Bulls n Bears Daily Market Commentary : 13 November 2019

Thu Nov 14 00:08:21 CAT 2019

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Bulls n Bears Daily Market Commentary : 13 November 2019

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Zimbabwe Stock Exchange Update

Market Turnover ZWL$3,799,093.49 with foreign buys at ZWL$247,437.17 and
foreign sales were ZWL$664,674.79 Total trades were 123

The All Share index went further up by 2.23 points  to close at 246.74
points. OLD MUTUAL LIMITED  recovered $0.2579 to end at $36.4947, INNSCOR
AFRICA   rose by $0.2065 to $3.6500 and ZIMPLOW  was $0.0575 higher to close
at $0.5000. OK ZIMBABWE  also increased by $0.0315 to $0.7866 and CASSAVA
SMARTECH  was $0.0223 higher at $1.5441.

Trading in the negative; PPC eased $0.1400 to $5.3500, PROPLASTICS  dropped
$0.0634 to end at $0.8216 and PADENGA  was $0.0211 lower at $2.9660. SIMBISA
also retreated by $0.0061 to $1.5336 and MASIMBA traded $0.0030 lower at
$0.1520.

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  Global Currencies & Equity Markets

Kenya

Kenyan shilling firms due to remittances, inflows to stock market

(Reuters) - The Kenyan shilling strengthened to a new four month-high
against the dollar on Wednesday due to remittance and inflows from offshore
investors buying shares on the stock market, traders said. 

At 0728 GMT, commercial banks quoted the shilling at 102.05/25 per dollar,
compared with 102.25/45 at Tuesday's close. The shilling last traded at its
present level on July 4, Refinitiv data showed.

South Africa

South African rand edges firmer, stocks dip

(Reuters) - South Africa’s rand ended firmer on Wednesday, boosted by signs
the Federal Reserve would keep U.S. interest rates steady in the near
future.

At 1650 GMT the rand was 0.2% firmer at 14.9200 per dollar compared to an
opening level of 14.9290.

The rand has been aided by three U.S. rate cuts this year, which have
boosted attractiveness of the returns it offers. A lower return on U.S.
rate-linked assets often pushes investors to buy higher-yielding emerging
market currencies.

On Wednesday Fed chief Jerome Powell offered an optimistic outlook for the
economy, solidifying the case for the central bank to hold off on cutting or
raising rates this year.

But the lower probability of the Fed further cutting rates next year, which
has dropped to around 30%, prompted traders to warn the rand’s advance would
be short-lived, especially in light of growing concern around economic
growth. Retail sales rose 0.2% year-on-year in September following a revised
1% increase in August, data from Statistics South Africa showed on
Wednesday, another sign Africa’s most industrialised economy will struggle
to top the 1% mark this year.

A strike over possible job cuts planned for Friday by a majority of South
African Airways (SAA) employees is also set to hurt sentiment toward the
rand.

Bonds were steady, with the yield on the benchmark paper due in 2026 at
8.46%.

On the bourse, stocks were down slightly alongside emerging market shares on
Wednesday as U.S President Donald Trump offered few clues on a trade truce
with Beijing.

The benchmark JSE Top-40 Index dipped 0.19% to 50,115.49 points while the
broader All-Share Index was down 0.11% to 56,338.33.

Entertainment company Multichoice Group and dual-listed Dutch internet group
Prosus NV slid to the bottom of the blue-chip index with Multichoice down
2.43% and Prosus closing 2.36% lower.

Preventing further losses was grocer SPAR Group which gained 5.55% after its
annual profit rose 10% despite poor consumer sentiment across all of its
markets.

Gold miners gained after U.S.-China trade war uncertainty drove up gold
prices, with Sibanye Gold up 5.46% and AngloGold Ashanti 5.15% up. 

       <mailto:info at bulls.co.zw> 

EMERGING MARKETS

Shares dip after Trump's trade speech, Hong Kong protests

(Reuters) - Emerging market shares fell for the third time in four sessions
on Wednesday as U.S. President Donald Trump offered little clues on a trade
truce with Beijing, while shares in Hong Kong led declines after escalating
anti-government protests.

MSCI’s index of emerging market shares shed 0.9% to their lowest level in
nearly two weeks. The index is on track for its first weekly decline in six
as investors grow wary that a U.S.-China trade pact will indeed be signed.

Addressing the Economic Club of New York on Tuesday, Trump said a deal with
China was “close”, but gave no new details on when or where an agreement
would be signed.

Chinese blue-chip stocks fell slightly, while the yuan eased to a one-week
low against the dollar as Trump also said he would raise tariffs on Chinese
goods if the two sides failed to reach a deal.

Hong Kong shares dropped 1.8% to a one-month low as protesters paralysed
parts of the Asian financial hub for a third day, with transport, schools
and many businesses closing after violence spread across the city.

In eastern Europe, focus turned to Turkish President Tayyip Erdogan’s
meeting with Trump, after which they are scheduled to hold a joint news
conference.

Turkey stocks were among the few bright spots of the day, rising 0.2%, while
the lira firmed against the dollar.

But other currencies in the developing world, including the South African
rand and the Russian rouble, lost ground against the dollar, which held near
one-month highs.

In Russia, all eyes will be on the third-quarter preliminary GDP figures due
later in the day, with analysts expecting the economy to expand by 1.6%,
according to Refinitiv data.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold hit by uncertainty over U.S.-China trade deal, firmer dollar

(Reuters) - Gold prices were flat on Wednesday as investors stayed cautious
after a much-awaited speech by U.S. President Donald Trump gave no details
on the signing of a trade deal with China, while a firmer dollar dented
demand for the safe-haven asset.

    FUNDAMENTALS

* Spot gold        was flat at $1,457.91 per ounce, as of 0116 GMT, while
U.S. gold futures        were up 0.3% at $1,458 per ounce.

* The U.S. dollar clung to most of its recent gains on Wednesday after U.S.
President Donald Trump said a trade deal with China was "close". The dollar
index       , which is currently hovering near a month high, makes gold
expensive for holders of other currencies.

* Asian stocks and Wall Street futures fell on Wednesday on growing worries
U.S.-China trade talks are stalling after Trump failed to deliver any new
information.                        

* The months-long Sino-U.S. trade war has put financial markets in turmoil
and sparked fears of a global economic slowdown, pushing the precious metal
more than 13% higher this year.

* The political unrest in Hong Kong has also supported gold, which is
considered an alternative investment during times of geopolitical and
financial uncertainty. 

* Police battled pro-democracy protesters at several university campuses in
sometimes savage clashes in the Asian financial hub, as parts of the city
were paralysed including Hong Kong's Central financial district that was
tear-gassed for a second day running.             

* Later in the day, U.S. Federal Reserve Chairman Jerome Powell is scheduled
to testify on economic outlook before the congressional Joint Economic
Committee.

* SPDR Gold Trust      , the world's largest gold-backed exchange-traded
fund, said its holdings fell 0.45 percent to 897.09 tonnes on Tuesday from
901.19 tonnes on Monday.   

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
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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
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