Bulls n Bears Daily Market Commentary : 29 March 2018

Thu Mar 29 15:47:08 CAT 2018

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Bulls n Bears Daily Market Commentary : 29 March 2018

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Zimbabwe Stock Exchange Update

Market Turnover $1,842,795.33 with foreign buys at $1,597,837.83 and foreign
sales were $504,414.00. Total trades were 53.

The All Share index was gained 0.03 points to settle at 86.98 preceding the
Easter Holidays. OLD MUTUAL   put on $0.0195 to close at $5.6195,  INNSCOR
added $0.0050 to $0.9700 while mining company RIOZIM   went up by $0.0025 to
end at $1.2075. DELTA  was $0.0009 firmer at $1.5875.

However, FIRST MUTUAL PROPERTIES  lost $0.0018 to trade at $0.0480 and  AXIA
inched down by $0.0005 to close at $0.2000.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling under pressure ahead of easter weekend

(Reuters) - The Kenyan shilling weakened slightly against the dollar on
Thursday, as oilimporters and multinational companies bought dollars to meet
end month requirements ahead of Easter holidays, traders said.

At 0852 GMT, commercial banks quoted the shilling at 100.80/101.00 per
dollar, compared with 100.70/90 at Wednesday's close. 

Money markets will be closed on Friday Mar. 29 and Monday Apr. 2 for Easter
holiday.     

Uganda

Ugandan shilling weakens as offshore demand surges

(Reuters) - The Ugandan shilling weakened on Thursday, undercut by a surge
in demand for hard currency by offshore investors cutting positions in local
debt and firms looking to pay 2017 dividends.

At 1027 GMT commercial banks quoted the shilling at 3,690/3,700, compared to
Wednesday’s close of 3,685/3,695. The shilling last traded around 3,700 in
October 2015.

America

Dollar Dips Against Yen after Strong Gains

Investing.com - The dollar dipped against the yen on Thursday a day after
posting its largest daily percentage gains in around six months boosted by
faster U.S. economic growth and hopes for a diplomatic breakthrough with
North Korea.

USD/JPY was down 0.27% to 106.55 by 03:35 AM ET (07:35 AM GMT), after ending
Wednesday’s session with gains of 1.4%, the largest increase since September
11.

The dollar was boosted after data on Wednesday showing that the U.S. economy
grew by a larger than initially estimated 2.9% in the fourth quarter.

The data left the way clear for a slightly more aggressive pace of interest
rates hikes by the Federal Reserve this year. The Fed hiked rates for the
first time this year last week and stuck to its projection for three rate
hikes this year.

The U.S. currency received an additional boost after China said on Wednesday
that North Korea's leader Kim Jong Un had pledged his commitment to
denuclearization while U.S. President Donald Trump tweeted that Kim looked
forward to meeting with him.

The developments prompted speculation that a breakthrough over North Korea's
nuclear program could be growing closer.

The U.S. dollar index, which measures the greenback’s strength against a
basket of six major currencies, was little changed near a one-week high of
89.71.

The euro was steady, with EUR/USD at 1.2316 after falling 0.75% on
Wednesday.

The single currency remained on the defensive after soft euro zone economic
data and dovish-sounding comments by Erkki Liikanen, a member of European
Central Bank's governing council earlier in the week.

The pound was almost unchanged against the dollar, with GBP/USD last at
1.4069.

Investors were looking ahead to U.S. consumption and price data later in the
day, which will be closely watched for indications on the possible direction
of monetary policy.

Commodities Markets

Copper recovers as trade fears recede, aluminium hits 3-month low

(Reuters) - Copper rose on Thursday on receding fears about a trade war but
was still set to end the quarter down about 7 percent, while aluminium hit a
three-month low on rising stocks and disappointment over China’s winter
output curbs.

Metals markets were shaken this month when U.S. President Donald Trump moved
to impose tariffs on Chinese goods and Beijing threatened retaliation. But
fears of a trade war have eased on hopes that negotiations can bring a
compromise.

Aluminium remains particularly weak however, with Shanghai inventories at
record levels of nearly 1 million tonnes AL-STX-SGH and London Metal
Exchange inventories at 1.29 million tonnes, up nearly 20 percent since
early February MAL-STOCKS.

On aluminium, Meyer said that, while China’s cuts often disappoint because
it usually increases better quality production at the same time as cutting
inefficient output, the latest deliveries onto the LME were the usual post
Lunar New Year flows.

* COPPER: LME copper was up 0.8 percent at $6,715 a tonne at 1116 GMT.
Prices this week fell to their weakest since early December and are on
course for a 7 percent loss for the quarter after double-digit growth for
the past two years.

* HOLIDAY: The LME will be closed on Friday, March 30, and Monday, April 2,
for the Easter holiday, with normal trading resuming on Tuesday.

* ALUMINIUM: LME aluminium traded down 0.8 percent at $2,010.50, its lowest
since mid-December last year.

* JAPAN ON TARIFFS: Japan’s aluminium industry on Thursday called for the
United States to scrap import tariffs on aluminium, saying they were against
international rules and pose a serious problem.

* CHINA CUTS: 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.

* DOLLAR: The dollar steadied after a stronger-than-expected revision to
U.S. Q4 growth and hopes that a nuclear standoff with North Korea has been
averted gave it its largest daily gain in six months on Wednesday.

* CHINA GROWTH: Growth in China’s manufacturing sector likely picked up
slightly in March as authorities lifted winter industrial pollution
restrictions and steel mills cranked up production as construction activity
swings back into high gear.

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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