Bulls n Bears Daily Market Commentary : 08 May 2019

Thu May 9 07:42:16 CAT 2019

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Bulls n Bears Daily Market Commentary : 08 May 2019

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Zimbabwe Stock Exchange Update

Market Turnover RTGS$ 5,130,237.49 with foreign buys at RTGS$ 1,348,903 and
foreign sales were RTGS$ 2,148,546.25. Total trades were 156.

The All Share index maintains its positive trajectory after adding 1.63
points to close at 138.89 points. INNSCOR  led the movers with a $0.1195
gain to close at $1.8520, DELTA   rose by $0.0501 to $2.8502 and AFRICAN SUN
was $0.0247 stronger at $0.2747. SEEDCO INTERNATIONAL LIMITED  also
increased by $0.0125 to close at $1.4675 and OK ZIMBABWE   recovered $0.0107
to $0.2812.

Losses were recorded in CBZ   which retreated by $0.0012 to end at $0.2402,
BINDURA  lost $0.0010 to settle at $0.0550 and ZPI  was $0.0002 weaker at
$0.0250.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

Uganda

Ugandan shilling weakens on surge in offshore demand

(Reuters) - The Uganda shilling  weakened on Wednesday, weighed down by
strong demand from offshore investors selling of government bonds on the
back of unfavourable yields. 

At 1029 GMT, commercial banks quoted the shilling at 3,775/3,785, compared
to Tuesday's close of 3,765/3,775.

Kenya

Kenya shilling weakens due to oil importer demand

(Reuters) - The Kenyan shilling weakened on Wednesday due to  increased
dollar demand from oil importers, traders said.  

At 0649 GMT, commercial banks quoted the shilling at 101.05/25 per dollar,
compared with 100.95/101.05 at Tuesday's close. 

       <mailto:info at bulls.co.zw> 

Asia

Asian shares hit fresh 6-week lows ahead of crucial U.S.-China trade talks

(Reuters) - Asian shares hit six-week lows in early trade on Thursday as
increased tensions ahead of key Sino-U.S. trade negotiations fanned fresh
concerns about the outlook for the global economy.

Investor focus has zeroed in on trade issues this week with Chinese Vice
Premier Liu He expected to try to salvage a deal during negotiations with
the United States in Washington on Thursday and Friday. That would avoid a
sharp increase in tariffs on Chinese goods scheduled to take effect on
Friday.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged down 0.3
percent to its lowest level since March 28.

Stocks extended earlier losses in Asian trade after President Donald Trump
said that China “broke the deal” in trade talks with Washington and would
face stiff tariffs if no agreement is reached.

Japan’s Nikkei average shed 0.9 percent to its five-week low, while South
Korea’s KOSPI fell 0.8 percent and the Australian benchmark added 0.3
percent.

Trump has threatened to raise tariffs to 25 percent from 10 percent on $200
billion worth of Chinese imports at 12:01 a.m. ET (0401GMT) on Friday.
Beijing has threatened to retaliate if tariffs rise, without elaborating on
the details.

Kazuhiko Fuji, senior fellow at RIETI, a Japanese government affiliated
think-tank, said the bilateral talks are looking fragile.

The yield spread between three-month bills and the 10-year notes shrank to 3
basis points, compared with about 15 basis points a few weeks ago.

The closely-watched spread turned negative in late March, spooking
investors, who read the development as portending a future recession.

The benchmark 10-year Treasury yield stood at 2.460 percent , having hit its
lowest level in five weeks of 2.426 percent on Wednesday.

Wall Street shares ended a choppy session flat to lower overnight, with the
Dow Jones Industrial Average rising marginally, the S&P 500 and the Nasdaq
Composite dropping 0.2 percent and 0.3 percent, respectively.

In the currency market, sterling weakened on signs that Brexit talks between
Britain’s government and the main opposition party may soon collapse.

The pound fell below the psychologically key $1.30 level, touching a six-day
low overnight, and last traded at $1.301 .

The dollar index against a basket of six major peers was flat, with other
major currencies also confined to well-trodden ranges. The euro was little
changed at $1.1194 and the Japanese yen little changed versus the greenback
at 109.96 yen.

In the commodity market, oil futures gained on Wednesday, boosted by a
surprise drawdown in U.S. crude stockpiles, but an escalating U.S.-Chinese
trade fight limited gains as investors worried about the global outlook for
energy demand.

Brent crude futures dropped 0.4 percent to $70.03 a barrel, while U.S. West
Texas Intermediate (WTI) crude also retreated 0.5 percent to $61.82 per
barrel.

Copper fell to a near three-month low on Wednesday on concerns over a
potential resumption of tit-for-tat trade tariffs between the United States
and China.

Benchmark copper on the London Metal Exchange fell 0.5 percent to $6,148 a
tonne, after touching its lowest since Feb. 15 at $6,119. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold prices firm as U.S.-China trade tensions heat up

(Reuters) - Gold steadied on Thursday, with its appeal as a safe-haven for
investors burnished by growing tensions ahead of key Sino-U.S. trade
negotiations this week.

FUNDAMENTALS

* Spot gold was up 0.1 percent at $1,281.61 per ounce at 0114 GMT.

* U.S. gold futures edged up 0.1 percent to $1,283.10 an ounce.

* U.S. President Donald Trump said on Wednesday that China “broke the deal”
it had reached in earlier trade talks with the United States, and vowed not
to back down on imposing new tariffs on Chinese imports unless Beijing
“stops cheating our workers”.

* Trump has threatened to raise tariffs to 25 percent from 10 percent on
$200 billion worth of Chinese imports at 12:01 a.m. ET (0401GMT) on Friday.
Beijing has threatened to retaliate if tariffs rise, without elaborating on
the details.

* Asian shares hit six-week lows in early trade on Thursday as growing
concerns ahead of the latest U.S.-China trade talks fanned fresh concerns
about the outlook for the global economy.

* The dollar hovered near a six-week low versus the yen early on Thursday,
weighed down against its safe-haven Japanese peer as risk aversion gripped
broader markets.

* A weaker dollar makes bullion less expensive for holders of other
currencies.

* Also aggravating geopolitical concerns, Trump on Wednesday imposed new
sanctions on Iran, targeting revenue from its exports of industrial metals.
That was the latest salvo in tensions between Washington and Tehran over a
2015 international accord curbing the Islamic Republic’s nuclear programme.

* This was soon after Iran announced that it was relaxing some restrictions
on its nuclear programme, steps that stopped short of violating the deal
with world powers for now, but threatening more action if countries do not
shield it from U.S. sanctions.

* Barrick Gold Corp , the world’s second-largest gold producer, on Wednesday
said it remained open to new investments, even as it plans to shed $1.5
billion of less productive mines.

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Africa Day

25 May 2019

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