Bulls n Bears Daily Market Commentary : 15 March 2019

Sat Mar 16 08:57:27 CAT 2019

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Bulls n Bears Daily Market Commentary : 15 March 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$1,160,577.00 with foreign buys at RTGS$908,314.40 and
foreign sales were RTGS$140,542.30. Total trades were 60.

The All Share index closed the week in red following a 0.42 points  loss to
settle at 133.72 points. DELTA   dropped $0.0469 to $2.3500, SIMBISA   eased
$0.0285 to end at $0.6815 whilst CASSAVA SMARTECH  was $0.0136 down to
$1.2533. TSL   also decreased by $0.0125 to end at $0.7000 and AXIA  traded
$0.0077 lower at $0.3998.

Losses were offset by  gains in PADENGA   which added $0.0249 to settle at
$0.9308, ECONET  traded $0.0236 firmer at $1.2650 and OK ZIMBABWE  was
$0.0100 stronger at $0.2600. ARISTON  increased by $0.0040 to $0.0340 and
HIPPO VALLEY ESTATES  was $0.0025 firmer at $1.4425.

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  Global Currencies & Equity Markets

Uganda

Ugandan shilling firms, helped by commodity flows

(Reuters) - The Ugandan shilling        firmed on Friday on the back of some
hard currency inflows from exporters of commodities like coffee.  

At 0832 GMT, commercial banks quoted the shilling at 3,700/3,710, stronger
than Thursday's close of 3,715/3,725.

South Africa

South Africa's rand recovers as trade deal hopes rise

(Reuters) - South Africa’s firmed early on Friday, reversing some of its
losses from the previous session with demand for emerging market currencies
boosted by new signs of a trade deal between China and the United States.

* At 0730 GMT the rand was 0.41 percent firmer at 14.4800 per dollar
compared to a close of 14.5400 overnight in New York.

* Chinese Vice Premier Liu He spoke by telephone with U.S. Treasury
Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer and
the two sides made further substantive progress on trade talks, Xinhua news
agency said on Friday.

* Bonds also gained with the yield on the benchmark paper due in 2026 down
3.5 basis points to 8.725 percent.

* Stocks opened firmer, with the Johannesburg Stock Exchange’s Top-40 index
up 0.35 percent to 49,712 points.

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Asia

Asian stocks up as Sino-U.S. trade talks in focus, dollar supported

(Reuters) - Asian stocks stepped ahead on Friday as sentiment improved on a
report that more progress has been made in U.S.-China trade talks and after
UK lawmakers voted to delay a potentially chaotic exit from the European
Union.

Chinese Vice Premier Liu He spoke by telephone with U.S. Treasury Secretary
Steven Mnuchin and U.S. Trade Representative Robert Lighthizer, with the two
sides making further substantive progress on trade talks, Xinhua news agency
said on Friday.

Yet, the prospect of the trade talks taking longer than expected tempered
the cheer, and there was still no clarity on how close the two economic
powers are on reaching an agreement.

Mnuchin said on Thursday that a summit to seal a trade deal between U.S.
President Donald Trump and his Chinese counterpart Xi Jinping will not
happen at the end of March as previously discussed because more work is
needed in negotiations.

MSCI broadest index of Asia-Pacific shares outside Japan gained 0.5 percent.

The Shanghai Composite Index added 1.3 percent.

Japan’s Nikkei climbed 1 percent and South Korea’s KOSPI rose 0.9 percent.

Global markets drew some relief overnight with European stocks rising to a
five-month high, boosted by strength in the banking sector after Britain’s
parliament voted to reject a disorderly Brexit.

But the S&P 500 dipped 0.1 percent, snapping a three-day winning run, and
the Nasdaq shed 0.2 percent on Thursday in the wake of uncertainty over when
a U.S.-China trade deal would be reached.

In the currency market, the pound was steady at $1.3237 , trimming some of
the heavy losses suffered overnight.

Sterling retreated 0.75 percent on Thursday as investors geared up for
British Prime Minister Theresa May to once more try and win approval for her
Brexit deal.

Her third chance to get the divorce deal approved came after British
lawmakers voted on Thursday to seek a delay in Britain’s exit from the
European Union.

The dollar held gains having snapped its four-day losing streak to a group
of six major peers.

The dollar index was little changed at 96.738 after rising 0.25 percent on
Thursday to bounce back from a nine-day trough of 96.385.

The greenback rose as U.S. Treasury yields climbed from two-month lows
marked earlier in the week, driven by corporate supply.

The dollar extended the previous day’s gains and was 0.1 percent higher at
111.84 yen.

The yen showed little response to the Bank of Japan’s widely expected
decision to keep interest rates unchanged. Not surprisingly, the central
bank offered a bleaker assessment of exports and output, as global demand
waned.

The euro edged up 0.1 percent to $1.1311 after slipping 0.2 percent
overnight.

U.S. crude oil futures declined 0.1 percent to $58.55 per barrel, losing
some steam after a recent surge but holding close to a four-month peak of
$58.74 brushed on Thursday.

Oil prices soared to the four-month high as investors focused on global
production cuts and supply disruptions in Venezuela. 

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Commodities Markets

Russian metals tycoon Deripaska sues U.S. over sanctions

(Reuters) - Russian tycoon Oleg Deripaska sued the United States on Friday,
alleging that it had overstepped its legal bounds in imposing sanctions on
him and made him the “latest victim” in the U.S. probe into Moscow’s alleged
election interference.

In what legal experts called a long shot attempt, Deripaska asked a federal
court in Washington to block the U.S. Treasury Department from using the
“devastating power” of such sanctions, which he claims were arbitrarily
applied to him last April and violated his right to due process under the
U.S. Constitution.

Deripaska, his lawsuit says, has been unfairly swept up in a “general
hysteria” based on unfounded allegations about him spread by members of U.S.
Congress and others, set against the backdrop of Special Counsel Robert
Mueller’s investigation into possible collusion between Russia and the Trump
campaign.

A Treasury spokesman declined to comment on a litigation matter and referred
Reuters to the Justice Department, which declined to comment.

Washington dropped the sanctions on Deripaska’s two main companies, Rusal,
the world’s largest aluminum producer outside China, and its parent En+
Group, in January after an intense lobbying campaign in which the oligarch
agreed to relinquish control over his corporate empire. But Deripaska
himself remains blacklisted.

Deripaska, who secured a spot among Russia’s elite group of oligarchs after
prevailing in the “aluminum wars” of the 1990s, said the sanctions rendered
him a pariah, shunned by business partners and banks, and had erased
four-fifths of his net worth.

When Deripaska was hit with sanctions in April, the Treasury Department’s
Office of Foreign Assets Control (OFAC) alleged that he and other rich and
influential Russian oligarchs were profiting off their ties to Russian
President Vladimir Putin and from the state’s “malign activity” around the
world.

The lawsuit questions whether Treasury can really back up those claims. It
asks the court to order OFAC to hand over evidence and other records and
remove Deripaska from the sanctions list.

Doug Jacobson, a trade lawyer in Washington, said that while the court may
agree to order OFAC to hand over some records it would likely defer to the
agency on the sanctions themselves.

Michael Dobson, a former senior official at OFAC who worked on Russia
sanctions before leaving the agency in late 2018, called Deripaska’s lawsuit
an “annoyance claim” that was unlikely to get traction given the broad
deference given to OFAC by the courts.

Deripaska said that he had been unfairly criticized by members of Congress,
including by Senator Robert Menendez, who had called for holding off on the
easing of sanctions on Rusal and En+ to see if the Mueller probe turned up
anything on Deripaska.

Deripaska has come under scrutiny by Mueller but has not been charged or
accused of any wrongdoing in that probe.

He is of interest to Mueller because of his ties to the Kremlin and his
decade-long relationship with Paul Manafort, the one-time campaign chairman
for U.S. President Donald Trump, who this month was sentenced to a total of
seven and a half years in prison in two criminal cases brought by Mueller’s
team.

Trump has repeatedly called Mueller’s investigation a “witch hunt” and
denies any collusion with Russia. Russia denies interfering in the 2016
presidential election.

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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