Bulls n Bears Daily Market Commentary : 18 November 2019

Tue Nov 19 12:54:37 CAT 2019

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Bulls n Bears Daily Market Commentary : 18 November 2019

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Zimbabwe Stock Exchange Update

Market Turnover ZWL$2,961,014.98 with foreign buys at ZWL$984,394.01 and
foreign sales were ZWL$1,153,127.32 Total trades were 140

The All Share index retreated by 0.40 points to close at 246.03 points. OLD
MUTUAL LIMITED eased $2.4130 to $34.0000, SIMBISA  dropped $0.1557 to end

$1.3725 and EDGARS  was $0.0204 to close at $0.1346. PADENGA  also decreased
by $0.0144 to settle at $2.9848 and ECONET traded $0.0016 weaker at $1.7878.

Trading in the positive; NAMPARK  traded $0.1200 higher at $0.7225, INNSCOR
was $0.0542 firmer at $3.7766 and MEIKLES  traded $0.0427 stronger at

$2.0500. TSL  also increased by $0.0400 to $0.9000 and OK ZIMBABWE  added
$0.0378 to end at $0.8900.

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  Global Currencies & Equity Markets

South Africa

South Africa's rand firms as dollar stalls on trade deal impasse

(Reuters) - South Africa’s rand inched firmer early on Tuesday, mostly
remaining within a recent range as currency markets globally drifted in low
volume trade with investors still eyeing a breakthrough in U.S.-China trade
talks.

At 0700 GMT, the rand was 0.16% firmer at 14.7900 per dollar compared to an
overnight close of 14.8140.

The probability of a deal between Washington and Beijing receded after a
report on Monday that Chinese officials were feeling pessimistic about the
negotiations, suggesting a resolution to perhaps the biggest risk to the
global economy remains elusive.

The dollar subsequently took a knock, allowing emerging market currencies
such as the rand to squeak in gains, although on a weekly basis the currency
remains around the same levels, indicating mostly subdued activity in recent
sessions.

The currency hardly reacted to the appointment of a new chief executive at
ailing local power utility Eskom late on Monday.

Andre de Ruyter, former Nampak and Sasol CEO, begins the mammoth task of
restructuring the heavily indebted utility whose power plants are struggling
to keep the nation’s lights on in Jan. 2020.

Initial response to his appointment was lukewarm, with some analysts
questioning his lack of experience in the engineering and energy sectors.

Bonds started on the backfoot ahead of a 1.51 billion rand auction of
long-term government issues. The yield on the 2026 debt was up 2 basis
points to 8.42%.

Kenya

Kenyan shilling gains against the dollar

(Reuters) - The Kenyan shilling gained against the dollar on Tuesday with
inflows from offshore investors buying stocks and government debt meeting
dollar demand from merchandise importers, traders said.

At 0700 GMT, commercial banks quoted the shilling at 101.75/95 per dollar,
compared with 101.85/102.05 at Monday's close.

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EMERGING MARKETS

Currencies on edge as hopes fade for U.S.-China trade truce

(Reuters) - Emerging-market currencies weakened in subdued trading on
Tuesday, amid growing doubts about a resolution to the U.S.-China trade war
that has slowed global growth and rankled financial markets this year.

Investor sentiment turned dour after a report that Beijing was pessimistic
about striking a trade deal with Washington. Declines were limited when the
United States extended by 90 days permission for U.S. companies to do
business with China’s Huawei Technologies Co Ltd.

An index of developing world currencies fell 0.2% after trading near flat in
the previous session.

Currencies in the developing world have weakened this month on conflicting
headlines about resolving the tariff dispute that has now gone on for a year
and a half.

Financial markets are now looking to major central banks for further hints
on monetary policy to stem a global slowdown. The minutes from the U.S.
Federal Reserve’s latest policy meeting are due on Wednesday, while ECB
chief Christine Lagarde delivers her first major speech on Friday.

The Hungarian forint was trading about flat to the euro ahead of the central
bank’s monthly policy meeting, which is expected to leave interest rates
unchanged and signal that the economy is not overheating.

The South African rand and Russian rouble gained against a weaker dollar
after easing in the previous session. The rouble is also typically supported
in the second half of every month by exporters buying the currency to meet
local duties.

Turkey’s lira gained 0.2%, while currencies in central and eastern European
economies including Poland, Czech Republic and Romania were trading in a
narrow range.

A basket of emerging-market stocks was up for the third straight session,
led by Chinese shares , which posted their best day in two weeks as a
surprise cut in a key lending rate on Monday bolstered hopes for more
government stimulus.

Hong Kong’s Hang Seng index closed up 1.6%, lifted by a report that Alibaba
had logged strong demand for its $13.4 billion secondary listing in the
Asian financial hub.

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Commodities Markets

Gold prices steady as U.S.-China trade deal doubts linger

(Reuters) - Gold held steady on Tuesday, after hitting its highest since
Nov. 7 earlier in the session, as doubts about a trade deal between the
United States and China dented risk sentiment.

Spot gold        was little changed at $1,471.90 per ounce as of 0559 GMT.  

U.S. gold futures        inched up 0.07% to $1,472.90 per ounce.

Asian share markets were mixed as another day awaiting clearer news on the
progress of the trade negotiations left investors bereft of trading
motivation.            

Overnight, CNBC had reported the mood in Beijing was pessimistic about the
prospects of sealing an agreement.

The dollar held near a two-week low.       

Market participants also kept a close eye on the unrest in Hong Kong, with
dozens of protesters in the financial hub staging a dramatic escape from a
university campus sealed off by police on Monday.             

Gold is considered a safe store of value during economic or political
uncertainties.

The focus now shifts to minutes from the U.S. Federal Reserve's latest
policy meeting, due on Wednesday.             

The Fed cut rates three times this year — in part to offset what it views as
damage done by the tariff war. But after their meeting in October,
policymakers signalled they would lower rates no further unless the economy
took a serious turn for the worse.

Holdings of the SPDR Gold Trust      , the world's largest gold-backed
exchange-traded fund, fell 0.6% to 891.79 tonnes on Monday from Friday.

Elsewhere, silver        rose 0.6% to $17.12 per ounce, while palladium
fell 0.3% to $1,732.93 per ounce.      Platinum        advanced 0.5% to
$898.10 per ounce. 

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
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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