Bulls n Bears Daily Market Commentary : 04 April 2019

Fri Apr 5 07:43:53 CAT 2019

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Bulls n Bears Daily Market Commentary : 04 April 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$2,579,532.18 with foreign buys at RTGS$1,266,388.12 and
foreign sales were RTGS$885,742.00. Total trades were 91.

The All Share index marginally retreated by 0.04 points  to close at 121.52
points as heavyweight counters lost ground. SEED producer SEEDCO  lost
$0.0100 to trade at $1.4200, ECONET   traded $0.0062 lower at $1.0938 and
CASSAVA SMARTECH  dropped $0.0025 to settle at $1.0002. Other losses were in
BINDURA  which went down by $0.0024 to $0.0610 with ARISTON   and DELTA
both down $0.0003 to close $0.0290 and $2.2700 respectively.

Losses were partially offset by gains in MEIKLES  which traded $0.0250
higher at $0.4900, INNSCOR  was up $0.0100 to close at $1.3300 and PADENDA
moved up $0.0097 to close at $0.9618.  FIRST MUTUAL PROPERTIES added $0.0008
to $0.0600 and OLD MUTUAL  inched up $0.0004 to settle at $8.0000.

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  Global Currencies & Equity Markets

South  Africa

South African rand firmer, stocks dragged down by profit-taking

(Reuters) - South Africa’s rand firmed on Thursday, eking out gains late in
the session as hopes of a trade deal between the United States and China
bolstered risk appetite globally.

White House economic adviser Larry Kudlow said on Thursday that trade talks
between Washington and Beijing last week in the Chinese capital had made
“good headway”.

At 1700 GMT the rand was 0.2 percent firmer at 14.1150 per dollar from an
overnight close of 14.1450 in New York.

The rand posted the gains deep into offshore trade, having languished near
short term technical support around 14.20 for most of the local session in
low volume trade.

The currency was volatile in the previous session after power firm Eskom
said the utility needed an additional 250 billion rand ($17.73 billion) to
ease its financial and operational crisis.

However, demand from overseas investors has helped the rand cling on to
gains that lifted it to a 2-month high on Monday after Moody’s delayed a
credit review on the country.

In equity markets, stocks weakened on profit-taking after gains in the
previous session, with bullion shares weighing on further gains.

The Johannesburg All-Share index fell 0.37 percent to 57,711 points while
the Johannesburg Top-40 index dipped 0.37 percent to 51,449 points.

Among the decliners, bullion shares fell 0.89 percent, weighed down by a
weaker spot gold price.

AngloGold Ashanti fell 1.48 percent to 183,96 rand and Gold Fields dropped
1.49 percent to 52.80 rand.

Bonds also edged lower, with the yield on the benchmark government paper due
in 2026 up 0.5 basis points to 8.535 percent. ($1 = 14.1015 rand) 

Egypt

Egypt offers euro-denominated bonds on London stock exchange - bank document

(Reuters) - Egypt aims to raise 2 billion euros ($2.2 billion) in six-year
and 12-year euro-denominated bonds in a sale starting on Thursday, according
to a document by one of the banks leading the deal.

The auction on the London Stock Exchange will be settled on April 11.

The country is aiming to raise 750 million euros in six-year papers and 1.25
billion euro in 12-year notes, which offer yields of 4.75 percent and 6.375
percent, respectively.

The debt sale has attracted orders totalling more than 8.6 billion euros,
the document said.

The bonds will mature on April 11, 2025, and April 11 2031. Banca IMI, BNP
Paribas, Natixis and Standard Chartered Bank are the bookrunners, according
to the document.

Egypt has struggled to recover from years of turmoil after a 2011 uprising
and has borrowed heavily from abroad since signing an International Monetary
Fund loan deal in 2016.

Officials say they are trying to diversify the country’s sources of foreign
debt and lengthen its average maturity.

In February, Egypt issued $4 billion in dollar-denominated bonds with
maturities of five, 10 and 30 years.

       <mailto:info at bulls.co.zw> 

Asia

Asia shares hug weekly gains, wait on U.S. jobs test

(Reuters) - Asian share markets consolidated their weekly gains on Friday as
Sino-U.S. talks produced a lot of headlines but no conclusions, while
caution ahead of U.S. payrolls and a holiday in China dampened volatility.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.1 percent
but was only just off its highest since the end of August. The index was
still up 1.8 percent for the week and 13 percent for the year so far.

Japan’s Nikkei added 0.3 percent, to be 2.8 percent firmer for the week.
E-Mini futures for the S&P 500 edged up 0.1 percent.

Xinhua reported Chinese President Xi Jinping had said progress was being
made and called for an early conclusion of negotiations.

U.S. President Donald Trump said on Thursday a deal could be announced in
about four weeks, but warned it would be difficult to let China trade with
the United States if remaining issues were not resolved.

Investors are also waiting on the U.S. payrolls report, which is forecast to
bounce back by 180,000 in March, following February’s distorted 20,000 rise.
One focus will be hourly earnings, which climbed to 3.4 percent in February,
the fastest pace since April 2009.

Hopes for a solid number were boosted by data on jobless claims which fell
to a 49-year low last week, pointing to sustained labour market strength.

The Dow ended Thursday up 0.64 percent, while the S&P 500 gained 0.21
percent and the Nasdaq dropped 0.05 percent. The S&P 500 reached its highest
level since Oct. 9 and is only 1.75 percent below its all-time closing high.

YEN EASING

In currencies, the progress on trade was enough to keep the safe-haven yen
under pressure and lift the dollar to its highest in three weeks at 111.79.
The next chart stops were 111.89 and the March peak around 112.12.

Against a basket of currencies the dollar had bounced back to 97.287, from
Wednesday’s low of 96.962.

Reuters reported Saudi Arabia is threatening to sell its oil in currencies
other than the dollar if Washington passes a bill exposing OPEC members to
U.S. antitrust lawsuits, three sources familiar with Saudi energy policy
said.

The euro was flat at $1.1223 having dipped overnight in the wake of poor
German data. Industrial orders there fell by the most in more than two years
in February as foreign demand slumped, another sign that Europe’s largest
economy had a weak start to the year.

Sterling was stalled at $1.3077 as markets awaited some clarity on where
Brexit was heading.

Pro-Brexit lawmakers in Britain’s upper house of parliament tried on
Thursday to thwart the approval of a new law that would force Prime Minister
Theresa May to seek a delay to prevent a disorderly EU exit on April 12
without a deal.

A source close to negotiations on the timetable for the bill said they
expected it to be finalised on Monday.

In commodity markets, spot gold dipped to $1,291.61 per ounce but held above
a near 10-week low hit overnight.

Brent oil had briefly touched $70 a barrel for the first time since November
on Thursday as expectations of tight global supply outweighed pressure from
rising U.S. production. [O/R}

Brent crude futures were off 23 cents at $69.17, while U.S. crude eased 3
cents to $62.07 a barrel.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Most London metals rise on trade deal hopes; trade subdued on China holiday

(Reuters) - Most London industrial metals rose on Friday, supported by news
that the United States and China are edging closer to a trade deal after
months of dispute.

U.S. President Donald Trump said on Thursday a trade deal with China could
be reached in about four weeks, but he issued a warning to Beijing that,
absent a pact, it would be difficult to allow trade to continue.

Benchmark copper bucked the trend, edging down 0.03 percent to $6,449 a
tonne by 0311 GMT, on track for a weekly loss, as copper stockpile increased
in London Metal Exchange-approved warehouses.

Copper inventories in LME-registered warehouses leaped by 30,375 tonnes to
198,325 tonnes as of Wednesday, the highest in six months and nearly double
the level three weeks ago, latest data showed. MCUSTX-TOTAL

FUNDAMENTALS

* LONDON PRICES: Three-month aluminium rose 0.5 percent, nickel was up 0.3
percent and zinc increased 0.6 percent. Volume was low as China is closed
for a public holiday.

* LAS BAMBAS: A Peruvian judge on Wednesday ordered jail time for lawyers
representing indigenous villagers who have blockaded shipments from Las
Bambas copper mine operated by Chinese miner MMG Ltd.

* GRASBERG: In Indonesia, a mudslide at Freeport-McMoran’s Grasberg mine,
the world’s second-largest copper mine, injured two workers while two others
were missing on Wednesday.

* CHINA HOLIDAY: The Shanghai Futures Exchange is closed on Friday for the
Tomb Sweeping Day holiday and will reopen on Monday.

Gold steadies above 10-week low; focus on U.S. jobs data

(Reuters) - Gold was little changed on Friday, having slid to its lowest
level in 10-weeks in the previous session as the dollar strengthened ahead
of the U.S. nonfarm payrolls data due later in the day.

FUNDAMENTALS

* Spot gold was flat at $1,291.71 per ounce by 0104 GMT, after touching its
lowest since Jan. 25 at $1,280.59 in the previous session.

* U.S. gold futures were up 0.1 percent at $1,295.40 an ounce.

* Spot platinum, which surged to its highest since mid-June, 2018 at $901.49
in the previous session, was down 0.5 percent at $893.50 an ounce.

* The dollar rose to a three-week high versus the yen on Friday, lifted by
expectations that a protracted trade dispute between the United States and
China would be resolved soon.

* Asian share markets consolidated weekly gains on Friday as Sino-U.S. talks
dragged on with no concrete conclusions, while caution ahead of U.S.
payrolls and a holiday in China and Hong Kong dampened volatility.

* U.S. President Donald Trump said on Thursday the United States and China
were getting very close to a trade deal that could be announced within four
weeks, but he issued a warning to Beijing that, absent a pact, it would be
difficult to allow trade to continue.

* The number of Americans filing applications for unemployment benefits fell
to a nearly half-century low last week, pointing to sustained labor market
strength despite slowing economic growth.

* German industrial orders fell at their sharpest rate in more than two
years in February as they were hit by a slump in foreign demand, compounding
worries that Europe’s largest economy had a weak start to the year.

* Pro-Brexit lawmakers in Britain’s upper house of parliament tried on
Thursday to thwart the approval of a new law that would force Prime Minister
Theresa May to seek a delay to prevent a disorderly EU exit on April 12
without a deal.

* Goldcorp shareholders approved Newmont Mining Corp’s $10 billion takeover
offer on Thursday, removing one of the last remaining hurdles to create the
world’s largest gold producer.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund,
said its holdings fell 0.2 percent to 762.55 tonnes on Thursday.

DATA AHEAD (GMT) 0600 Germany Industrial output (Feb) 0730 UK Halifax house
prices (March) 1230 U.S. Nonfarm payrolls (March) 1230 U.S. Unemployment
rate (March)

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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