Bulls n Bears Daily Market Commentary : 10 June 2019

Tue Jun 11 03:25:20 CAT 2019

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Bulls n Bears Daily Market Commentary : 10 June 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 5,828,044.14 with foreign buys at RTGS$ 2,674,644.64
and foreign sales were RTGS$ 2,603,554.00. Total trades were 183.

The All Share index gained 0.13 points to close at 189.73 points.PPC LIMITED
led the movers by $0.0704 to close at $2.3479, SEEDCO LIMITED rose by
$0.0504 to close at $1.7000 and PADENGA HOLDINGS LIMITED was $0.0500
stronger at $1.800. Other counters to advance were INNSCOR AFRICA LIMITED
which increased by $0.0381 to $2.3000 and ZIMRE PROPERTY INVESTMENTS LIMITED
which added $0.005 landing at $0.0302.

On the downside;OLD MUTUAL LIMITED lost $0.1010 to end at $13.3990, CASSAVA
SMARTECH ZIMBABWE LIMITED   reduced by $0.0203 to settle at $1.6790 and
SIMBISA BRANDS LIMITED  was $0.0114 weaker at $1.1100. DELTA CORPORATION
LIMITED also eased  $0.0067 to settle at $3.5913.

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  Global Currencies & Equity Markets

South Africa

South African rand recovers but still vulnerable

(Reuters) - South Africa’s rand started the week firmer against the dollar,
recovering some ground on Monday after steep losses last week although a
number of economic data releases in the coming days could knock it back off
track.

The rand’s gains were mostly driven by global factors, including the United
States’ decision to shelve plans to impose tariffs on Mexico and rising
chances that the next U.S. interest rate move will be a cut given lacklustre
jobs data last week.

At 1500 GMT, the rand traded at 14.7950 versus the dollar, around 1.17
percent stronger than its previous close. Global factors also boosted
emerging market equities, to their highest point in nearly four weeks on
Monday.

However, local factors could again pull the rand back again in the next few
days.

After last week’s news that the South African economy contracted by over 3%
in the first quarter, investors are now turning their attention to data
releases on manufacturing, retail sales and business confidence to further
gauge the economy’s health, Lukman Otunuga, research analyst at FXTM, said
in a note.

The rand slumped last week following news of the economic contraction and
also amid a row over the central bank’s mandate, which rattled investors.

Government bonds were flat, with the yield on the benchmark 2026 instrument
at 8.415 percent.

In stocks, the benchmark Johannesburg Stock Exchange Top-40 Index rose 0.73%
to 52,357 points while the broader All-Share Index closed 0.66% higher at
58,481 points.

The biggest winners were retailers and financial firms, which also benefited
from improved sentiment and the stronger rand. Retailer Woolworths led the
blue-chip index higher, rising 4.76%, followed by peers like Spar Group and
insurers Old Mutual and Discovery.

Egypt

Egypt sells $715 million in one-year dollar T-bills

(Reuters) - Egypt sold $715 million worth of one-year dollar-denominated
treasury bills on Monday, the central bank said.

The average yield was 3.877%, the bank said.

The auction will be settled on Tuesday, the same day one-year dollar debt
worth $715 million is due to mature.  

       <mailto:info at bulls.co.zw> 

Asia

Asia stocks edge up on Mexico reprieve but Sino-U.S. rift caps gains

(Reuters) - Asian stocks made modest gains on Tuesday after the Trump
administration shelved plans for tariffs against Mexico, lifting Wall
Street, however, fresh U.S. trade threats against China are expected to
limit any major investor sentiment boost.

U.S. President Donald Trump said on Monday he was ready to impose another
round of punitive tariffs on Chinese imports if he cannot make progress in
trade talks with Chinese President Xi Jinping at the G20 summit.

The U.S. president has repeatedly said he expected to meet Xi at the June
28-29 summit in Osaka, Japan although China is yet to confirm any such
meeting.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%.
Australian stocks rose 0.9%, South Korea’s KOSPI added 0.15% and Japan’s
Nikkei edged up 0.05%.

U.S. stocks extended their recent climb on Monday, with the Dow rising for
the sixth trading day following a decision by the United States to forego
imposing tariffs on Mexican goods.

In the currency markets, the dollar gave up some of the modest gains it made
against its peers overnight on news that the United States and Mexico agreed
on a deal to avoid tariffs.

The dollar was down 0.05% at 108.370 yen after gaining 0.2% overnight.

The euro edged up 0.05% to $1.1318 following a loss of 0.2% the previous
day.

The dollar index against a basket of six major currencies was a shade lower
at 96.731 after advancing 0.2% on Monday.

The benchmark U.S. Treasury 10-year yield stood little changed at 2.141%.
The yield had risen about 6 basis points overnight as the U.S.-Mexico deal
boosted risk appetite and curbed investor demand for safe-haven government
debt.

U.S. West Texas Intermediate (WTI) crude oil futures were up 0.13% at $53.33
per barrel, finding some traction after sliding the previous day.

Crude oil fell on Monday, with U.S. futures losing 1.3%, as major producers
Saudi Arabia and Russia had yet to agree on extending an output-cutting deal
and with U.S.-China trade tensions continuing to threaten demand for the
commodity.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Russian Jan-Apr gold output at 78.29 T -finmin

(Reuters) - Gold production in Russia for the first four months of this year
rose to 78.29 tonnes from 70.67 tonnes in the same period a year earlier,
Russia’s finance ministry said on Monday.

Production included 61.53 tonnes of mined gold, against 54.71 tonnes a year
ago, the ministry said.

Silver production was down year on year, slipping to 303.51 tonnes from
329.04 tonnes. 

Aluminium bounces after hitting 29-month low on China trade data

(Reuters) - Consumer buying and short-covering helped aluminium to bounce on
Monday from its lowest since January 2017 after data showed an upswing in
exports from top producer China, fuelling worries about oversupply.

Copper and some other industrial metals stabilised on the back of a
U.S.-Mexico deal that averted new tariffs and raised hopes of an agreement
with China.

China exported 536,000 tonnes of unwrought aluminium in May, up 7.6% from
the previous month, while year-to-date shipments have climbed 12.4%.

Aluminium is the most energy-intensive base metal and Brent crude futures
have shed about 10% in the past two weeks.

Traders said that industrial consumers and speculators buying to reverse
bearish positions spurred the recovery.

Broker Marex Spectron said the net speculative short position for aluminium
on the London Metal Exchange (LME) had expanded to 14% of open interest,
according to its estimates.

Three-month LME aluminium rose 0.6% to $1,775 a tonne in closing open-outcry
activity, having touched $1,752.50, the weakest level since Jan. 11, 2017.

* COPPER TRADE: The Mexico news boosetd LME copper, which gained 1.3% to
$5,874 a tonne and seemed to shrug off data showing China’s May imports of
the metal were down nearly 11% from the previous month.

* NYRSTAR SMELTER: LME lead jumped 3.1% to close at $1,889 a tonne after
Nyrstar said its Port Pirie smelter in Australia would not reopen until the
end of June.

Last Thursday lead touched a one-month high when Nyrstar said the smelter,
one of the world’s largest for primary lead, had an unexpected outage and
was likely to reopen within days.

* PRICES: LME zinc, untraded in closing rings, was bid down 0.4% at $2,475 a
tonne while nickel was bid up 0.4% to $11,670 and tin added 0.1% to trade at
$19,240.

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
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
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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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