Bulls n Bears Daily Market Commentary : 13 March 2019

Thu Mar 14 08:03:28 CAT 2019

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Bulls n Bears Daily Market Commentary : 13 March 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$4,300,237.33 with foreign buys at RTGS$1,011,299.28 and
foreign sales were RTGS$472,916.95. Total trades were 76.

The All Share index lost another 2.71 points  to close at 132.83 points.
DELTA   retreated by $0.1414 to close at $2.4001, ECONET  eased $0.1022 to
$1.1352 and RIOZIM  traded $0.0500 weaker at $1.8000. SIMBISA   also
decreased by $0.0305 to settle at $0.6800 and PADENGA  was $0.0225 down at
$0.9059.

Losses were partially offset by gains in HIPPO VALLEY ESTATES  which added
$0.2400 to $1.4400, OLD MUTUAL LIMITED went further up by $0.1349 to $7.2428
and AXIA traded $0.0027 stronger at $0.4075.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

South Africa

South Africa's rand weaker before next Brexit showdown

(Reuters) - South Africa’s rand weakened against the dollar on Wednesday as
investors stayed away from riskier assets ahead of another British
parliamentary showdown over Brexit.

At 1505 GMT the rand was trading at 14.4050 per dollar, 0.42 percent weaker
than its New York close of 14.3450 on Tuesday.

Parliament is due to vote at 1900 GMT on whether Britain should leave the EU
on March 29 without a deal. Lawmakers are widely expected to reject what
would be an economically disruptive move, increasing the possibility of a
delay in the departure date.

Brexit ructions have tended to drive investors towards safe-haven assets.

In fixed income, the yield on the benchmark government bond due in 2026
ended 4.5 basis points higher at 8.72 percent.

Shares edged higher, with the Johannesburg Stock Exchange’s top-40 index
closing up 0.24 percent at 49,584 points and the broader all-share index up
0.23 percent at 55,829 points.

Libstar Holdings surged more than 13 percent after the food producer
declared a maiden cash dividend despite falling earnings. 

Uganda

Ugandan shilling little-changed, inclined on weaker side

(Reuters) - The Ugandan shilling was little-changed on Wednesday although it
was inclined on the weaker side amid limited demand for hard currency from
energy, manufacturing and other importers, traders said.

At 1002 GMT commercial banks quoted the shilling at 3,708/3,718, compared to
Tuesday’s close of 3,705/3,715.

       <mailto:info at bulls.co.zw> 

Asia

Asia shares flat after mixed China data, pound near 9-month peak

(Reuters) - Asian shares barely budged on Thursday as investors reacted
cautiously to mixed data from China, while the pound hovered near nine-month
highs as the risk of a no-deal Brexit receded following a late-night vote.

MSCI’s broadest index of Asia-Pacific shares outside Japan held at 522.06
points.

Japan’s Nikkei rose 0.5 percent while Australian and New Zealand shares each
added 0.2 percent.

Chinese shares were in the red after data showed the country’s industrial
output expanded at the slowest pace in 17 years, although retail sales and
fixed asset investment grew by more than expected.

Shanghai’s SSE Composite index stumbled 1.2 percent while the blue-chip CSI
300 eased 0.4 percent.

Investors were watching the data for clues about the health of China’s
economy after growth cooled to 6.6 percent last year.

Despite China’s slowing growth, Asian markets have had an impressive rally
this year, with the MSCI index climbing about 10 percent largely after the
U.S. Federal Reserve all but abandoned its rate hike plans.

Wall Street was buoyant overnight after U.S. producer prices barely edged
higher in February, the latest sign that inflation remained tame and
affirming expectations the Federal Reserve would maintain a “patient”
approach to future tightening.

Analysts, however, remain sceptical about how much further the share rally
would run as slowing global growth, weak corporate earnings and trade
tensions between the United States and China hang heavy on risk assets.

The state of U.S.-China trade talks also weighed on investors after
President Donald Trump said he was in no rush to complete an agreement.
Trump and his Chinese counterpart Xi Jinping had been expected to hold a
summit at the president’s Mar-a-Lago property in Florida later this month,
but no date has been set for a meeting.

Most of the action overnight was in sterling after the British parliament
rejected leaving the European Union without a deal, paving the way for a
vote that could delay Brexit until at least the end of June.

The rejection of a no-deal Brexit sent the cable rallying to $1.3380, the
highest since June 2018. It jumped 2.1 percent for its best one-day
percentage gain since April 2017 and was last at $1.3315.

Analysts said the real test for sterling was yet to come as lawmakers still
need to agree a way forward before an extension on Britain’s exit could be
obtained from the European Union.

The euro extended gains for a fifth day in a row to the highest since March
5. It was last at $1.1329.

Wednesday’s vote boosted investor optimism in European equities too, with
the pan-European STOXX 600 index climbing 0.6 percent while London’s FTSE
100 added 0.1 percent as sterling extended gains.

The dollar index hovered near a seven-day trough hit after the inflation
data against a basket of major currencies Against the Japanese yen, the
greenback gained slightly to 111.44.

Oil prices extended overnight gains with U.S. crude up 15 cents per barrel
at $58.41 and Brent adding 22 cents to $67.77.

 <mailto:info at bulls.co.zw> 

Commodities Markets

China Jan-Feb crude oil throughput climbs to daily record -Rtrs calculation

* China’s January-February crude oil throughput was up 6.1 percent from the
same period a year earlier to 102.49 mln tonnes, data from the National
Statistics Bureau showed on Thursday

* Crude oil throughput on a daily basis during this period climbed to 12.68
million bpd, the highest on record according to a Reuters calculation based
on data provided by the bureau

* Jan-Feb coal output was down 1.5 percent on the year at 513.67 million
tonnes, the data showed

* Jan-Feb crude steel output rose 9.2 percent on the year at 149.58 million
tonnes

* Jan-Feb power generation increased 2.9 percent on the year at 1.1 trillion
kilowatt hours

* Jan-Feb coke output gained 7.6 percent on the year at 73.89 million tonnes

* Jan-Feb non-ferrous metals output was up 6.2 percent on the year at 9.03
million tonnes

Zinc eases, but near eight-month top on supply concerns

(Reuters) - Zinc edged down from near eight-month highs on Thursday after
comments from U.S. President Donald Trump chilled optimism over an imminent
China trade deal, while tight supply of metal underpinned prices.

FUNDAMENTALS

* ZINC: Three-month zinc on the London Metal Exchange eased 0.4 percent to
$2,834.50 a tonne after earlier coming close to Wednesday’s peak of
$2,848.50, which was the highest since early July.

* PRICES: LME zinc prices held above $3,000 a tonne for most of 2017 and
half way through 2018 on the back of a severe shortage of mine supply. High
prices encouraged new mine supply, which depressed prices, but smelters have
been slower than expected to churn mine supply into metal.

* STOCKS: LME zinc <0#MZNSTX-LOC-GRD> stocks have fallen to 58,950 tonnes,
the lowest since October 2007, and down from around 250,000 tonnes as
recently as August. In recent years, traders have been holding metal outside
LME warehouses where storage is cheaper.

* COPPER: LME copper was little changed at $6,473 a tonne, while Shanghai
Futures Exchange copper edged down 0.3 percent to 49,290 yuan ($7,352) a
tonne.

* TRADE: U.S. President Trump said on Wednesday he was in no rush to
complete a trade pact with China and insisted that any deal include
protection for intellectual property, a major sticking point between the two
sides during months of negotiations.

* COPPER: Southern Copper Corp, one of the world’s biggest copper producers,
is evaluating making an investment in a lithium project in Mexico that a
Chinese firm is also interested in, the company’s chief executive told
Reuters.

* ALUMINIUM: Malaysia said that bauxite miners must each conduct a study on
the environmental impact of their sites in the country before receiving
licences to restart operations, with a moratorium on mining the aluminium
raw material due to end on March 31.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Asian shares paused on Thursday as investors awaited data from China for
clues about the health of the world’s second largest economy while the pound
shot up to near nine-month highs as the risk of a no-deal Brexit receded
following a late-night vote.

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

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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
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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