Bulls n Bears Daily Market Commentary : 13 March 2018

Tue Mar 13 17:01:13 CAT 2018

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Bulls n Bears Daily Market Commentary : 13 March 2018

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

Market Turnover $1,191,184.34 with foreign buys at $712,794.13 and foreign
sales were $261,704. Total trades were 78.

The All Share index gained 0.07 points  to settle at 86.50 points. Four
counters gained ground as AXIA   went up by $0.00480 to close at $0.1848,
DELTA and FBC HOLDINGS each put on $0.0025 to trade at $1.5625 and $0.2025
respectively. HIPPO inched up by $0.0007 to close at $1.6800.

Losses were seen in SIMBISA and TSL LIMITED as both shed $0.0010 to close at
$0.3890 and $0.3980 respectively.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Uganda

Ugandan shilling firm, draws support from agricultural inflows

(Reuters) - The Ugandan shilling was firm on Tuesday, on the back of hard
currency inflows from the tourism sector and from the exporters of fish and
other agriculture products.

At 0958 GMT commercial banks quoted the shilling at 3,645/3,655, unchanged
from Monday’s close.

Kenya

Kenyan shilling stable, expected to weaken due to oil importer demand

(Reuters) - Kenya's shilling was steady on Tuesday and traders said it was
forecast to weaken due to increased dollar demand from oil importers.

At 0747 GMT, commercial banks quoted the shilling at 101.40/50 to the
dollar, compared with Monday's close of 101.35/45.

America

World stocks inch higher ahead of U.S. inflation data

(Reuters) - World shares inched higher on Tuesday, eking out limited gains
as investors kept a wary eye on a U.S. inflation reading later in the day
that could offer clues on the pace of Federal Reserve interest rate hikes
this year.

The MSCI All-Country World index of stocks, which tracks shares in 47
countries was up less than 0.1 percent by 1149 GMT.

The index has recovered about half its losses during a shakeout in stocks in
February. The selloff came on the back of strong U.S. wage numbers, which
investors feared might feed into inflation and push the U.S. central bank
towards a faster pace of monetary tightening.

Raising its global growth forecasts, the Organisation for Economic
Cooperation and Development (OECD) said the Fed would probably have to raise
interest rates four times this year as inflation picks up.

U.S. consumer price index (CPI) data is due at 1230 GMT.

While the consumer price index is a popular barometer of economic health, it
is not the primary gauge the Fed uses to measure inflation. Instead, the Fed
uses the personal consumption expenditures (PCE) index.

The pan-European STOXX 600 fell 0.1 percent, trimming earlier gains.

Earlier in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan
was up 0.2 percent after spending much of the day swerving in and out of
negative territory.

The index surged 1.5 percent on Monday following firm U.S. jobs numbers on
Friday, while low wage growth eased concerns about inflation and faster
central bank rate hikes.

But a mixed performance by U.S. shares overnight tempered the rally.

The S&P 500 and the Dow slipped on Monday as the U.S. tariffs signed into
law last week weighed on industrials, while a rise in tech stocks boosted
the Nasdaq to a new record high. Wall Street was set to open higher on
Tuesday

POLITICS PRESSURES YEN, BOOSTS SLOVAK BOND YIELDS

In currencies, the Japanese yen fell over half a percent to a two-week low
against the dollar, pressured by a political scandal engulfing Japanese
Prime Minister Shinzo Abe’s government. It also lost ground to the euro.

The yen tends to suffer in an environment when riskier and higher-yielding
assets are bid but Morgan Stanley strategists said in a note that a further
deterioration in the political situation that affected the position of Abe,
could see the yen“forcefully return towards its previous upward trend.”

The dollar index, which measures the greenback against a basket of
currencies, was up 0.1 percent.

Slovakia’s 10-year bond yield rose as much as five basis points and the cost
of insuring exposure to its debt hit the highest in almost three months as
the government inched towards collapse.

The benchmark 10-year U.S. Treasury note yield stood little changed at 2.879
percent.

U.S. crude futures were down 0.2 percent to $61.27 per barrel. Brent also
fell 0.3 percent to $64.77 per barrel.

Spot gold fell 0.3 percent to $1,318.78 per ounce.

Commodities Markets

Aluminium supported as China seen sustaining supply cuts

(Reuters) - Aluminium prices inched higher on views that China’s supply may
continue be cut after winter production curbs expire in two days.

Benchmark aluminium on the London Metal Exchange added 0.3 percent to $2,097
per tonne by 1210 GMT, after touching a Dec. 20 low of $2,087.50.

The metal, used in stainless steel, fell 1.4 percent in the previous session
as the market prepared for the winter cuts to be lifted.

China ordered smelters in 28 northern cities to cut aluminium output by at
least 30 percent from mid-November to mid-March as part of an anti-pollution
campaign.

SUPPLY: China’s top steelmaking city of Tangshan will order some steel mills
to cut production by as much as half to improve air quality, after curbs put
in place during winter expire in March, the government said on Tuesday.

ALI SPREADS: The discount of LME cash aluminium to the three-month contract
CMAL0-3 moved to $22 a tonne, the biggest discount in nearly five-months.
This could encourage deliveries into LME warehouses and takes pressure of
prices.

TARIFFS: President Donald Trump said this month he would impose tariffs of
10 percent on aluminium imports and 25 percent on steel imports into the
United States, sparking fears of a global trade war as he risks retaliation
from the likes of China, Europe and Canada.

ShFE ALUMINIUM: The most traded May aluminium contract on the Shanghai
Futures Exchange (ShFE) touched its lowest since Dec. 2016.

ShFE STOCKS: Inventories in Shanghai reached a fresh record high of 846,913
tonnes, putting pressure on prices. AL-STX-SGH

JAPAN: Some Japanese aluminium buyers have agreed to pay a premium of $129
per tonne for shipments from global producers in the April to June quarter,
reflecting soaring U.S. spot premiums, two sources directly involved in the
pricing talks said on Monday.

LEAD STOCKS: On-warrant lead inventories available to the market at
LME-registered warehouses fell to 92,025 tonnes after 8,000 tonnes of
cancellations, pushing prices higher. MPBSTX-TOTAL

PRICES: LME lead rose 1.9 percent to $2,388.50 per tonne, copper was flat at
$6,919.50, tin added 0.2 percent to $21,415, zinc added 1.2 percent to
$3,279 and nickel added 0.9 percent to $13,795.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

vDZLH

finals and analysts briefing

Royal Harare Club

13/03/2018 3pm

CBZ

finals and analysts briefing

Stewart Rooms, Meikles

15/03/2018 3pm

Econet

3 2017 dividend of 0.9379c per share record date

16/03/2018 

NicozDiamond

finals and analysts briefing

7th Floor Auditorium, Insurance Centre, 30 Samora Machel Avenue

20/03/2018 12pm

Old Mutual Zim

analysts briefing

Stewart Room, Meikles

20/03/2018 2pm

Simbisa

EGM

Royal Harare Golf Club

21/03/2018 9am

Zimplow

final dividend 0.13c per share record

23/03/2018 

TSL

AGM

28 Simon Mazorodze Road, Southerton

27/03/2018 12pm

Willdale

AGM

19.5km peg, Lomagundi Road, Mount Hampden

29/03/2018 11am

Good Friday

30/03/2018 

Easter Monday

02/04/2018

Zimbabwe

Independence Day

Zimbabwe

18/04/2018

Workers’ Day

01/05/2018

Africa Day

25/05/2018

Zimbabwe

Heroes’ Day

Zimbabwe

13/08/2018

Zimbabwe

Defence Forces Day

Zimbabwe

14/08/2018

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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