wednesday, reversing its recent losses due to weak demand for dollars,
traders said.

At 0909 GMT, commercial banks quoted the shilling at 101.30/40 per dollar,
up from 101.50/70 at  uesday's close. 

Uganda

Ugandan shilling unchanged, draws support from charity flows

(Reuters) - The Ugandan shilling traded in the same position on Wednesday,
as healthy inflows from non-government organisations and commodity exporters
met with sagging appetite.

At 1105 GMT commercial banks quoted the shilling at 3,640/3,650, the same
level as Tuesday’s close.

Jamaica

Forex: J$127.93 to one US dollar

KINGSTON, Jamaica — The US dollar on Tuesday, February 27, ended trading at
J$127.93 up by 25 cents according to the Bank of Jamaica's daily foreign
exchange trading summary.

Meanwhile, the Canadian dollar ended trading at J$102.20 up from J$98.58
while the British pound sterling ended trading at J$176.87 up from J$175.67.

Commodities Markets

Copper slips after China data disappoints and dollar gains

(Reuters) - Copper touched a two week low on Wednesday as the dollar
advanced on the prospects of higher interest rates and growth in China’s
manufacturing sector slowed in February.

Benchmark copper on the London Metal Exchange edged 0.4 percent lower to
$6,992 per tonne by 1145 GMT, after a session low of $6,975.

But analysts said the dip in copper, used in power and construction, was
most likely short-lived.

USD: The dollar stood near a three-week high against a basket of currencies
on Wednesday after Fed Chairman Powell’s upbeat views on the U.S. economy
bolstered bets on further interest rate hikes this year.

A stronger dollar makes metals more expensive for holders of other
currencies, weighing on prices.

CHINA: Growth in China’s manufacturing sector in February slowed more than
expected to the weakest in over 1-1/2 years as Lunar New Year holidays
disrupted business activity and tougher pollution rules curtailed factory
output.

China is the world’s top metals consumer and its manufacturing sector is
often seen as the main bellwether for base metals demand.

ALI SUPPLY CUTS: Norwegian aluminium-maker Hydro is preparing to cut output
from Brazil’s Alunorte alumina refinery by 50 percent from March 1, as
ordered by an environmental regulator.

ALUMINIUM: The U.S. Commerce Department said on Tuesday it had made a final
determination that imports of aluminium foil from China are being sold in
the United States at less than fair value and producers are benefiting from
subsidies from Beijing.

PRICES: Aluminium shed 0.2 percent to $2,142 per tonne. Analysts said the
metal had found technical support around $2,140 in the last few sessions.

LEAD INFLOWS: Lead inventories jumped 12 percent by 12,925 tonnes to 125,800
tonnes on Wednesday after falling to their lowest since August 2009.

LME LEAD: Lead was the biggest decliner on the exchange, falling 1.2 percent
to $2,546 per tonne.

OTHER METALS: Tin shed 0.3 percent to $21,650, zinc dipped 0.3 percent to
$3,477 while nickel eased 0.1 percent to $13,830.

Gold steadies after sharp falls linked to hawkish Fed, strong dollar

(Reuters) - Gold prices steadied on Wednesday after falling more than 1
percent in the previous session after new Federal Reserve Chairman Jerome
Powell's comments suggested the possibility of four U.S. interest rate
increases this year rather than three.

The dollar hit a three-week high versus a currency index,  with investors
still bullish after Powell noted rising U.S. inflation and vowed to prevent
overheating in the economy.

A strong dollar makes dollar-priced gold costlier for investors using other
currencies. 

Spot gold        had edged up 0.2 percent to $1,320.36 an  ounce by 1241
GMT. It closed 1.1 percent lower on Tuesday afterhitting the lowest since
Feb. 9 at $1,313.26.

U.S. gold futures         were up 0.2 percent at $1,321.50. 

The dollar has strengthened from three-year lows hit on Feb. 16, with
investors viewing the currency as oversold and as U.S. 

Treasury yields again approach recent four-year highs.

World stocks tumbled another quarter percent as dismal Chinese and Japanese
manufacturing and industrial output data  added to the bearish equities
sentiment sparked by Powell's

testimony.

Powell noted in his speech that recent data had strengthened his confidence
in inflation.               

Inflation is seen as gold-positive, with bullion viewed as a safe store of
value when price pressures rise. However, lifting interest rates to fight
inflation makes the non-yielding metal

less attractive.

Spot gold is expected to break support at $1,317 per ounce  and fall to the
next support level at $1,303, as suggested byits wave pattern and a
projection analysis, Reuters technical

analyst Wang Tao said.         

Silver        was flat at $16.43 an ounce. 

Palladium        was up 0.8 percent at $1,043, while platinum        fell
0.5 percent to $978.50 per ounce, after dropping to a two-week low of
$973.50. 

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Powerspeed

AGM

Boardroom, Gate 1, Powerspeed Complex, Corner Cripps Road and Kelvin Road
North, Graniteside

01 Mar 2018 11am

Proplastics

final dividend of 0.26c record date

02 Mar 2018

Simbisa Brands Limited

EGM

SAZ Building Northend Close, Northridge Park, Borrowdale

09 Mar 2018 8:15am

CFI

AGM

Farm & City Boardroom, 1st Floor, Farm & City Complex, 1 Wayne Street

12 Mar 2018 11am

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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