Bulls n Bears Daily Market Commentary : 28 March 2018

Wed Mar 28 16:01:53 CAT 2018

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Bulls n Bears Daily Market Commentary : 28 March 2018

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

Market Turnover $254,490.05 with foreign buys at $29,597.89 and foreign
sales were nil. Total trades were 47.

The All Share index was marginally lower by 0.01 points  to settle at 86.95
points. AXIA was the only lame duck losing $0.0145 to settle at $0.2005.
Heavyweights, ECONET , LAFARGE , OLDMUTUAL , PPC   and SEEDCO  traded
unchanged at $0.6700, $1.3600, $5.6000, $0.9625 and $1.9500 in that
sequence.

INNSCOR added $0.0050 to close at $0.9650, SIMBISA  put on $0.0040 to
$0.3550 while DELTA  rose by $0.0017 to $1.5866.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenya shilling gains slightly on offshore inflows

(Reuters) - The Kenyan shilling gained slightly against the dollar on
Wednesday supported by inflows from offshore investors buying government
debt, traders said.

At 0811 GMT, commercial banks quoted the shilling at 100.75/95 per dollar,
compared with 100.80/101.00 at Tuesday's close.

Uganda

Ugandan shilling unchanged amid conversions by charities

(Reuters) - The Ugandan shilling was stable on Wednesday on the back of some
inflows from non-governmental organisations doing conversions to pay
salaries and commodity exporters.

At 1001 GMT commercial banks quoted the shilling at 3,675/3,685, same level
as Tuesday’s close.

Europe

Euro perched near 6-week highs as risk appetite intact

(Reuters) - The euro consolidated gains on Wednesday after hitting a
six-week high in the previous session as investors waited for fresh
catalysts to push the single currency higher.

With the euro on track to post its fifth consecutive quarter of gains — up
more than 3 percent in the current quarter — markets looked for fresh
evidence that the European Central Bank might unwind its policy stimulus
plan earlier than indicated.

The ECB said this month it could still extend its 2.55 trillion euro ($3.17
trillion) bond purchase scheme beyond September if needed. But it skipped a
reference to potentially increasing purchases, a signal that it remains on
track to end the three-year-old stimulus scheme before the end of 2018.

On Tuesday, policymaker Ewald Nowotny said the ECB will probably decide this
summer to slash its bond purchases, warning that the ECB must not fall
“behind the curve”.

A late selloff in U.S. technology shares on Tuesday weighed on global stock
markets but currency markets remained broadly immune, with high-yielding
currencies such as the Australian and Canadian dollars well supported.

The dollar recovered slightly on hopes that negotiations between the United
States and China would produce a compromise and avoid a full-blown trade
war.

But news that U.S. President Donald Trump and German Chancellor Angela
Merkel had discussed “joining forces to counter” China’s economic practices
and alleged intellectual property theft raised fears that trade tensions
could escalate.

The U.S. currency was 0.2 percent higher at 105.56 Japanese yen, well off a
16-month low of 104.560 yen set on Monday but down from an overnight high
near 106.000.

U.S. data due later in the day include the final estimate of fourth quarter
gross domestic product and pending home sales.

The pound was broadly stable against most currencies, particularly the euro
on media reports that a new proposal from the British government for the
Irish border question is expected to be announced “imminently”. 

Commodities Markets

Aluminium at lowest since December as dollar gains

(Reuters) - Aluminium prices hit their lowest level in more than three
months on Wednesday as the dollar firmed and concerns lingered that output
cuts in China had not made as big of a dent on supply as expected.

Benchmark aluminium was bid down 0.9 percent at $2,027 per tonne, after
touching its lowest since Dec. 14 at $2,025.50

The metal used in goods from kitchen utensils to aeroplane parts is down
more than 10 percent so far this year as capacity from top producer China
resumes following widespread shutdowns over the winter.

HEATING SEASON ENDS: China’s winter heating season ended on March 15 after
Beijing ordered smelters in 28 of its smoggiest northern cities to cut
output by 30 percent from mid-November to mid-March. However, the actual
volume cut was below expectations, putting pressure on prices.

ALUMINIUM STOCKS: On-warrant LME inventories of aluminium MALSTX-TOTAL,
those not earmarked for delivery and therefore available to the market, shed
3.4 percent or 35,025 tonnes to 996,500 tonnes.

Meanwhile, ShFE aluminium AL-STX-SGH stockpiles held at exchange warehouses
touched record highs at 940,318 tonnes, according to exchange data from
Friday.

TARIFFS: China will soon announce a list of retaliatory tariffs on U.S.
exports to China to counter an expected announcement from Washington of
proposed new tariffs on Chinese imports, the state-run Global Times said
Wednesday.

DOLLAR: Selling of industrial metals was reinforced by a firmer U.S.
currency, which when it rises makes dollar-denominated commodities more
expensive for holders of other currencies, potentially weighing on demand.

COPPER: Benchmark copper was down 0.1 percent at $6,641 a tonne in official
trading rings. Total stocks on the LME rose 4,200 tonnes to 388,175 tonnes.

SPREADS: The rise in copper inventories has seen the discount of LME cash
copper to the three-month contract CMCU0-3 reach $42.50 tonnes, close to
January levels touched on Monday of $46. OTHER METALS: Zinc was traded at a
steady at $3,276 per tonne in official rings; lead was bid at $2,404.50; tin
was slightly lower at $20,870; while nickel was bid down 0.3 percent at
$12,960.

Gold dips further from near 6-week peak as dollar firms

(Reuters) - Gold eased on Wednesday as a recovery in the dollar pulled
prices further from the previous day's near six-week peak, though a drop in
equities on the back of jitters over a U.S.-China trade stand-off kept the
metal underpinned.

The dollar pulled back some lost ground against a currency basket after
sliding to its lowest since mid-February on Tuesday, supported by hopes that
negotiations between the United

States and China would avoid a full-blown trade war.       

Spot gold        was down 0.6 percent at $1,336.84 an ounce at 1230 GMT,
while U.S. gold futures         for April delivery were down 0.5 percent at
$1,341.50 an ounce.

Spot gold touched its highest since mid-February on Tuesday before pulling
back to end the day down 0.6 percent, its biggest one-day loss in two weeks.
The metal is set to close the first quarter up 3 percent.

Stocks fell again on Wednesday as persistent jitters about a U.S.-China
trade war and the prospect of a regulatory crackdown on high-growth
companies such as Facebook left investors facing their first quarterly drop
in equities in two years.            

Holdings of the world's largest gold-backed exchange-traded fund, New
York-listed SPDR Gold Shares      , fell 1.2 tonnes on Tuesday to 846.12
tonnes, data from the fund showed. So far this week it has seen outflows of
4.4 tonnes.          

Among other precious metals, silver        was down 0.2  percent at $16.45
an ounce. The metal fell 1 percent on Tuesday after hitting a three-week
high of $16.80 in early trade.

Platinum        was down 0.7 percent at $936.24 an ounce, having fallen to
its lowest since early January in the previous session at $935.

Palladium        was little changed at $972.75 an ounce. The autocatalyst
metal is on track to end March down 6.6 percent, its biggest monthly loss
since December 2016, and the first

quarter down more than 8 percent. 

Nonetheless, its underlying supply and demand picture suggests prices will
remain supported near January's record high, Societe Generale said in a
report. 

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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