Bulls n Bears Daily Market Commentary : 07 September 2018

Fri Sep 7 19:39:59 CAT 2018

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Bulls n Bears Daily Market Commentary : 07 September 2018

 <http://www.fidelitylife.co.zw/> 

Zimbabwe Stock Exchange Update

Market Turnover $8,131,675.93 with foreign buys at $2,341,207.96 and foreign
sales were $2,614,822.81. Total trades were 116.

The All Share index closed the week on a higher note  adding 2.08 points  to
settle at 120.50 points. OLD MUTUAL  gained $0.2240 to close at $6.0644,
DELTA put on $0.1086 to end at $2.5000 and MEIKLES added $0.0575 to $0.4000.
INNSCOR went up by $0.0070 to trade at $1.4570 while EDGARS  closed at
$0.0750 following a $0.0046 increase.  

FBC HOLDINGS LIMITED  was the only lame duck losing $0.0014 to close at
$0.2400.

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

Kenya

Kenyan shilling steady amid inflows from charities

Reuters) - The Kenyan shilling held steady against the dollar on Friday,
mainly propped by inflows of from non-governmental organizations, traders
said. 

At 0754 GMT, commercial banks quoted the shilling at 100.65/85 per dollar,
the same level as Thursday's close.  

South Africa

South Africa's rand firms as risk sentiment revives, stocks down

(Reuters) - The rand firmed on Friday as data showed South Africa’s current
account deficit narrowed, boosting investor sentiment towards the currency
amid a broader recovery in emerging markets.

At 1530 GMT the rand was 1.3 percent firmer at 15.1350 per dollar, off a
session high of 15.0575.

The current account gap narrowed to 3.3 percent of GDP in the second
quarter, sparking significant rand demand despite Moody’s warning that the
country’s slide into recession in the second quarter was credit-negative.

Bonds were also stronger, with the yield on the benchmark government paper
due in 2026 down 5 basis points at 9.14 percent.

On the bourse, the blue chip JSE Top 40 index fell 0.12 percent to 50,833
points as resources stocks took a hit from the stronger rand. The broader
All-share index fell 0.11 percent to 57,069.

The bullion index closed 1.31 percent weaker.

Gold producer AngloGold was among the biggest decliners, falling 3.98
percent to 291.40 rand.

       <mailto:info at bulls.co.zw> 

America

World stock markets on pace for worst week since March as trade, rate hikes
weigh

(Reuters) - World share indexes limped toward their worst week in almost six
months on Friday, with Asia equities hitting a 14-month low and U.S. stocks
down in early trading as investors braced for additional trade tariffs and
higher U.S. interest rates.

The pan-European STOXX 600 ended the week with a 2.3 percent loss, its worst
weekly performance since the end of March. Emerging market stocks dropped
3.2 percent.

A deadline for public comment before Washington imposes tariffs on another
$200 billion worth of Chinese imports passed early on Friday, meaning they
could take effect at any moment, although no clear timetable has been
announced.

China has warned of retaliation if Washington launches any new measures.

Australia’s dollar, often used as play on China’s fortunes due to its huge
metals exports there, hit a 2-1/2 year low in European trading.

Another strong U.S., jobs report and signs that average hourly wages are
increasing at the fastest pace since 2009 cemented expectations that the
Federal Reserve will continue to raise interest rates this year and next.

In morning trading, the Dow Jones Industrial Average fell 38.82 points, or
0.15 percent, to 25,957.05, the S&P 500 lost 1.33 points, or 0.05 percent,
to 2,876.72 and the Nasdaq Composite added 18.33 points, or 0.23 percent, to
7,941.06.

The dollar hit a four-month low on the franc around $0.9645 . Against a
basket of currencies, the dollar index edged down to 94.939 and was heading
for a fourth weekly drop.

In commodity markets, the dip in the dollar left gold a sliver higher at
$1,200.67 an ounce.

Benchmark 10-year U.S. Treasury notes last fell 18/32 in price to yield
2.9424 percent, from 2.877 percent late on Thursday.

U.S. crude fell 0.9 percent, to $67.16 per barrel and Brent was last down
0.5 percent, to $76.12 per barrel, on the day. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold slips as dollar gains after strong U.S. jobs data

(Reuters) - Gold fell on Friday as the dollar resumed its rally versus a
currency basket after stronger than expected payrolls data cemented
expectations of a third interest rate increase in September this year.

A stronger dollar makes dollar-priced gold costlier for non-U.S. investors.

U.S. job growth accelerated in August, with wages notching up their largest
annual increase in nine years, strengthening views the economy was so far
weathering the Trump administration’s escalating trade war with China.

The greenback has soared this year on escalating U.S.-Sino trade tensions,
though it has lost some steam this week to rival safe haven currencies like
the yen and Swiss franc even as investors brace for new U.S. tariffs on
China.

A public consultation period for proposed U.S. tariffs on an additional $200
billion of Chinese imports ended at 0400 GMT on Friday and tariffs could go
into effect at any moment, though there is no clear timetable.

Spot gold fell 0.1 percent to $1,198.40 as of 1337 GMT, after it hit a near
one-week high on Thursday at $1,206.98.

U.S. gold futures were flat at $1,203.80 an ounce.

Gold has tumbled about 12 percent from a peak of $1,365.23 in April, though
present levels have invoked a lot of physical buying in Asia, traders and
analysts said.

Indicating possible headwinds for the dollar was an overnight report that
bolstered the yen after suggesting U.S. President Donald Trump would next
take up trade issues with Japan.

Battered emerging market currencies have also recovered their poise versus
the dollar.

Spot silver was up 0.4 percent at $14.2 per ounce.

Platinum fell 1.1 percent to $782 while palladium rose 1.1 percent to
$984.3.

The global platinum market will be oversupplied by 295,000 ounces this year
as both supply and demand of the autocatalyst metal fall by 2 percent, the
World Platinum Investment Council (WPIC) said on Thursday.

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

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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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