Bulls n Bears Daily Market Commentary : 10 April 2019

Thu Apr 11 05:23:05 CAT 2019

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Bulls n Bears Daily Market Commentary : 10 April 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 7,500,738.45 with foreign buys at RTGS$ 5,544,254.50
and foreign sales were RTGS$ 1,885,053.20. Total trades were 154.

The All Share index rose by 0.43 points   to close at 125.03 points. PADENGA
added $0.0479 to settle at $1.0479, MEIKLES   gained $0.0350 to $0.5250 and
ZIMPLOW   traded $0.0300 to close at $0.3000. CASSAVA SMARTECH   recovered
$0.0120  to end at $1.0998 and EDGRAS  was $0.0095 firmer at $0.1100.

Trading in the negative was AXIA   which dropped $0.0166 to $0.3184, ECONET
retreated by $0.0087 to close at  $1.0913 and MASIMBA   traded $0.0020
weaker at $0.0840. BINDURA   and INNSCOR   lost $0.0014 each to settle at
$0.0600 and $1.4960 correspondingly.

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  Global Currencies & Equity Markets

Uganda

Ugandan shilling weakens on surge in importer and banks' demand

(Reuters) - The Ugandan shilling weakened on Wednesday, undercut by strong
demand for dollars from players in the interbank market and merchandise
importers.

At 1038 GMT commercial banks quoted the shilling at 3,753/3,763, compared to
Tuesday’s close of 3,740/3,750.

South Africa

South Africa’s rand crosses 14.00 threshold, stocks gain

(Reuters) - South Africa’s rand firmed below the 14.00 threshold on
Wednesday for the first time in six weeks as a softer dollar boosted
investor appetite for emerging markets.

On the bourse, the financial and retail sectors topped the JSE after S&P
Global Ratings stable economic outlook, while miner Sibanye-Stillwater took
a blow after selling shares to service debt.

At 1500 GMT the rand had strengthened 1.01 percent to 13.9350 per dollar
compared to its open of 14.0950, outperforming other emerging market
currencies such as the Turkish lira and the Mexican peso.

The last time the rand traded below 14.00 was on Feb. 27.

The dollar has softened because of weak economic data, fresh global trade
tensions between the United States and Europe, and the International
Monetary Fund (IMF) cutting its global growth forecast.

The rand’s gains may be short-lived however with the current boost caused by
mainly external factors, Cilliers said.

In equities, the Johannesburg All-Share index gained 0.73 percent to 58,261
points, while the Top-40 index rose 0.87 percent to 52,003 points.

Clothing retailer Mr Price rose 5.96 percent to 208.00, Shoprite was up 4.22
percent to 169.20, while Nedbank gained by 4.1 percent to 265.44. Comments
from ratings firms S&P and Moody’s were good news and were keeping the
equity market in positive territory, said Maudi Lentsoane, trader at Lehumo
Investments.

On the downside, Sibanye-Stillwater declined nearly 16 percent to 14.29.
Fellow platinum miner Lonmin, which Sibanye is looking to acquire, also took
a knock, contracting 12.85 percent to 13.63.

       <mailto:info at bulls.co.zw> 

America

U.S. dollar inch higher on ECB stance

(Reuters) - The U.S. dollar and world stock markets edged higher on
Wednesday amid tame U.S. inflation data and as the European Central Bank
left its ultra-easy policy stance unchanged but warned that economic risks
remained to the downside.

ECB President Mario Draghi said economic data was weak and confirmed
policymakers were considering whether measures were needed to mitigate the
impact on European banks of the central bank’s negative deposit rates.

European bank stocks declined and the yield on Germany’s benchmark 10-year
bond fell to a one-week low of negative 0.038%, about 0.05 percentage point
from 2-1/2 year lows they hit last month.

Separately, data showed U.S. consumer prices increased by the most in 14
months in March but underlying inflation remained benign against a backdrop
of slowing global economic growth.

The Federal Reserve will release minutes from its March meeting at 2 p.m. ET
(1800 GMT), providing insight into the thinking behind its move to suspend
rate hikes this year.

MSCI’s all-country equity index gained 0.09%, while the pan-European STOXX
600 index rose 0.21%.

Reckitt Benckiser shares fell 6% to weigh on Britain’s blue chip FTSE 100
index after the U.S. Justice Department accused Indivior Plc, a former RB
unit, of illegally boosting prescriptions for its blockbuster opioid
addiction treatment. Indivior shares tumbled 71.5%.

On Wall Street, the Dow Jones Industrial Average fell 15.93 points, or
0.06%, to 26,134.65. The S&P 500 gained 5.28 points, or 0.18%, to 2,883.48
and the Nasdaq Composite added 35.57 points, or 0.45%, to 7,944.85.

Industrial stocks were down 0.38%, as Boeing Co shares continued to weigh
after the company on Tuesday reported zero new orders for its 737 MAX jet
following a worldwide grounding of the aircraft in March.

Boeing’s shares fell 1.26%, keeping the Dow Industrials in the red.

U.S. Treasury yields slipped, weighed down by the tepid U.S. inflation data
for March, which reinforced expectations that the Federal Reserve would hold
interest rates steady or possibly cut them by the end of the year.

The benchmark 10-year U.S. Treasury note rose 7/32 in price to push its
yield lower to 2.4756%.

The euro fell as Draghi underscored the risks facing the euro zone economy,
allowing the dollar some respite from recent selling.

The dollar index, tracking it against six major currencies, rose 0.02%, with
the euro down 0.06% to $1.1254. The Japanese yen strengthened 0.20% versus
the greenback at 110.94 per dollar.

Oil prices rose after U.S. data showing a hefty drawdown in gasoline stocks
overshadowed crude inventories rising to their highest in more than a year,
and as sanctions and blackouts in Venezuela helped tighten global supply.

International benchmark Brent futures rose 57 cents to $71.18 a barrel. U.S.
West Texas Intermediate (WTI) crude oil futures climbed 26 cents to $64.24 a
barrel.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold hits two-week peak on dovish ECB; focus on Fed minutes

(Reuters) - Gold hit a near two-week high on Wednesday, supported by softer
U.S. economic data and as the European Central Bank reinforced an
accommodative monetary policy, with focus turning to the minutes from the
U.S. Federal Reserve’s March meeting.

Spot gold was up 0.2 percent at $1,306.88 an ounce at 10:27 a.m EDT (1427
GMT), its highest since March 28. U.S. gold futures were also up 0.2 percent
at $1,310.40.

The European Central Bank kept its ultra-easy monetary policy unchanged as
expected on Wednesday, giving recent stimulus measures time to work their
way into the economy and counter spreading global gloom.

U.S. consumer prices increased by the most in more than a year in March, but
underlying inflation remained benign against the backdrop of slowing
domestic and global economic growth.

Investors were now awaiting the release of the Federal Open Market
Committee’s minutes from its March meeting due later on Wednesday.

World stocks inched up on Wednesday but were still below the six-month high
they reached earlier this week amid concerns about U.S. President Donald
Trump threatening more tariffs against the European Union.

Higher stock indices worldwide have constrained some buying in the
safe-haven metals, said Jim Wyckoff, senior analyst at Kitco Metals.

While prices are above the psychological level of $1,300, investors are
looking for more catalysts to buy the metal, analysts said.

Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold
Trust, fell for the seventh consecutive session on Tuesday and are at their
lowest level since November.

In other metals, spot platinum rose 0.9 percent to $895.20 an ounce. On
Monday it touched its highest since last May at $914.74.

Palladium lost 0.1 percent to $1,387, while silver firmed by 0.2 percent to
$15.24.

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
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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