Bulls n Bears Daily Market Commentary : 24 September 2019

Wed Sep 25 01:34:43 CAT 2019

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Bulls n Bears Daily Market Commentary : 24 September 2019

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Zimbabwe Stock Exchange Update

Market Turnover ZWL12,306,092.27 with foreign buys at ZWL$ 3,153,871.00 and
foreign sales were ZWL$ 2,409,532.90 Total trades were 331.

The All Share index maintained its bullish trend after gaining 17.81 points
to close at 235.06 points. PPC added $0.5900 to close at $3.5400, BRITISH
AMERICAN TOBACCO  rose by $0.3824 to $35.3824 and ECONET  was $0.3243
stronger at $2.0468. CASSAVA SMARTECH also increased by $0.3204 to end at
$2.0279 and LAFARGE traded $0.2851 firmer at $1.7125.

There were no counters trading in the negative territory.

 <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

Egypt

Egypt dollar bonds extend losses after weekend protests

(Reuters) - Egyptian dollar bonds issued by the government extended losses
for a second day on Tuesday in the wake of protests in Cairo and other
cities over the weekend.

Longer-dated issues fell the most, with the 2047 , 2048 and 2049 issues all
falling more than 1 cent to reach their lowest point in around a month,
according to Refinitiv data.

In non-deliverable forward (NDF) markets, the Egyptian pound weakened for a
second day against the U.S. dollar, with one year NDFs pricing the pound at
18.51 to the dollar, versus a spot exchange rate of 16.32 pounds. 

Uganda

Uganda shilling unchanged, expected to strengthen due to charity inflows

(Reuters) - The Ugandan shilling        was unchanged on Tuesday and was
forecast to gain ground, helped by dollar inflows from non-governmental
organisations. 

At 1108 GMT, commercial banks quoted the shilling at 3,670/3,680, the same
level as Monday's close.

       <mailto:info at bulls.co.zw> 

America

Stocks fall as Trump impeachment talk grows; sterling up after Brexit ruling

(Reuters) - A gauge of global stocks fell for a third day on Tuesday as a
push by some Democrats for the impeachment of U.S. President Donald Trump
gained momentum, and the British pound strengthened after the UK Supreme
Court ruled Prime Minister Boris Johnson’s decision to suspend parliament
was unlawful.

After initially advancing, Wall Street’s benchmark S&P 500 index retreated
after U.S. Representative John Lewis, one of the most senior leaders, joined
other Democratic lawmakers in calling for impeachment proceedings to begin
against Trump.

The call came after Trump confirmed he held back aid to Ukraine but denied
it was done to provoke an investigation of Joe Biden, the Democratic
presidential front-runner.

In what was a choppy session, stocks cut losses after falling more than 1%
as Trump said he would release the transcript of his phone call with
Ukraine’s president that has led to the renewed impeachment calls.

House of Representatives Speaker Nancy Pelosi is scheduled to make a public
statement about a formal impeachment inquiry at 5 p.m. ET (2100 GMT).

The Dow Jones Industrial Average fell 137.61 points, or 0.51%, to 26,812.38,
the S&P 500 lost 24.81 points, or 0.83%, to 2,966.97 and the Nasdaq
Composite dropped 118.84 points, or 1.46%, to 7,993.63.

The decline for the S&P 500 marked its biggest one-day percentage drop in a
month.

The tone of the market had begun to weaken earlier in the session, with
gains evaporating after soft data on U.S. consumer confidence and a speech
by Trump to the United Nations General Assembly that called on nations to
embrace nationalism and turn their backs on globalism. Trump also issued a
message to China that he will not accept a “bad deal” in trade negotiations.

Markets had been optimistic after U.S. Treasury Secretary Steven Mnuchin
said on Monday he and U.S. Trade Representative Robert Lighthizer would meet
with Chinese Vice Premier Liu He for trade talks in two weeks, after waning
optimism on trade had hit the stock market on Friday.

A report showed that U.S. consumer confidence fell by the most in nine
months in September, far more than expected, as Americans’ economic outlooks
darkened in the face of the U.S.-China trade war.

Investors have looked to U.S. consumer strength as a cause to be optimistic
about the economy despite signs of weakness in other areas, such as
manufacturing.

European shares closed near flat, as Brexit uncertainty and the U.S.
consumer data helped fan persistent growth worries.

The pan-European STOXX 600 index rose 0.01% and MSCI’s gauge of stocks
across the globe shed 0.44%.

Sterling gained after the court ruling against Johnson, but uncertainty over
a possible general election and the eventual outcome of Britain’s impending
exit from the European Union capped its rise.

Sterling was last trading at $1.2495, up 0.53% on the day.

The dollar index, which measures the greenback against a basket of six major
currencies, fell 0.27%, with the euro up 0.24% to $1.1017.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Gold gains support from weaker dollar after less-dovish Fed

(Reuters) - Gold prices gained on Thursday, helped by a weaker dollar and as
investors looked for clarity on future U.S. interest rates after the Federal
Reserve on Wednesday signaled a higher bar to further reductions in
borrowing costs.

Spot gold was up 0.2% to $1,497.30 per ounce at 11:24 a.m. EDT (1524 GMT),
after falling to $1,484.16, a one-week low, in the previous session.

U.S. gold futures dipped 0.7% to $1,504.90 an ounce.

The Fed cut interest rates for the second time this year on Wednesday to
help sustain economic expansion, but signaled a higher bar to further
reductions as the labor market remained strong.

Helping bullion, the dollar index dipped against a major basket of
currencies, as it struggled to gain in the face of the less dovish Fed
meeting.

Lower interest rates decrease the opportunity cost of holding non-yielding
bullion.

Central banks from around the world face increasing pressure to offer
monetary support as the U.S.-China trade war hurts global growth.

Gold also witnessed some safe haven demand after Iran warned the United
States against any direct combat in the Middle East following an attack on
Saudi oil facilities that Washington and Riyadh blamed on Tehran.

Separately, palladium climbed 2% to $1,625.79, hovering close to the record
peak of $1,626.81 touched on Monday.

U.S. and Chinese deputy trade negotiators were set to resume face-to-face
talks for the first time in nearly two months on Thursday.

Silver edged 0.1% higher to $17.76 an ounce, while platinum rose 0.9% to
$938.96.

LME copper declines on weak demand and a guarded Fed

(Reuters) - Copper prices eased on Thursday as the market focused on weak
demand in top consumer China and a meeting in Washington between Chinese and
U.S. officials aimed at resolving a prolonged trade dispute.

Benchmark copper on the London Metal Exchange was untraded in official rings
but was bid 0.5% down to $5,785 a tonne.

TRADE: U.S. and Chinese officials resume face-to-face talks for the first
time in nearly two months as the world’s two largest economies try to bridge
policy differences and find a way out of their bitter trade war.

The negotiations on Thursday and Friday are aimed at laying the groundwork
for high-level talks in early October that will determine whether the two
countries are working towards a solution or are headed for new, higher
tariffs on each other’s goods.

RATES: The U.S. Federal Reserve cut interest rates on Wednesday to help to
sustain a record-long economic expansion but signalled a higher bar to
further reductions to borrowing costs.

Describing the U.S. economic outlook as “favourable”, Fed Chair Jerome
Powell said the rate cut was designed “to provide insurance against ongoing
risks” including weak global growth and resurgent trade tensions.

TECHNICALS: Price support for copper comes in at the 21-day moving average
around $5,760. Upside moves face the 50-day moving average around $5,830
followed by the 100-day moving average at $5,900.

NICKEL: The premium for cash nickel over the three-month contract ended at
$105 a tonne on Wednesday after flaring out to $150, near the $163 hit last
week, its highest since April 2009.

Traders said the rise was because of nervousness about availability of the
steelmaking ingredient on the LME market owing to one company holding large
numbers of warrants <0#LME-WHL> and falling stocks in LME-approved
warehouses. MNISTX-TOTAL

Three-month nickel was down 0.5% at $17,110 a tonne.

PRICES: Aluminium gained 0.2% to $1,790, zinc fell 0.9% to $2,298, lead rose
1% to $2,091 and tin was down 1% at $16,475. 

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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