Bulls n Bears Daily Market Commentary : 16 March 2018

Fri Mar 16 16:51:44 CAT 2018

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Bulls n Bears Daily Market Commentary : 16 March 2018

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Zimbabwe Stock Exchange Update

Market Turnover $434,060 with foreign buys at $64,797.63 and foreign sales
were $64,491.93. Total trades were 61.

The All Share index closed the week on a high note gaining 0.04 points to
close at 86.20 points. AXIA put on $0.0069 to close at $0.1970, PPC added
$0.0062 to end at $0.9400, CBZ  went up by $0.0039 to settle at $0.1039.
WILLDALE rose by $0.0010 to trade at $0.0060. 

Mobile giant ECONET was the only counter trading in the negative territory
losing $0.0030 to close at $0.6770.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling steady, eyes on central bank meeting

(Reuters) - The Kenyan shilling was steady against the dollar on Friday amid
thin trading activity with market players eyeing Monday's central bank
rate-setting meeting for direction, traders said. 

At 0726 GMT, commercial banks quoted the shilling at 101.20/40 per dollar,
unchanged from Thursday's close.

Uganda

Ugandan shilling holds steady, tax payments curb demand

(Reuters) - The Uganda shilling        was stable as firms held off the
purchase of dollars in order to pay their local taxes which fall due in the
middle of the month. 

At 1131 GMT, commercial banks quoted the shilling at 3,655/3,665, unchanged
from Thursday's close. 

America

Dollar retreats vs yen after White House shake-up report

(Reuters) - The dollar fell versus the yen on Friday, after a report that
U.S. President Donald Trump would remove his national security adviser added
to concerns about recent White House personnel changes and what that meant
for policy.

Trump has decided to replace his national security adviser, H.R. McMaster,
the Washington Post reported on Thursday.

Earlier this week, the U.S. currency took a hit after Trump dismissed
Secretary of State Rex Tillerson as investors grew increasingly nervous
about the direction U.S. policy might now take following a series departures
by key members of staff.

The dollar was 0.4 percent lower at 105.940 yen after briefly touching
106.380.

The greenback was down about 0.8 percent on the week against the safe haven
yen, which was boosted earlier as a political scandal engulfed Japanese
Prime Minister Shinzo Abe, casting doubts on the sustainability of his
economic stimulus policies.

The yen, which tends to gain in times of risk aversion, also advanced
against other currencies in the wake of the latest shake-up in the White
House.

The euro was down 0.35 percent at 130.410 yen, the Australian dollar slipped
0.2 percent to 82.56 yen and the New Zealand dollar lost 0.8 percent to
76.76 yen.

The New Zealand dollar’s losses against the yen in turn dragged it down
versus the U.S. dollar, with the kiwi shedding 0.4 percent to $0.7245.

The dollar managed to hold gains against a basket of peers, as recent
concerns about the currency arising from trade tensions eased slightly and
next week’s Federal Reserve policy meeting came into focus.

The dollar index versus a group of six major currencies was little changed
at 90.081 after climbing 0.5 percent the previous day.

Prior to the overnight bounce, the index had fallen for three straight
sessions as fears of a global trade war grew amid signs of rising U.S.
protectionism.

The two-day Federal Open Market Committee meeting begins on March 19 at
which the U.S. central bank is expected to raise interest rates for the
first time this year.

The euro was steady at $1.2309 after declining 0.5 percent overnight. The
common currency was little changed on the week, failing to make much headway
against its struggling U.S. peer as the European Central Bank has stressed
that its exit from easy monetary policy would be very slow.

The Canadian dollar retreated to an eight-month low after soft housing data
reinforced views that the Bank of Canada could slow down the pace of its
interest rate hikes.

The loonie also came under pressure after President Trump’s comments on
commerce with Canada renewed trade concerns.

The Canadian dollar was little traded at C$1.3058 per dollar after reaching
C$1.3072, its weakest since late June 2017. 

Commodities Markets

Gold rises as investors shelter from U.S. political tumult

(Reuters) - Gold prices rose on Friday, helped by a weaker dollar and
political tumult in the United States that fuelled demand for bullion as a
safe place to park assets. 

Price rises, however, were limited by expectations that the U.S. Federal
Reserve will raise interest rates next week, and gold was set to end the
week largely unchanged. 

A weaker dollar makes gold cheaper for users of other currencies, helping
lift prices. Higher interest rates, however, hurt bullion because they push
up bond yields, making

non-yielding gold less attractive, and tend to strengthen the dollar.     

Spot gold        was up 0.3 percent at $1,319.67 an ounce at 1239 GMT, but
on track to end the week down 0.3 percent.   

Gold has traded within a range between $1,315 and $1,335 since late
February. The dollar has also moved sideways over that period.

U.S. gold futures         for April delivery were 0.1 percent higher at
$1,319.30 an ounce.

Interest in gold has been fanned by U.S. policy uncertainty after the
departure of former Secretary of State Rex Tillerson and top economic
advisor Gary Cohn, and planned tariffs on

aluminium and steel which sparked fears of a trade war. 

That uncertainty deepened after the Washington Post reported that U.S.
President Donald Trump will remove H.R. McMaster as his national security
advisor and the New York Times said U.S. Special Counsel Robert Mueller had
issued a subpoena for documents related to Trump's businesses.             

Gold is traditionally seen as a safe investment in times of uncertainty. 

Tit-for-tat diplomatic expulsions by Russia and Britain over an attack with
a military-grade nerve agent on English soil only underlined gold's appeal.

Investors, however, were looking ahead to an expected U.S. interest rate
rise at a Federal Reserve meeting starting March 20.             

On the technical side, resistance for gold was at the 50-day moving average
at 1330.80 with fibonacci support at 1317.20, said analysts at ScotiaMocatta
in a note. 

In other precious metals, silver        was up 0.5 percent at $16.45 an
ounce.

Platinum        was 0.2 percent lower at $952.90 an ounce and palladium
was down 0.1 percent at $985.40 an ounce.

Copper gains as dollar drops on fresh U.S. political turmoil

(Reuters) - Copper rose on Friday as investors, betting on strong growth in
China, bought the metal while the dollar retreated, though concerns that
U.S. policies could provoke a trade war kept gains in check.

The dollar fell to its lowest since early March versus the yen amid reports
that U.S. President Donald Trump had decided to remove H.R. McMaster as his
national security adviser.

A weaker dollar makes metals cheaper for holders of other currencies.

* LME COPPER: Three-month copper on the London Metal Exchange traded up 0.5
percent in official midday rings at $6,951 a tonne, but was still set to
close the week in negative territory.

* FED MEETING: ANZ said investors “are likely to remain cautious” ahead of
next week’s Federal Reserve meeting, at which the U.S. central bank is
expected to raise interest rates for the first time this year.

* U.S. TURMOIL: The New York Times reported that U.S. Special Counsel Robert
Mueller had issued a subpoena for documents, including some concerning
Russia, related to President Donald Trump’s businesses.

* TRADE WAR: Investors remain concerned the United States is sliding deeper
into protectionism, with a report this week that Trump is seeking to impose
tariffs on up to $60 billion of Chinese imports.

* OYU TOLGOI: Annual revenue from Mongolia’s giant Oyu Tolgoi copper-gold
mine fell 22 percent last year, with construction delays leaving it unable
to take full advantage of higher prices.

* CODELCO: Chile’s state copper miner Codelco posted profits of $2.88
billion in 2017, boosted by rising copper prices even as production costs
increased.

* CHINESE COPPER OUTPUT: China’s refined copper output in January and
February rose 10.3 percent year-on-year to 1.48 million tonnes, data showed
on Friday.

* ALUMINIUM INVENTORIES: Deliverable Shanghai Futures Exchange aluminium
inventories rose by 87,303 tonnes to a record 934,216 tonnes, data showed on
Friday.

* CHINA ALUMINA: Chinese alumina refineries in Henan province may delay the
restart of their plants because of rising costs for the raw material bauxite
amid supply tightness, research firm Antaike said.

* METALS PRICES: Aluminium was last bid up 0.1 percent in rings at $2,088,
zinc was last bid up 1.1 percent at $3,270, lead traded up 0.3 percent at
$2,417, tin was last bid down 0.6 percent at $20,905 while nickel traded up
1.1 percent at $13,790.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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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