Bulls n Bears Daily Market Commentary : 15 April 2019

Tue Apr 16 06:30:07 CAT 2019

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Bulls n Bears Daily Market Commentary : 15 April 2019

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Bulls ‘n Bears Investors Diary: Today’s Events

Company

Event

Venue

Date & Time

First Mutual Properties

FY2018 results Analysts Briefing

Meikles Hotel, Palm Court

16 April 2019 : 14:00Hours

Comfort Break

14:45Hours

First Mutual Holdings

FY2018 results Analysts Briefing

Meikles Hotel, Palm Court

16 April 2019 : 15:00Hours

Food and Drinks

1600Hours:

Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 13,514,179.49 with foreign buys at RTGS$ 1,492,580.94
and foreign sales were RTGS$ 2,944,757.20. Total trades were 143.

The All Share index opened the week in the positive adding 0.32 points to
close at 125.83 points. OLD MUTUAL LIMITED  recovered $0.0534 to close at
$8.2807, MEIKLES gained $0.0509 to $0.6000 and SIMBISA  traded $0.0504
higher at $0.8025. PPC  also increased by $0.0310 to end at $1.4000 and AXIA
rose by $0.0250 to $0.3600.

Trading in the negative was BRITISH AMERICAN TOBACCO  which dropped $0.3082
to $29.5000, HIPPO VALLEY ESTATES lost $0.0878 to settle at $1.4122 and
PROPLASTICS  eased $0.0100 to $0.2300. CASSAVA SMARTECH  retreated $0.0098
to close at $1.0792 and AFDIS  traded $0.0074 weaker at $1.6901.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

Uganda

Uganda shilling stronger on commodity flows

(Reuters) - The Ugandan shilling        inched up on Monday, supported by
some hard currency inflows from exporters of commodities like coffee and
others. 

At 0857 GMT, commercial banks quoted the shilling at 3,733/3,743, compared
to Friday's closing of 3,745/3,755.

Kenya

Kenyan shilling steady against the dollar

(Reuters) - The Kenyan shilling held steady against the dollar on Monday
with inflows from horticulture exports and offshore investors buying
government debt helping to meet dollar demand from the manufacturing and
energy sectors, traders said. 

At 0822 GMT, commercial banks quoted the shilling at 100.95/101.15 per
dollar, the same as Friday's close.

       <mailto:info at bulls.co.zw> 

Emerging shares rise on trade hopes, China data; Turkey's lira drops

(Reuters) - Emerging market shares rose on Monday on optimism that
U.S.-China trade talks could be nearing the final round, while easing fears
of a slowdown in global growth on signs of stabilization in the Chinese
economy further boosted risk sentiment.

MSCI’s index of emerging market shares rose 0.1 percent in an Easter
holiday-shortened week, but pared some gains as China shares closed lower.

Over the weekend, U.S. Treasury Secretary Steven Mnuchin said he hoped
U.S.-China trade talks were approaching their final lap. Meanwhile, Chinese
data showing exports rebounded in March to a five-month high while new bank
loans jumped by far more than expected.

While most Asian shares rose - with trade-reliant indices in South Korea and
Taiwan rising more than 0.4 percent each, mainland China stocks reversed
gains of more than 2 percent each to end lower as analysts warned that the
data is backward looking.

Equities in South Africa and Turkey also slipped, but Russian shares added
nearly 0.3 percent.

Among currencies, a weaker dollar helped some Asian currencies make small
gains.

Elsewhere in the developing world, South Africa’s rand climbed 0.3 percent,
while Russia’s rouble firmed 0.2 percent.

Meanwhile, Turkey’s lira extended losses to a third straight session, down
0.6 percent.

Official data showed that Turkey’s unemployment rate surged to 14.7 percent
in the December-February period, its highest level in almost 10 years.

The currency, still recovering from a crisis last year, has been pressured
recently by a cocktail of negative factors - worsening ties with the United
States, a recount of local elections re-confirming President Tayyip
Erdogan’s AK Party loss in Istanbul, and rising inflation.

On Friday, ratings agency Moody’s said that a reform package that Turkey
presented last week provided little detail and was vague on a timetable for
helping revive an economy plagued by inflation and recession.

 <mailto:info at bulls.co.zw> 

Commodities Markets

India gold smuggling slowed by election seizures of cash, bullion

(Reuters) - India’s gold smugglers have slowed their operations over worries
their shipments will be caught up in seizures of cash, bullion, booze and
drugs that are aimed at controlling vote-buying in the country’s national
elections, industry officials told Reuters.

In India, political parties and their supporters often offer money or goods
in exchange for votes. The Election Commission, which monitors the polls,
tries to prevent this by setting up highway checkpoints to seize cash, gold,
liquor and other high-value items that candidates avoid mentioning in their
expenses due to a cap on the amount they can spend.

Last month in Mumbai, in one of the biggest seizures since the current
election was announced on March 10, the Directorate of Revenue Intelligence
seized 107 kg of gold, worth about 300 million rupees ($4.3 million).

The slowdown in smuggling has boosted gold imports at banks in the world’s
second-biggest buyer of the precious metal, allowing them to charge a
premium over global prices.

India’s Election Commission as of April 14 has seized $365 million in cash,
liquor, gold, drugs and other goods over the last month, more than double
the $172 million confiscated in the last election cycle in 2014.

The random checking of vehicles and seizures have made it nearly impossible
for smugglers and other “grey market” operators to move cash and gold from
one place to another, said the head of the bullion division at a
Mumbai-based private bank.

Gold smuggling surged in India after the government raised the import duty
to 10 percent in August 2013. Grey market operators - businesses that
smuggle gold from overseas and sell it in cash to avoid the duties - got a
further boost in 2017 when India imposed a 3 percent sales tax on bullion.

The grey market operators can sell gold at discounts to prevailing market
prices as they evade paying the 13 percent tax, said Harshad Ajmera, a gold
wholesaler in Kolkata.

But this week, even in the cash market, gold was sold at the market price,
said Ashok Jain, proprietor of Mumbai-based gold wholesaler Chenaji
Narsinghji.

Dealers were charging a premium of up to $2.50 an ounce over official
domestic prices, the highest in nearly five months.

Up to 95 tonnes of gold was smuggled into India in 2018, according to the
World Gold Council, although India’s Association of Gold Refineries and
Mints and other industry bodies put the figure at more than twice that.

Election Commission rules makes it mandatory for people to show valid
documentation if they are carrying more than 50,000 rupees ($722) in cash,
or else it could be seized. This rule has been hurting the jewellery
industry, especially in rural areas where more than half of gold is bought
in cash.

The limit of 50,000 rupees is “too low for the jewellery industry” as even a
small 20-gram (0.7-ounce) gold chain costs more than that, said Padmanabhan
of GJC.

($1 = 69.2020 Indian rupees)

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

 <mailto:info at bulls.co.zw> 

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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