Bulls n Bears Daily Market Commentary : 27 March 2018

Wed Mar 28 07:46:10 CAT 2018

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Bulls n Bears Daily Market Commentary : 27 March 2018

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

Market Turnover $4,260,069.11 with foreign buys at $3,262,867.79 and foreign
sales were $3,414,339.24. Total trades were 63.

The All Share index gained 0.04 points to settle at 86.96 points. BRITISH
AMERICAN TOBACCO went up by $0.2500 to close at $20.0000, OLD MUTUAL added
$0.0500 to trade at $5.6000 while AXIA  rose by $0.0050  to $0.2150. FBC
HOLDINGS put on $0.0035 to end at $0.2060, DELTA shifted up $0.0030 to close
at $1.5849 whilst DAIRIBOARD closed at $0.1150 following a $0.0020 increase.

However, MEIKLES  led the shakers with a $0.0196 drop to close at $0.3000,
CBZ HOLDINGS shed $0.0096 to trade at $0.1000 and ECONET went down by
$0.0025 to settle at $0.6700.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling unchanged amid inflows from offshore investors

(Reuters) - The Kenyan shilling was firm against the dollar on Tuesday,
drawing support from offshore investors interested in government debt,
traders said.  

At 0803 GMT, commercial banks quoted the shilling at 100.80/101.00 per
dollar, unchanged from Monday's close.

Uganda

Uganda shilling firm as demand tails off

(Reuters) - The Uganda shilling traded in a stable position on Tuesday on
the back of slowing appetite for hard currency from both commercial banks
and merchandise importers.

At 0827 GMT commercial banks quoted the shilling at 3,675/3,685, unchanged
from Monday’s close.

America

Dollar Rebounds, Euro, Pound Fall to Day’s Lows

Investing.com - The dollar rebounded from five-week lows against a currency
basket on Tuesday, sending the euro and the pound to the day’s lows after
fears of a trade war between the U.S. and China subsided.

The U.S. dollar index, which measures the greenback’s strength against a
basket of six major currencies, climbed 0.33% to 88.92 by 05:44 AM ET (09:44
GMT), from an overnight low of 88.57, which was the weakest since
mid-February.

Fears over the prospect of an all-out trade war between the U.S. and China
eased following reports on Monday that the two sides were negotiating to
improve U.S. access to Chinese markets.

Reports of talks eased concerns that trade tensions between the world’s two
largest economies could escalate out of control and whetted investor
appetite for the dollar.

The traditional safe haven yen was lower against the dollar, with USD/JPY up
0.15% to 105.56, extending its rebound from Monday’s 16-month low of 104.62.

The yen showed little reaction after a former Japanese finance ministry
official testified in parliament on Tuesday that Prime Minister Shinzo Abe,
his wife or Finance Minister Taro Aso did not give instructions to change
documents about a land deal at the center of a suspected cronyism scandal.

The controversy over the land deal has seen Abe’s popularity plunge, raising
doubts over his ability to continue pursuing his Abenomics policies, which
include aggressive monetary easing.

The euro reversed early gains against the dollar, with EUR/USD down 0.17% to
1.2422 after rising to a five-week high of 1.2477 overnight.

In the euro zone, data on Tuesday showed that business confidence fell more
than expected in March.

The European Commission’s index for the euro zone fell to 112.6 in March
from 114.2 in the previous month, against forecasts of 113.4 as optimism
declined in the manufacturing, service and retail sectors.

The pound was the worst performer against the major currencies, with GBP/USD
down 0.56% to 1.4148.

Sterling was also weaker against the euro, with EUR/GBP advancing 0.38% to
0.8779.

Commodities Markets

Copper price rises as trade war fears fade

(Reuters) - Copper prices rose on Tuesday after reports of behind-the-scenes
talks between the United States and China fuelled hopes that a trade war
could be averted and sparked a global stock market recovery, but a
strengthening dollar limited gains.

Benchmark copper on the London Metal Exchange closed up 0.7 percent at
$6,649 a tonne, after touching a 3-1/2-month low on Monday.

But he said prices were unlikely to rally far.

U.S.-CHINA TALKS: Trump administration officials are asking China to cut
tariffs on imported cars, allow foreign majority ownership of financial
services firms and buy more U.S.-made semiconductors in negotiations to
avoid plans to slap tariffs on a host of Chinese goods and a potential trade
war.

INVENTORIES: Copper’s price gains were limited by rising stocks which
suggested ample supply of the metal. Stockpiles in LME-registered warehouses
at 383,975 tonnes are up 91 percent this year and the largest since December
2013. MCUSTX-TOTAL

POSITIONING: Bets on higher prices have fallen, with funds’ net long
position in copper on the Comex exchange down more than 80 percent since the
start of the year and the lowest since late 2016.

TECHNICALS: Copper rebounded from technical support at $6,500, a key
psychological level and copper’s December low, and was struggling to break
above its 200-day moving average at $6,687.

STRIKES: Workers at Antofagasta’s Los Pelambres copper mine in Chile on
Monday reached an agreement on a new labour contract.

But union leaders at Codelco Norte, a unit of Chile’s state-owned miner
Codelco, reportedly urged members to strike after rejecting a pay offer.
Norte’s Chuquicamata and Radomiro Tomice mines produced 608,000 of copper
last year, according to ING.

SUPPLY RISK: Fears that labour disputes would cause supply disruption this
year helped drive copper prices to a four year high of $7,312.50 in
December.

DOLLAR: The dollar rebounded from a five-week low against a basket of
currencies, making metals more expensive for users of other currencies,
which can dampen demand.

OTHER METALS: LME aluminium ended down 0.4 percent at $2,044.50 a tonne,
zinc finished 0.4 percent higher at $3,275, lead closed up 0.8 percent at
$2,406, nickel rose 0.4 percent to $13,000 and tin ended up 0.1 percent at
$20,875.

Global gold investment seen rising for 5th year in 2018 -CPM

(Reuters) - Bullion investors, miners and makers of coins will help drive
the fifth straight annual increase in total global gold investment in 2018,
CPM Group said in its Gold Yearbook 2018 on Tuesday, citing geopolitical
tensions and fears that the bubbling U.S. economic expansion will end in a
2019 recession.

CPM forecast net gold investment at 20.3 million ounces during 2018, a 6.6
percent rise from its 19.1 million ounces in 2017, and the highest increase
since 2016 when it rose 23.9 percent to 26.1 million ounces.

The independent commodities research company said gold coin demand for
bullion produced by private mints would be at 6 million ounces in 2018, up
from 5.7 million ounces in 2017 and the highest since 2016.

Total gold supply will rise slightly to 127.4 million ounces in 2018 from
127 million ounces last year.

Global mine supply will increase marginally to 97.2 million ounces this year
from 97 million ounces in 2017, and is expected to weigh on investment
demand for bullion as a commodity.

Total fabrication demand is forecast at 97 million ounces, the same as last
year.

Gold prices rose 14 percent in 2017 from the end of 2016. Though
record-reaching equities and cryptocurrencies likely distracted investors
from gold last year, CPM said gold prices got a boost from heightened
tensions between the United States and North Korea, failed attempts in the
U.S. Congress to overthrow the Affordable Care Act and issues with Syria,
Iran and Catalonia.

Moreover, the face of the gold investor had changed during 2017, CPM said.
As a result coin sales fell to 5.7 million ounces in 2017, the lowest since
2012.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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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