Bulls n Bears Daily Market Commentary : 27 July 2018

Fri Jul 27 19:26:36 CAT 2018

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Bulls n Bears Daily Market Commentary : 27 July 2018

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

The All Share index lost 0.69 points to settle at 114.31 points ahead of
National Elections on  Monday the 30th of July 2018. INNSCOR eased $0.0786
to close at $1.4214,  ECONET   shed $0.0156 to $1.2491 while PADENGA went
down by $0.0047 to end at $0.6000. GETBUCKS  slipped by $0.0037 to close at
$0.0333 while DELTA and MASHONALAND HOLDINGS each declined by $0.0005 to
trade at $2.1496 and $0.0225 respectively.

However, NATIONAL FOODS  added $0.0994 to settle at $5.6094,  PPC LIMITED
rose by $0.0372 to end at $1.2000 and OLD MUTUAL was $0.0050 higher at
$5.0050.  SEEDCO inched up $0.0001 to close at $2.5800.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Uganda

Uganda shilling little-changed as demand in the interbank weighs

(Reuters) - The Ugandan shilling        was a touch weaker on Friday, amid
limited demand mainly in the  interbank market, traders said. 

At 1021 GMT commercial banks quoted the shilling at 3,700/3,710,
little-changed from Thursday's close of 3,695/3,705.

South Africa

South African ends week on a high after renewed sentiment, stocks up

South Africa’s rand firmed on Friday, capping a positive week with sentiment
lifted by Chinese commitments to invest billions of dollars in a moribund
economy that badly needs a kick start.

At 1530 GMT the rand traded at 13.18, 0.50 percent firmer than its previous
session close and on course for gains of around 2 percent this week.

On Tuesday China’s President Xi Jinping and South Africa’s President Cyril
Ramaphosa announced that China would invest $14.7 billion in the local
economy, lifting the rand ahead of the three-day BRICS summit which ended
today.

Sentiment was also helped by remarks by South African Reserve Bank Governor
Lesetja Kganyago, who said on Friday that the bank does not expect the
economy to shrink in the second quarter as it did in the first.

In fixed income, the yield for the benchmark paper due in 2026 was down 0.45
basis points to 8.580 percent.

On the bourse, shares rose in line with a global stock market rally as
transatlantic trade tensions eased after an agreement between the United
States and Europe this week.

The blue-chip Top-40 index closed up 0.83 percent at 51,126.90 points, while
the broader All-Share index ended 0.74 percent higher to 57,162.38 points. 

America

Stocks poised for 4th week of gains, with focus on earnings

(Reuters) - World shares were little changed on Friday as mixed corporate
profits and economic data that met expectations struggled to offset concerns
over trade and central bank policy, though a key global equity index was
still set for a fourth week of gains.

The MSCI All-Country World Index, which tracks shares in 47 countries, was
up just 0.07 percent and set for a sixth session of gains, a run not seen
since February, as well as its fourth weekly advance.

>From Europe to the United States, investors surveyed a host of corporate
results and rewarded the strong performances, from the Spanish bank BBVA -
which gained 1.4 percent, to Amazon.com Inc, which touched a record high
after its profit doubled Wall Street estimates. Amazon shares were up nearly
2 percent in late morning trading.

Other companies were punished for disappointing results, including Intel
Corp, which was down 8 percent in late morning trading after its
fast-growing data center business missed estimates.

Data showed the U.S. economy grew at its fastest pace in nearly four years
in the second quarter, as consumers boosted spending and farmers rushed
shipments of soybeans to China to beat retaliatory trade tariffs before they
took effect in early July.

But the economic growth figures were widely expected.

The Dow Jones Industrial Average rose 9.92 points, or 0.04 percent, to
25,536.99, the S&P 500 lost 5.61 points, or 0.20 percent, to 2,831.83 and
the Nasdaq Composite dropped 44.29 points, or 0.56 percent, to 7,807.89.

Bonds did not sell off, either, as some investors had expected on strongly
positive news. Benchmark 10-year U.S. Treasury yields slipped from their
highest level in 1-1/2 months and last rose 3/32 in price to yield 2.9653
percent, from 2.975 percent late on Thursday.

Rates markets await an important week of meetings at the U.S. Federal
Reserve and Bank of Japan (BoJ). Earlier speculation that the BoJ might
tweak its policies rattled global markets. That bank’s aggressive efforts to
keep yields in its own markets low has pushed investors to rates markets
elsewhere, keeping a lid on yields in the United States and beyond.

Japan’s 10-year government bond yield hit one-year highs even as the BOJ
conducted special, unlimited buying for the second time this week that kept
a lid on the bonds from shooting higher in yield.

Helped by the yield spike, the Japanese yen strengthened 0.23 percent versus
the greenback at 110.97 per dollar.

Against a basket of currencies, the greenback fell 0.07 percent.

U.S. disagreements with its trading partners slipped from the headlines a
bit after an agreement on Wednesday to negotiate with the European Union,
but Chinese markets still showed scars of the unresolved rifts.

The main Shanghai index closed down 0.4 percent amid the still-unresolved
standoff between the U.S. and China on trade.

Commodities Markets

Asia Gold-Weaker local rates stimulate buying in India, Singapore

(Reuters) - Gold demand in India improved this week as local prices traded
near a six-month low, prompting jewellers to replenish inventory, while
weaker rates in Singapore saw demand pick up further there.

In the Indian market, gold futures were trading at around 29,740 rupees per
10 grams on Friday, after falling to 29,638 rupees last week, the lowest
level since Jan. 19.

Retail demand is still weak, but is likely to improve from mid-August as
festivals are approaching, he said.

Dealers in India were charging a premium of up to $1 an ounce over official
domestic prices this week, unchanged from the last week. The domestic price
includes a 10 percent import tax.

In Singapore, premiums ticked up to range between 90 cents- $1.1 this week,
from 80-90 cents last week as demand firmed on weaker local rates, a
Singapore-based trader said.

In top consumer China, however, premiums fell to $1-$2 range from $2-$4 last
week amid a weaker local currency versus the dollar from an ongoing trade
dispute with the United States.

China’s net gold imports via main conduit Hong Kong jumped 40.3 percent in
June from the previous month to their highest since March 2017 as banks took
advantage of arbitrage.

Premiums in Hong Kong and Tokyo were unchanged from last week around 60
cents-$1.30 and 50 cents, respectively, traders and dealers said.

Meanwhile, spot gold was down 1 percent for the week and headed for a third
consecutive weekly decline.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

Delta

AGM

Head Office, Northridge Close, Borrowdale

27/07/2018 12:30pm

NicozDiamond

shares delist from the ZSE

06/08/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

The Harare Agricultural Show

The Harare Agricultural Show

The Harare Agricultural Show

August 27- September 1

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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