Bulls n Bears Daily Market Commentary : 28 November 2019

Fri Nov 29 02:19:40 CAT 2019

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Bulls n Bears Daily Market Commentary : 28 November 2019

Zimbabwe Stock Exchange Update

Market Turnover ZWL$4,487,894.70 with foreign buys at ZWL$110,387.26 and
foreign sales were ZWL$177,581.04 Total trades were 164

The All Share index further advanced by 0.26 points to close at 240.63
points. CASSAVA SMARTECH added $ 0.0724 to $ 1.4949, MEKLES  advanced by
$0.0600 to close at $2.2000 and OLD MUTUAL LIMITED  went up by a further
$0.0474 to $34.5142. MASIMBA HOLDINGS  also increased by $0.0370 to $0.2230
and FIRST MUTUAL PROPERTIES  was $0.0195 firmer at $0.1600.

Trading in the negative: DELTA  dropped $0.0819 to $3.6129, INNSCOR AFRICA
retreated by $0.0454 to end at $3.7504 and ARISTON traded $0.0183 lower at
$0.1907. DAIRIBOARD  also decreased by $0.0171 to close at $0.4829 and DAWN
PROPERTIES  lost $0.0152 to end at $0.0720.

  Global Currencies & Equity Markets

South Africa

South Africa's rand steady, stocks fall as investors eye trade developments

(Reuters) - South Africa’s rand steadied on Thursday as investors assessed
the impact of U.S. backing for protesters in Hong Kong on its trade
negotiations with China, while stocks fell.

At 1508 GMT, the rand was trading flat at 14.7500 per dollar.

Largely ignoring local signals of an increasingly weak economy and fiscal
position, the rand has moved in-step with swings in sentiment driven by the
tariffs tussle between China and the United States.

Beijing told Washington it would take “firm counter- measures” in response
to U.S. legislation backing the anti-government protesters in Hong Kong.

U.S. President Donald Trump on Wednesday signed into law congressional
legislation which supported the protesters, despite angry objections from
Beijing, with which he is seeking a deal to end a damaging trade war.

On the bourse, the benchmark JSE Top-40 index was down 0.88% to 49,470
points while the broader All-Share index fell 0.62% to 55,823.80 points.

Ferdi Heyneke, portfolio manager at Afrifocus Securities, said the weak
local economy was also driving equities investors away.

Retailer Woolworths and food and retail business Bid Corporation (Bid Corp)
were the biggest losers on the blue-chip index. Woolworths fell 3.39% to
52.17 rand and Bid Corp was down 3.38% to 324.66 rand.

In fixed income, the yield on the benchmark paper due in 2026 rose by 4.5
basis points to 8.475%.

Uganda

Ugandan shilling unchanged as banks and importers trim appetite

(Reuters) - The Ugandan shilling was unchanged on Wednesday on the back of
flat demand for dollars from importers and players in the interbank market.

At 0912 GMT commercial banks quoted the shilling at 3,690/3,700, same level
as Tuesday’s close.

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EMERGING MARKETS

Stocks, forex weaken as Hong Kong law fans trade worries

(Reuters) - Assets in the developing world declined on Thursday as investors
turned away from risk after China warned it would retaliate in response to
U.S. legislation backing anti-government protesters in Hong Kong.

U.S. President Donald Trump on Wednesday signed into law legislation that
supported the protesters, despite angry objections from Beijing, with which
he is seeking an agreement to end a damaging trade war.

Trump’s move was widely expected, but how it might affect a trade deal
between the two sides remains unclear.

MSCI’s index for emerging market stocks fell 0.3%, after gaining the day
before, putting it on track to end the week flat.

Forex trading, on the other hand, has turned risk-averse in the recent few
weeks, with MSCI’s index for emerging-market currencies now on track to fall
for its third week in a row.

The Russian rouble and South Africa’s rand weakened, but the Turkish lira
gained after data showed Turkey’s economic confidence index rose for the
second consecutive month in November. Turkish stocks also rose, by 0.5%.

Investors awaited data from South Africa that is expected to show producer
price inflation slowed to 3.05% in October from 4.1% in September.

The South African Reserve Bank kept its repo rate unchanged last week,
saying it wanted to see inflation expectations closer to the midpoint of its
target range, despite a sustained drop in headline inflation.

The Hungarian, Polish and Czech currencies were stuck in a tight range
against the euro.

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Commodities Markets

Granges to buy Poland's Aluminium Konin for 2.3 bln SEK

(Reuters) - Sweden’s Granges said on Thursday it had agreed to buy Polish
aluminium producer Aluminium Konin for 2.3 billion Swedish crowns($239
million), expanding its presence in Europe and boosting its position in
growth areas such as materials for electric vehicles.

The deal, subject to approval by competition authorities, values Aluminium
Konin at 6.9 times its annual earnings before interest, tax, depreciation
and amortization (EBITDA), and Granges said it expected to close the
transaction in the second quarter of 2020. “Aluminium Konin contributes with
technically advanced operations, strategically located in Central Europe.
The acquisition is a good strategic fit and complements our business and
geographic presence,” Granges CEO Johan Menckel said in a statement.
Aluminium Konin, currently owned by industrial conglomerate Boryszew Group,
employs around 750 staff and is based in Konin, Poland.

It has an annual production capacity of around 100 kilotonnes of aluminium,
and generated earnings before interest, tax, depreciation and amortisation
(EBITDA) of 338 million crowns on 3 billion in sales in the 12 months
through September. Granges said it would complete a growth programme
initiated by Boryszew Group which aims to increase Aluminum Konin’s
production capacity to 140 kilotonnes. The Swedish aluminium producer said
it planned a 2 billion crown share issue with preferential rights for
existing shareholders in conjunction with the transaction, but noted the
deal was not conditional on the issue.

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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