Bulls n Bears Daily Market Commentary : 25 April 2019

Fri Apr 26 07:43:51 CAT 2019

 <http://www.bulls.co.zw/> Bulls.co.zw        <mailto:bulls at bulls.co.zw>
Views & Comments        <http://www.bulls.co.zw/blog> Bullish Thoughts
<http://www.twitter.com/BullsBears2010> Twitter
<https://www.facebook.com/BullsBearsZimbabwe> Facebook
<http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72> LinkedIn
<mailto:info at bulls.co.zw?subject=Unsubscribe> Unsubscribe

Bulls n Bears Daily Market Commentary : 25 April 2019

 <mailto:info at bulls.co.zw> 

Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 7,413,485.69 with foreign buys at RTGS$ 5,508,849.36
and foreign sales were RTGS$ 5,452,662.94. Total trades were 114.

The All Share index went further up by 1.62 points to close at 128.62 points
in a session dominated by heavyweight gains. OLD MUTUAL LIMITED added
$0.1869 to settle at $9.0604, MEIKLES  gained $0.0888 to end at $0.6000 and
DELTA  rose by $0.0505 to $2.5077. Other counters to advance include ECONET
which was $0.0495 firmer at $1.0504 and NATFOODS   which traded $0.0300
higher at $5.7100.

Three counters lost ground including SIMBISA which eased $0.0029 to $0.8150,
BINDURA  was $0.0005 down at $0.0550 and PPC traded $0.0001 weaker at
$1.3725.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

Kenya

Kenya ready to issue new Eurobond to refinance maturing bond

(Reuters) - Kenya is ready to issue a new Eurobond and also plans to
refinance a maturing 5-year dollar bond, Finance Minister Henry Rotich said
on Thursday.

The East African nation made its international capital markets debut in the
summer of 2014, issuing 10- and 5-year tranches that were met by huge
investor appetite.

It returned for a 10- and 30-year tranches bond in early 2018 before
starting talks with lenders at the beginning of this year on the issuance of
a further $2.5 billion worth of bonds.

Kenya would get better interest rates if it secured a standby credit
arrangement with the International Monetary Fund, replacing another one that
expired last year, before it goes to the market, analysts say.

Rotich, however, played down that element.

News of the upcoming sale sent Kenya’s existing bonds down as much as 1.2
cents, their worst day in more than a month and a half.

The drop also made the existing bonds the worst performers in sub-Saharan
Africa, which was generally struggling after high yield sovereign such as
Argentina had a torrid day on Wednesday. 

South Africa

South Africa's rand hovers near 4-week low, stocks down

(Reuters) - South Africa’s rand turned flat in late afternoon trade on
Thursday, but hovered near a four-week low hit earlier in the session on the
back of a firmer dollar, while stocks fell.

At 1528 GMT, the rand stood at 14.4400 per dollar compared to Wednesday’s
close of 14.4450.

It had slipped to 14.5550 earlier in the session, its weakest price since
March 29, as upbeat U.S. data fed demand for the greenback.

South African-focused investors were keeping an eye on election news ahead
of parliamentary and provincial polls on May 8.

In fixed income, the yield on the benchmark 10-year issue was up 2 basis
points to 8.59 percent.

On the bourse, the broader All-Share index fell 0.5 percent to 58,807
points, and the blue chip Top-40 index also slipped 0.6 percent to 52,470.

Among the decliners were financials. Capitec shed 1.72 percent to 135.92
rand while Absa declined 1.28 percent to 158.19 rand. 

       <mailto:info at bulls.co.zw> 

America

Strong dollar sends emerging currency index to three-month low

(Reuters) - A sudden leap in the dollar fuelled by concerns over the health
of the global economy battered emerging market currencies on Thursday,
evoking memories of the sharp declines developing economies such as Turkey
suffered in 2018.

MSCI’s Emerging Markets Currency Index suffered falls for a fifth straight
session and plumbed its lowest level in more than three months while the
dollar roared to its highest point since June 2017 on Wednesday against a
basket of other currencies.

Several emerging currencies have been beset by weakness in recent weeks and
- much like in 2018 - Turkey and Argentina are hogging the limelight.

Argentina’s peso has plummeted nearly a fifth against the dollar since the
start of the year, roiled by uncertainty over the outlook for the economy
mired in a painful recession and suffering from high inflation with Buenos
Aires gearing up for the October presidential election.

Turkey’s lira has lost 11 percent in 2019 and the central bank holding
interest rates and removing a reference to possible future tightening on
Thursday doing little to reassure investors rattled by Ankara’s toxic
cocktail of unconventional monetary measures, political risk and recession
hit economy.

South Africa’s rand this week hovered near a four-week low, while the
Russian rouble fell to a two-week low against the dollar on Thursday.

Underpinning the dollar’s recent strength has been more dovish turns by
global central banks outside the United States, as well as data pointing to
a robust performance of the U.S. economy and a surge in Wall Street stocks
to record highs.

Investors fretting about the impact of strong oil prices on some of the
largest emerging markets energy importers was also a factor behind the
sell-off, said Julian Mayo, chief investment strategist at Fiera Capital, an
investment management firm.

Brent prices rose above $75 per barrel on Thursday for the first time this
year as supply worries stalk oil markets. The United States this week said
it would end all exemptions for sanctions against Iran, OPEC’s third-largest
producer, demanding countries halt oil imports from Tehran from May or face
punitive action from Washington.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Copper prices rebound from 1-month low on weaker dollar, trade hopes

(Reuters) - London copper prices on Friday rose from a one-month low touched
in the previous session, buoyed as the U.S. dollar eased from a two-year
high and supported by hopes of a U.S.-China trade deal.

Three-month copper on the London Metal Exchange rose 0.3 percent to $6,382 a
tonne by 0342 GMT, after marking its lowest since March 28 on Thursday on a
strong U.S. dollar and worries over the outlook for the global economy.

The dollar index versus a basket of six major currencies dropped slightly on
Friday but stayed near its two-year peak. A weaker greenback makes
dollar-denominated metals cheaper for buyers with other currencies.

Sentiment was also supported by news that U.S. President Donald Trump would
soon host Chinese leader Xi Jinping at the White House, setting the stage
for a possible agreement on trade between the world’s two largest economies.

FUNDAMENTALS

* LONDON: London nickel and zinc were both up 0.7 percent, while aluminium
advanced 0.1 percent and lead rose 0.4 percent.

* SHANGHAI: Shanghai copper fell 0.6 percent to 48,890 yuan ($7,261.57) a
tonne following London’s overnight drop. Aluminium decreased 0.5 percent,
nickel advanced 0.2 percent and zinc increased 0.4 percent.

* COPPER OUTPUT: Freeport-McMoRan Inc’s copper output fell 18 percent to
around 340,000 tonnes in the first quarter, while Anglo American’s
production rose by 4 percent to 161,100 tonnes.

* GLENCORE/AURELIA: Australian miner Aurelia Metals Ltd said it was in talks
about a possible acquisition of Glencore’s CSA copper mine in the state of
New South Wales.

Gold eyes first weekly gain since March as growth concerns linger

(Reuters) - Gold rose on Friday, on track for its first weekly gain in five
weeks as investors focused on signs of economic weakness after dismal data
from Germany and Asia, although a strong dollar ahead of U.S. GDP data kept
a lid on gains.

FUNDAMENTALS

* Spot gold was up 0.1 percent at $1,278.62 per ounce, as of 0105 GMT. The
metal is up about 0.1 percent for the week and set for its first gain since
the week ending March 22.

* U.S. gold futures rose 0.1 percent to $1,280.60 an ounce.

* Asian shares got off to a subdued start on Friday, while the dollar held
near two-year highs against the euro on speculation that data later in the
day will show the U.S. economy outperforming the rest of the developed
world.

* The dollar was also helped by data showing new orders for U.S.-made
capital goods increased by the most in eight months in March, hitting their
highest level on record.

* Japan’s industrial output fell 0.9 percent in March from the previous
month, down for the first time in two months, government data showed on
Friday.

* Major central banks are done tightening policy, according to a majority of
economists polled by Reuters, with the growth outlook wilting across
developed and emerging economies along with scant prospects for a surge in
inflation.

* The U.S. Federal Reserve is done raising interest rates until at least the
end of next year, while about a third of economists polled by Reuters who
had a view that far out predicted at least one rate cut by then.

* Newmont Goldcorp, the world’s biggest gold miner, reported a
higher-than-expected first-quarter profit on Thursday, as a boost in gold
production and lower costs countered lagging gold prices.

* South Africa’s Sibanye-Stillwater on Thursday revised its offer for
Lonmin, with new terms that gave a valuation for the struggling platinum
miner that was about 60 million pounds ($77 million) less than originally
proposed.

* North Korean leader Kim Jong Un said during his summit with Russian
President Vladimir Putin peace and security on the Korean peninsula depend
entirely on the future U.S. attitude, North Korean state media KCNA said on
Friday.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

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.

(c) 2019 Web: <http:// www.bulls.co.zw >  www.bulls.co.zw Email:
<mailto:info at bulls.co.zw> info at bulls.co.zw Tel: +263 4 2927658 Cell: +263 77
344 1674

Invest Wisely!

Bulls n Bears 

Telephone:      <tel:%2B263%204%202927658> +263 4 2927658

Cellphone:      <tel:%2B263%2077%20344%201674> +263 77 344 1674

Alt. Email:       <mailto:info at bulls.co.zw> info at bulls.co.zw  

Website:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AF
QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw 

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:         @bullsbears2010

LinkedIn:       Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:         Bulls.Bears 

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190426/fb7c2135/attachment-0001.html>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image001.jpg
Type: image/jpeg
Size: 3653 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190426/fb7c2135/attachment-0004.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image002.jpg
Type: image/jpeg
Size: 159128 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190426/fb7c2135/attachment-0005.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image003.jpg
Type: image/jpeg
Size: 37760 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190426/fb7c2135/attachment-0006.jpg>
-------------- next part --------------
A non-text attachment was scrubbed...
Name: image004.jpg
Type: image/jpeg
Size: 4846 bytes
Desc: not available
URL: <http://listmail.bulls.co.zw/pipermail/bulls/attachments/20190426/fb7c2135/attachment-0007.jpg>