Bulls n Bears Daily Market Commentary : 30 January 2018

Tue Jan 30 16:50:16 CAT 2018

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Bulls n Bears Daily Market Commentary : 30 January 2018

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

Zimbabwe Stock Exchange Update

Market Turnover $2,007,014.06 with foreign buys at $1,136,010.81 and foreign
sales were $417,150.38. Total trades were 52.

The All Share Index was marginally up by 0.01 points  to close at 91.37
points. OLD MUTUAL  shifted up by $0.0908 to close at $5.2000, PPC   rose by
$0.0500 to end at $0.9000 while PADENGA  added $0.0028 to $4800. PROPLASTICS
was $0.0010 stronger at $0.0760.

Three counters went down as ZIMRE HOLDINGS  shed $0.0039 to trade at
$0.0260, AXIA  eased $0.0010 to end at $0.1800 while DELTA  closed at
$1.6600 following a $0.0008 loss.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling weakens slightly amid political tensions in Nairobi

(Reuters) - Kenya's shilling weakened slightly on Tuesday, traders said, as
opposition supporters gathered in Nairobi and police fired teargas.

At 0915 GMT, commercial banks quoted the shilling at 102.45/55 to the
dollar, compared with Monday's close of 102.40/50. 

Uganda

Ugandan shilling broadly stable on weak demand, liquidity squeeze

(Reuters) - The Uganda shilling was broadly stable on Tuesday but was
inclined on the stronger side, supported by liquidity tightness and scant
demand from importers.

At 1025 GMT commercial banks quoted the shilling at 3,615/3,625,
little-changed from Monday’s close of 3,617/3,627.

Russia

Russian stocks, rouble shrug off U.S. "oligarchs' list"

(Reuters) - Russian assets showed little reaction to Tuesday’s release of a
U.S. report naming major Russian businessmen among a list of people close to
President Vladimir Putin, with stocks and the rouble both firmer by
afternoon trade.

Publication of the U.S. Treasury department’s “oligarchs’ list” had
threatened to prompt a sell-off in Russian assets but its impact was blunted
by the United States saying on Monday that it would not immediately impose
new sanctions on Russia.

The list of 210 people nevertheless casts a shadow of potential sanctions
risk over some of Russia’s biggest firms. Putin labelled the list an
“unfriendly act” that would further complicate relations between Moscow and
Washington.

Stocks had dipped in early trade, led by shares in major banks and companies
whose bosses were named on the U.S. list, but soon recovered.

The Moscow Stock Exchange’s dollar-denominated RTS index was up 1.15 percent
at 1,290.21 points as of 1217 GMT after briefly touching its lowest since
Jan. 19 at 1,266.48.

The rouble-based MOEX Russian index, previously known as MICEX, was 0.3
percent higher at 2,290.19 points, inching towards an all-time high of
2,328.48 it hit last week.

He said investors would be reassured that Russian central bank governor
Elvira Nabiullina was not named on the list.

The central bank declined to comment on any possible market impact of the
U.S. report.

The Russian rouble strengthened, shrugging off a 0.6 percent decline in
Brent crude futures to $69.06 per barrel.

Against the dollar, the rouble gained 0.6 percent to 55.98 , heading towards
its strongest level since early July 2015 it hit last Thursday.

Versus the euro, the rouble was 0.3 percent stronger at 69.51.

WESTERN RESPONSE

Shares in Sberbank, Russia’s no.1 lender, whose chairman German Gref was
named on the list, rallied to an all-time high of 258.96 roubles ($4.63)
after nodding lower at the market opening.

Another U.S. report outlining potential restrictions on investment by
foreigners in Russian government debt was not published on Tuesday as many
had expected.

That helped push yields on Russia’s 10-year OFZ bonds lower, to 7.33 percent
from around 7.43 percent.

ING chief economist Dmitry Polevoy said the response from Western business
partners would determine the list’s impact.

Russia in graphics: link.reuters.com/dun63s ($1 = 55.9447 roubles) 

Commodities Markets

Zimbabwe's chamber of mines expects 2018 gold to rise to record highs of 30
tonnes

(Reuters) - Zimbabwe’s gold production is projected to rise to a record 30
tonnes this year as producers ramp up output, a chamber of mines official
said on Tuesday.

Pardon Chitsuro, a Chamber Of Mines official, told a business meeting that
platinum production would also rise to 15.5 tonnes this year from 14.2
tonnes in 2017.

Nickel sheds recent gains on profit-taking

LONDON, Jan 30 (Reuters) - Nickel led base metals lower on Tuesday as the
dollar fell and investors booked profits from a rally that saw the stainless
steel ingredient hit a high last seen more than two years ago.

Benchmark LME nickel eased 1 percent to $13,670 ounces by 1210 GMT. The
metal, which is also used in electric vehicle batteries, touched $14,040 per
tonne on Monday, its highest since May 2015.

He said the move lower by nickel was likely an unwinding of the speculative
buying that pushed the metal higher last week. But he added that rising
demand and falling stocks meant fundamentals for the metal were gradually
improving.

Nickel jumped 7.3 percent last week, making it the best performing base
metal.

INVENTORIES: On-warrant LME inventories of nickel MNISTX-TOTAL, those not
earmarked for delivery, fell to their lowest level in 2018 at 250,920
tonnes.

POSITIONS: Funds have raised their bets on prices rising, with LME net long
nickel positions rising to 47,708 lots on Jan. 26, the highest since Jan.
2017. LME-NI-MNET

DOLLAR: The dollar climbed for a second consecutive day on Tuesday as
investors took profits into a recent drop in the greenback in the backdrop
of firmer bond yields and a central bank policy decision due this week.

A stronger greenback makes dollar-denominated assets more expensive for
holders of other currencies

SUPPLY: Nickel output by First Quantum Minerals fell 24 percent to 17,837
tonnes last year from 23,624 tonnes in 2016, the company said in a
preliminary production and sales report on Friday.

TRUMP: Investors were keeping an eye for positive signals about
infrastructure building in the State of the Union address by U.S. President
Donald Trump later in the day.

NORWAY: Norwegian aluminium maker Norsk Hydro plans to transfer
energy-saving technology from a pilot project to primary smelters in the
next five to six years, boosting output and cutting costs, the company’s
head of technology told Reuters.

OTHER METALS: Aluminium fell 0.2 percent to $2,221.50 after touching its
lowest in nearly two weeks, while tin dipped 0.2 percent to $21,880 but lead
bucked the downward trend to rise 0.6 percent to $2,618 and .

Zinc was down 1 percent to $3,516 a tonne, having touched $3,584, its
highest since July 2007, on Monday. Three-month copper was down 0.1 percent
at $7,075 a tonne after slipping to its lowest in a week.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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
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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