Bulls n Bears Daily Market Commentary : 04 October 2019

Sun Oct 6 22:59:21 CAT 2019

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Bulls n Bears Daily Market Commentary : 04 October 2019

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Zimbabwe Stock Exchange Update

Market Turnover ZWL$6,642,198.53 with foreign buys at ZWL$ 3,751,995.44 and
foreign sales were ZWL$ 2,949,912.25 Total trades were 75.

The All Share ended the week on a higher note adding 2.44 points  to close
at 233.31 points. OLD MUTUAL LIMITED  advanced by $5.0121 to $35.0121,
RAINBOW TOURISM GROUP  rose by $0.0177 to $0.1150 and OK ZIMBABWE LIMITED
was $0.0069 stronger at $0.5619. FIRST CAPITAL BANK  also increased by
$0.0047 to $0.1050 and MEIKLES LIMITED  was $0.0015 firmer at $1.5200. 

Trading in the negative: DAIRBOARD ZIMBABWE dropped $0.0298 to $0.3847,
DELTA CORPORATION LIMITED  eased $0.0272 to close at $3.8332 and

SEEDCO LIMITED traded $0.0149 lower at $1.9992. PADENGA HOLDINGS  also
decresed by $0.0093 to settle at $2.7500 and CASSAVA SMARTECH  was $0.0086
weaker at $1.6000.

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  Global Currencies & Equity Markets

South Africa

South Africa's rand ends week on stronger footing

(Reuters) - South Africa’s rand rose on Friday, lifted by improved appetite
for riskier currencies amid steady U.S. jobs growth.

At 1615 GMT, the rand was 0.8% firmer than its previous close at 15.04 per
U.S. dollar.

Global investor sentiment was dented this week by poor U.S. economic data
which also fed through into the rand, which some traders use as a proxy for
emerging market risk.

But U.S. jobs data on Friday suggested the outlook for the world’s largest
economy may not be as bad as some had feared.

In the absence of local data releases, that was enough to lift South African
assets.

The yield on South Africa’s benchmark 2026 government bond fell 6 basis
points to 8.185%, reflecting a higher bond price.

Stocks were up, with the Johannesburg Stock Exchange’s All-Share Index
rising 0.5% to 53,993 points and the blue-chip Top-40 Index closing 0.48%
higher at 47,975 points.

Financials and other sectors that benefit from positive economic sentiment
were the biggest winners, with mobile operators MTN, banks, such as
FirstRand and retailers, including Shoprite leading the index higher.

Kenya

Kenyan shilling strengthens on waning importer demand

(Reuters) - The Kenyan shilling strengthened against the dollar on Friday
supported by inflows from diaspora remittances and waning dollar demand from
the

energy sector, traders said.  

At 0845 GMT, commercial banks quoted the shilling at 103.70/90 per dollar,
compared with 103.80/104.00 at Thursday's close. 

       <mailto:info at bulls.co.zw> 

Global stocks crawl up slightly as weak U.S. data spurs hopes of Fed rate
cut

(Reuters) - The latest weaker-than-expected U.S. economic data on Thursday
fed hopes that the Federal Reserve would cut U.S. interest rates this month,
which helped lift global equities slightly after two days of declines, but
investors also parked some funds in U.S. Treasuries and other safe-haven
assets.

The drop in the closely watched Institute for Supply Management’s
non-manufacturing activity index boosted fears that the U.S.-China trade war
could push the global economy into a recession.

MSCI’s gauge of stocks across the globe gained 0.39%, following broad
declines in Europe as investors priced in new U.S. tariffs that are set to
be imposed on $7.5 billion of European goods.

Washington will enact 10% tariffs on Airbus planes and 25% duties on French
wine, Scotch and Irish whiskies and cheese from across the continent as
punishment for EU subsidies to Airbus.

On Wall Street, the Dow Jones Industrial Average rose 123.1 points, or
0.47%, to 26,201.72, the S&P 500 gained 23.1 points, or 0.80%, to 2,910.71
and the Nasdaq Composite added 87.02 points, or 1.12%, to 7,872.27.

Each index had been slightly positive before the ISM data was released
shortly after the market opened and fell more than 1% before recovering
their losses.

Fears of an economic slowdown helped push investors into the perceived
safety of bonds. Benchmark 10-year U.S. Treasury notes last rose 18/32 in
price to yield 1.5359%, from 1.597% late on Wednesday.

Asian shares racked up losses earlier in the day. Japan’s Nikkei stock index
closed down 2%, its biggest one-day decline since Aug. 26.

The weak economic data has increased market expectations that the Fed will
cut rates again. Traders see a 98% chance the Fed will cut rates by 25 basis
points to 1.75%-2.00% in October, up from 39.6% on Monday, according to CME
Group’s FedWatch tool.

Bets on a rate cut could rise further if a U.S. non-farm payrolls report on
Friday shows weakness in the labor market.

Brent crude futures were last down 0.3% to $57.51 a barrel, while U.S. West
Texas Intermediate (WTI) crude fell 0.8% to $52.22 per barrel.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Asia Gold-Slight retreat in prices adds to festive lure in India

(Reuters) - A dip in prices earlier this week fuelled an uptick in physical
gold demand in Singapore and India, with activity in the Indian market also
gathering pace ahead of key festivals.

However, overall activity was muted due to the golden week holiday in top
bullion consumer China.

In Singapore, sellers charged premiums between 50 and 70 cents an ounce over
the benchmark, versus 50-80 cents last week.

Global benchmark spot gold prices fell to their lowest in nearly two months,
at $1,458.50, early in the week, but have since recovered above the $1,500
level.

Traders also hoped demand would increase in the final quarter as India gears
up for festivals such as Diwali and Dussehra, when buying gold is considered
auspicious.

The Indian market was also helped by a dip in domestic prices with gold
futures trading around 38,200 rupees per 10 grams on Friday after falling to
36,771 rupees on Wednesday, the lowest since Aug. 13.

The week started with aggressive buying from jewellers as prices corrected,
said Chanda Venkatesh, managing director of CapsGold, a bullion merchant in
the southern city of Hyderabad.

Dealers offered discounts of up to $21 an ounce over official domestic
prices on Friday, up from a discount of $10 on Wednesday and about $40 last
week. The domestic price includes a 12.5% import tax and 3% sales tax.

Retail purchases could rise next week due to Dussehra, said a Mumbai-based
dealer with a bullion importing bank.

India’s gold imports plunged 68% year-on-year in September to their lowest
in over three years as record domestic prices curbed retail buying, a
government source said.

In Hong Kong, gold sellers were charging premiums of $0.30-$0.50 versus last
week’s 50 cents to $1 range, with drawn out protests in the financial hub
taking their toll on jewellery demand, dealers said.

In Japan, gold was sold at par with the benchmark, a Tokyo-based trader
said, adding a twice-delayed increase in sales tax has also deterred gold
buyers.

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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