Bulls n Bears Daily Market Commentary : 28 June 2019

Fri Jun 28 23:59:11 CAT 2019

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Bulls n Bears Daily Market Commentary : 28 June 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 2,890,936.55 with foreign buys at RTGS$ 1,300,253.74
and foreign sales were RTGS$ 49,140.00 Total trades were 44.

The All Share index closed the week lower at 204.75 points after shedding
5.93 points . HIPPO VALLEY ESTATES LIMITED lost $0.4000 to trade at $1.9000,
Cement maker PPC LIMITED weakened by $0.3500 to trade at $1.60 and INNSCOR
AFRICA LIMITED dropped $0.1922 to settle at $2.6032. ECONET WIRELESS
ZIMBABWE LIMITED eased $0.1407 to trade at $1.8350 and CASSAVA SMARTECH
ZIMBABWE LIMITED  retreated by a further $0.1232 to close at $1.9765.

Three counters gained ground; BRITISH AMERICAN TOBACCO ZIMBABWE LIMITED
added $4.000 to trade at $40.0000, OLD MUTUAL LIMITED recovered $0.7047 to
settle at $13.75 and OK ZIMBABWE LIMITED went higher by $0.0009 to close at
$0.50000.

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  Global Currencies & Equity Markets

Kenya

Kenyan shilling weakens against the dollar

(Reuters) - The Kenyan shilling weakened against the dollar on Friday due to
end month dollar demand from the  nergy and manufacturing sector amid excess
liquidity in the local money market, traders said.

At 0732 GMT, commercial banks quoted the shilling at 102.30/50 per dollar,
compared with 102.15/35 at Thursday's close.

South Africa

S.African rand lifted by improved economic data, dollar dip

(Reuters) - South Africa’s rand gained on Friday, helped by improved
economic data and a dip in the U.S. dollar, ahead of an eagerly awaited
meeting between the United States and China at the G20 summit in Japan.

At 1643 GMT the rand was 0.4% firmer against the dollar at 14.1100 after
earlier in the day touching its strongest level since April 22.

The currency was on course for gains of more than 3% this month.

Better budget and trade data released on Friday helped underpin sentiment
for South African assets, as did U.S. economic data confirming the
likelihood of a July interest rate cut.

Hopes that the United States and China will agree a truce in their tariff
war at the G20 summit this weekend have helped demand for emerging market
currencies like the rand in the last few days.

On the Johannesburg Stock Exchange, the benchmark Top 40 Index ended up
0.27% at 52,198 points, while the broader All-Share Index closed up 0.24% at
58,203.

But some investors were cautious about the anticipated G20 meeting between
U.S. President Donald Trump and China’s Xi Jinping.

Johannesburg-listed mining stocks gained as gold prices rose on uncertainty
over the U.S.-China trade dispute.

South African government bonds were a touch stronger, with the yield on the
benchmark 2026 bond dropping 2 basis points to 8.095%. 

       <mailto:info at bulls.co.zw> 

Stocks advance to end first half as G20 in focus

(Reuters) - A gauge of global stocks climbed on Friday in advance of a
meeting on trade between U.S. President Donald Trump and Chinese President
Xi Jinping, as global equities notched their best first half since 1997.

Trump and Xi will meet during a Group of 20 summit this weekend in Osaka,
Japan, for talks that could help resolve a yearlong trade war between China
and the United States, as signs of its dampening effect on global growth
have become more prevalent.

Economic data on Friday showed U.S. consumer spending increased moderately
in May and prices rose slightly, pointing to slowing economic growth and
benign inflation pressures, which could give the Federal Reserve enough
leeway to cut interest rates in July.

Wall Street rose, buoyed by financial shares in following the results of the
U.S. Federal Reserve’s “stress tests,” although each of the major indexes
snapped a three-week winning streak. The S&P 500 had its best June
performance since 1955 while the Dow marked its best June since 1938.

The Dow Jones Industrial Average rose 72.84 points, or 0.27%, to 26,599.42,
the S&P 500 gained 16.53 points, or 0.57%, to 2,941.45 and the Nasdaq
Composite added 38.49 points, or 0.48%, to 8,006.24.

Banking shares also helped European indexes move higher ahead of the
meeting, with Germany’s DAX leading the way with a gain of more than 1%
thanks to gains in Deutsche Bank AG .

The pan-European STOXX 600 index rose 0.70% to notch its best first half
since 1998 and MSCI’s gauge of stocks across the globe gained 0.44%.

MSCI’s index scored its best month since January, gaining more than 6% in
June as equities rallied after major central banks around the globe pivoted
toward easier monetary policy stances.

That shift came as trade negotiations between the United States and China
broke down earlier this year. Now markets are betting that an interest rate
cut by the Federal Reserve of at least a quarter of a percentage point is a
virtual certainty as early as the next policy meeting in July, according to
CME’s FedWatch tool.

On Thursday, China’s central bank pledged to support a slowing economy,
before the release of data that is expected to show China’s factory activity
slowed for a second consecutive month in June.

The dollar index fell 0.01% against a basket of major currencies and was set
to turn in its weakest monthly performance since January 2018 as
anticipation of a Fed rate cut has pushed the index down about 1.7% this
month.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold gains ahead of U.S.-China trade talks; Platinum jumps 3%

(Reuters) - Gold prices held steady on Friday as investors waited to see if
a crucial round of U.S.-China trade talks over the weekend would resolve the
bilateral dispute, while platinum surged more than 3%.

However, bullion was on track to mark its best month in three years, up 8%
in June alone, on the back of expectations the U.S. Federal Reserve would
ease monetary policy. Prices were up 9.1% in the quarter, its biggest
percentage gain since the first quarter of 2016.

Spot gold was little changed at $1,409.33 per ounce as of 1:35 p.m. EDT(1735
GMT). Prices surpassed the key psychological $1,400 level earlier this week
to reach $1,438.63 for the first time in six years.

U.S. gold futures settled 0.1% higher to $1,413.70 per ounce.

Any easing of trade tensions could take away some safe haven demand for the
precious metal, Meger added.

U.S. President Donald Trump and China’s President Xi Jinping will meet
during a Group of 20 summit this weekend in Osaka, Japan, for talks that
could help resolve a year-long trade war between the two nations.

Meanwhile, the dollar was little changed, set for its weakest month since
the start of 2018. Bets on interest rate cuts by the Fed have pushed the
dollar index down 1.7% this month.

A weaker dollar makes greenback-denominated gold more attractive for buyers
with other currencies.

Silver rose 0.3% to $15.30 per ounce. It has gained 5% in June alone, its
biggest monthly gain so far in the year. Palladium was down 0.5% to
$1,543.01.

Platinum gained more than 3% to $839.76, its highest since May 16.

Traders would be watching out for Tesla Inc’s production figures expected
next week, which could indicate demand for electric vehicles, and hence
industrial demand for platinum and palladium, analysts said.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

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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
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opinions expressed and recommendations made are subject to change without
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companies typically involve a higher degree of risk and more volatility than
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