Bulls n Bears Daily Market Commentary : 29 March 2019

Mon Apr 1 07:01:41 CAT 2019

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Bulls n Bears Daily Market Commentary : 29 March 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$6,664,297.28 with foreign buys at RTGS$3,524,890.33 and
foreign sales were RTGS$5,528,965.48. Total trades were 128.

The All Share index finished the week 1.03 points   stronger at 121.66
points. Gains were recorded in ECONET  which was $0.0828 up at $1.0833, OLD
MUTUAL LIMITED   added another $0.0810 to settle at $7.9780 whilst OK
ZIMBABWE   closed $0.0025 firmer at $0.2035. The other counter to strengthen
was SEEDCO   which rose by $0.0007 to close at $1.4300.

Trading on the downside was DELTA   which dipped $0.0080 to $2.2500, AXIA
shed $0.0043 to settle at $0.3505 and SEEDCO INTERNATIONAL LIMITED  was
$0.0025 weaker at $1.3025. Other counters to lose ground include CASSAVA
SMARTECH  and TRUWORTHS  which lost $0.0002 apeace to close at $1.0003 and
$0.0160 correspondingly.

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  Global Currencies & Equity Markets

Egypt

Egypt's M2 money supply growth slows to 11.55 pct y/y in February -c.bank

(Reuters) - Egypt’s M2 money supply growth decelerated slightly to 11.55
percent year-on-year in February, central bank data showed on Sunday.

The money supply stood at 3.68 trillion Egyptian pounds at end-February, up
from 3.64 trillion pounds a month earlier. M2 grew by 11.95 percent
year-on-year in January.

Kenya

Kenyan shilling steady versus the dollar, horticulture inflows help

(Reuters) - The Kenyan shilling was steady on Friday, with dollar inflows
from horticulture exports and non governmental organisations matching demand
from the energy sector, traders said.

At 0850 GMT, commercial banks quoted the shilling at 100.80/101.00 per
dollar, the same as Thursday's close. 

       <mailto:info at bulls.co.zw> 

Asia

Asian stocks surge on China's factory comeback, trade talks progress

(Reuters) - Asian stocks rallied on Monday as positive Chinese factory
gauges and signs of progress in Sino-U.S. trade talks supported sentiment,
although another defeat for British Prime Minister Theresa May’s proposed
Brexit deal added to sterling’s woes.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 1 percent
and the Shanghai Composite Index rallied 1.7 percent.

Australian stocks climbed 0.8 percent, South Korea’s KOSPI gained 1 percent
and Japan’s Nikkei advanced more than 2 percent.

The markets took heart after China’s official purchasing managers’ index
(PMI) released on Sunday showed factory activity unexpectedly grew for the
first time in four months in March.

A private business survey, the Caixin/Markit PMI, released on Monday also
showed the manufacturing sector in the world’s second biggest economy
returning to growth.

If sustained, the improvement in business conditions could indicate that
manufacturing is on a path to recovery, easing fears that China could slip
into a sharper economic downturn.

Stocks in Asia also took their cues from Wall Street, with the S&P 500
posting its best quarterly gain in a decade on Friday amid trade optimism.

The United States and China said they made progress in trade talks that
concluded on Friday in Beijing, with Washington saying the negotiations were
“candid and constructive” as the world’s two largest economies try to
resolve their drawn out trade war.

In the currency market, the dollar index against a basket of six major
currencies was little changed at 97.260 after going as high as 97.341 on
Friday, its strongest since March 11.

The greenback had benefited from the flagging pound, which was on track to
post its fourth day of losses in the wake of the ongoing Brexit saga.

Sterling took its latest knock after British lawmakers rejected Prime
Minister May’s Brexit deal for a third time on Friday, sounding its probable
death knell and leaving the country’s withdrawal from the European Union in
turmoil.

The pound was down 0.1 percent at $1.3022.

The Australian dollar advanced 0.4 percent to $0.7124 . The Aussie is
sensitive to shifts in the economic outlook for China, the country’s main
trading partner.

The euro was a touch higher at $1.1227 while the dollar rose 0.3 percent to
111.17 yen.

Safe-haven government bonds retreated as risk aversion in the broader
markets eased.

The benchmark 10-year U.S. Treasury yield edged up to a six-day high of
2.444 percent, pulling away from a 15-month low of 2.340 percent brushed on
March 25.

The Treasury 10-year yield had sunk as risk aversion, driven by concerns
about a global economic slowdown, gripped financial markets towards the end
of March.

Crude oil prices added to Friday’s gains, with U.S. West Texas Intermediate
(WTI) futures gaining 0.5 percent to $60.45 per barrel.

Oil prices posted their biggest quarterly rise in a decade during the
January-March, as U.S. sanctions against Iran and Venezuela as well as
OPEC-led supply cuts overshadowed concerns over a slowing global economy. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

Zinc hits 9-month peak on hopes for U.S.-China deal, shortages

(Reuters) - Zinc hit a nine-month peak and other industrial metals also
gained on Friday, lifted by optimism about a U.S.-China trade deal and
potential shortages due to low stocks and mine disruptions.

U.S. Treasury Secretary Steven Mnuchin said he had held “constructive” talks
in Beijing aimed at resolving a bitter trade dispute between the world’s two
largest economies.

Zinc prices have rebounded 24 percent from a low hit in early January,
boosted by hopes for a trade deal.

Three-month zinc on the London Metal Exchange climbed 2 percent in closing
open outcry trading to $2,923 a tonne, the highest since June 28 last year.

* ZINC TECHNICALS: Once zinc overcomes resistance at $2,906/12 it is due to
extend towards $2,940/90, Stephanie Aymes, head of technical analysis at
Societe Generale, said in a note.

* COPPER: LME copper gained 1.9 percent to finish at$6,482.50 a tonne, the
biggest one-day gain since Jan. 25. Copper also saw its first quarterly gain
since the end of 2017.

* COPPER IN PERU: Protests at Las Bambas in Peru, one of the country’s
largest copper producers, showed no sign of abating days after the mine
operator MMG warned it could declare force majeure on contracts.

* LME STOCKS: Stockpiles of zinc in LME-registered warehouses MZNSTX-TOTAL
hit their lowest since at least 1998 while LME nickel inventories
MNISTX-TOTAL touched a new low since June 2013, LME data showed on Friday.

In China, on-warrant nickel stocks fell to the lowest levels since July
2005, weekly data from the Shanghai Futures Exchange showed on Friday.

* ZINC SPREADS: The premium of LME cash zinc over the three-month contract
CMZN0-3 climbed to $70 per tonne, the highest since early January, from
$3.50 three weeks ago, indicating tight supply.

* RUSAL ALUMINIUM: Investor concerns about rising aluminium supply were
heightened by Rusal’s announcement of new production at its Boguchansk
aluminium smelter in Siberia, doubling its capacity to 298,000 tonnes a
year.

LME aluminium rose 0.5 percent to end at $1,912.50 a tonne.

* OTHER METALS: Nickel, untraded in closing rings, was bid up 1.2 percent at
$13,040 a tonne, lead dipped 0.1 percent to trade $2,017 and tin also fell
0.1 percent to $21,400 a tonne.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Zimbabwe 

Independence Day

Zimbabwe

18 Apr 2019 

Good Friday

19 Apr 2019

Easter Saturday

20 Apr 2019

Easter Sunday

21 Apr 2019

Easter Monday

22 Apr 2019

Workers Day

01 May  2019

Africa Day

25 May 2019

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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
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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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