Bulls n Bears Daily Market Commentary : 29 November 2019

Mon Dec 2 09:01:04 CAT 2019

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Bulls n Bears Daily Market Commentary : 29 November 2019

Zimbabwe Stock Exchange Update

Market Turnover ZWL$4,836,359.88 with foreign buys at ZWL$5,602.50 and
foreign sales were ZWL$1,563,229.00 Total trades were 123

The All Share index further advanced by 0.26 points to close at 240.63
points. CASSAVA SMARTECH  added $ 0.0724 to $ 1.4949, MEKLES   advanced by
$0.0600 to close at $2.2000 and OLD MUTUAL LIMITED   went up by a further
$0.0474 to $34.5142. MASIMBA HOLDINGS   also increased by $0.0370 to $0.2230
and FIRST MUTUAL PROPERTIES   was $0.0195 firmer at $0.1600.

Trading in the negative: DELTA  dropped $0.0819 to $3.6129, INNSCOR AFRICA
retreated by $0.0454 to end at $3.7504 and ARISTON  traded $0.0183 lower at
$0.1907. DAIRIBOARD   also decreased by $0.0171 to close at $0.4829 and DAWN
PROPERTIES  lost $0.0152 to end at $0.0720.

  Global Currencies & Equity Markets

South Africa

South African rand firms but remains range-bound, stocks fall

(Reuters) - South Africa’s rand firmed against the dollar on Friday, but the
currency was stuck in a range as investors sought clarity on whether a new
U.S. law backing Hong Kong protesters could derail trade negotiations
between Washington and Beijing.

At 1520 GMT the rand was 0.34% firmer at 14.6550 per dollar. Traders had
expected the rand to trade in a range of 14.60-14.80 a dollar.

The focus was on U.S.-China trade developments after the United States
backed anti-government protesters in Hong Kong, as well as domestic
third-quarter gross domestic product numbers due on Tuesday.

Investors were uncertain about the fate of a ‘phase-one’ trade deal between
the two economies, after Beijing warned the United States on Thursday it
would take “firm counter measures” in response to the U.S. legislation.

On the bourse, the benchmark JSE Top-40 Index was down 0.76% to 49,093
points while the broader All-Share Index fell 0.63% to 55,349 points.

Anglo-South African financial services group Investec closed 1.8% lower
after the firm said it would sell about 10% of its asset management
business, to be renamed Ninety One, when it is spun off as part of a
demerger expected in March.

Bonds edged firmer, with the yield on the benchmark 2026 paper down 2 basis
points to 8.455%. 

Nigeria

Nigerian central bank injects $323 mln, 18 mln yuan into currency market

(Reuters) - Nigeria’s central bank injected $323.5 million and 17.9 million
Chinese yuan ($2.5 million) into the currency market on Friday in an effort
to keep it stable and prevent shortages.

A central bank spokesman said the dollar intervention was for agricultural
machinery and industrial raw materials, while the yuan was for
yuan-denominated letters of credit.

He added that the bank would continue to ensure adequate liquidity in the
market.

Traders have said importers are not willing to buy the dollar above the
current range, which is partly helping to keep the naira stable as liquidity
dries up from foreign inflows due to a fall in debt yields.

In the over-the-counter market the naira was quoted at between 362 and
362.50 this week, holding within this month’s range. The currency is quoted
at 307 on the official market, supported by the central bank. 

       <mailto:info at bulls.co.zw> 

GLOBAL MARKETS

Stocks tick up on upbeat China factory reports, trade talk hopes

(Reuters) - Global shares shuffled marginally higher on Monday to stand just
short of the record peak struck in January 2018, with buyers encouraged by
upbeat China manufacturing surveys and hopes that China and the United
States will agree a preliminary trade deal.

As of 0550 GMT, MSCI’s broadest gauge of world shares ticked up 0.1%.

U.S. stock futures gained 0.31% to near record highs after a dip in a
truncated U.S. session on Friday due to Thanksgiving holiday.

European stocks are expected to post modest gains at open, with pan-European
Euro Stoxx 50 futures were up 0.19%.

German DAX futures rose 0.21% while FTSE futures inched up 0.13%.

MSCI’s index of Asia-Pacific shares outside Japan was up 0.24%, reclaiming
some of its loss on Friday while Japan’s Nikkei jumped 1.01%.

Mainland Chinese shares also went higher, with the bluechip CSI300 index
rising as much as 0.68% from a three-month low hit on Friday, before paring
gains to stand 0.16% higher.

The market enjoyed a boost after the Caixin/Markit Manufacturing Purchasing
Managers’ Index (PMI) index rose to 51.8 in November from 51.7 in the
previous month, marking the fastest expansion since December 2016.

While U.S. legislation supporting Hong Kong protesters last week raised
concerns about U.S.-China trade negotiations, investors are nonetheless
holding the broad view that a further escalation in the trade war can be
avoided.

Investors have long thought that the United States will avoid imposing an
additional 15% tariff on about $156 billion of Chinese products on Dec. 15
after signing a deal with China.

The two countries have been so far unable to bridge the gap over existing
tariffs on Chinese goods, with Beijing demanding scrapping them as a part of
any trade deal.

A trade deal between United States and China was now “stalled because of
Hong Kong legislation”, news website Axios reported on Sunday, citing a
source close to U.S. President Donald Trump’s negotiating team.

China’s Foreign Ministry last week lambasted U.S. legislation signed by
President Donald Trump on Wednesday backing protesters in Hong Kong as a
serious interference in Chinese affairs.

In the currency market the yen weakened, helped also by expectations that
Japan could put together a large-scale fiscal spending package to bolster
its economy.

The dollar rose 0.23% to 109.62 yen, hitting a six-month high of 109.73
earlier.

The euro stood little changed at $1.10175, bouncing back from seven-week low
of $1.0981 hit in U.S. trade.

The British pound slipped 0.22% to $1.2914 after opinion polls during the
weekend showed Prime Minister Boris Johnson’s Conservative Party saw its
lead over the opposition Labour Party narrow.

Oil prices bounced back a tad after a big slump on Friday on record high
U.S. crude production.

The market drew support from expectations that OPEC and its allies are
likely to extend existing oil output cuts when they meet this week , with
non-OPEC oil producer Russia supporting Saudi Arabia’s push for stable oil
prices amid the listing of state oil giant Saudi Aramco.

Iraq’s oil minister said on Sunday that OPEC and allied producers will
consider deepening their existing oil output cuts by about 400,000 barrels
per day (bpd) to 1.6 million bpd.

Brent crude futures rose 1.41% to $61.34 a barrel while U.S. West Texas
Intermediate (WTI) crude gained 1.78% to $56.15 per barrel. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

Centerra Gold says two workers missing at Kumtor mine

(Reuters) - Two employees working at its Kumtor gold mine in Kyrgyzstan are
missing following a “significant rock movement” at a waste rock dump,
Centerra Gold Inc said on Sunday.

Search and rescue operations are on and the company has temporarily stopped
open pit mining operations at Kumtor, it said.

The miner said it carried out an emergency evacuation after the movement at
the Lysii Waste Rock Dump early Sunday morning, but the two employees did
not appear at the gathering area.

Centerra said it would continue to process ore stockpiled on the surface and
reiterated its production outlook for 2019.

The Kyrgyz government said on Saturday the mine will produce 18.2 tonnes of
gold this year, beating its own forecast of 16.6-17.6 tonnes.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

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DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of
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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
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