Bulls n Bears Daily Market Commentary : 31 March 2020

Wed Apr 1 13:11:40 CAT 2020

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Bulls n Bears Daily Market Commentary : 31 March 2020

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Zimbabwe Stock Exchange Update

Market Turnover ZWL$5,531,195.85 with foreign buys at ZWL$11,404.25 and
foreign sales were ZWL$2,347,828.50 Total trades were 102

The All Share index recovered a marginal 3.52 points  to close the month at
456.21 points. NATIONAL FOODS LIMITED  traded $4.4000 higher at $26.6000,
MEIKLES LIMITED   was up by $1.2681 to $8.1014 and SEEDCO LIMITED  traded
$0.3759 stronger at $3.8759.Two more counters to advance were OLD MUTUAL
LIMITED  which increased by $0.3084 to settle at $38.3000 and PPC LIMITED
was $0.0714 firmer at $3.9364.

Gaines were offset by losses in HIPPO  which eased $0.6188 to $5.3812,
INNSCOR AFRICA  dropped $0.2463 to $7.5000 and DAIRIBOARD LIMITED  was
$0.0844 lower at $0.5400. TSL lost $0.0682 to $1.5318 and EDGARS traded
$0.0500 weaker at $0.2000.

   . <mailto:info at bulls.co.zw> 

  Global Currencies & Equity Markets

South Africa

South Africa's rand falls as global recession fears mount

(Reuters) - South Africa’s rand weakened in early trade on Wednesday as
anxiety over the coronavirus pandemic and the prospect of a global recession
weighed on investor confidence.

At 0630 GMT, the rand traded at 18.0200 per dollar, 0.86% weaker than its
previous close.

South African officials have imposed some of the toughest restrictions on
the continent to try to contain the virus, including deploying the army to
support police during a 21-day lockdown that started on Friday.

Government bonds also weakened, with the yield on the 10-year instrument due
in 2030 adding 22.5 basis points to 11.190%. 

Egypt

Egypt's M2 money supply up 13.96% year-on-year in February -c.bank

(Reuters) - Egypt’s M2 money supply growth accelerated to 13.96%
year-on-year in February, data from the central bank showed on Tuesday.

The money supply stood at 4.2 trillion Egyptian pounds ($267.69 billion) as
of the end of February, compared with 4.1 trillion Egyptian pounds at the
end of January. ($1 = 15.6900 Egyptian pounds)

 <mailto:info at bulls.co.zw> 

GLOBAL MARKETS

Markets fall as virus woes strike again

(Reuters) - World markets fell on Wednesday as the coronavirus threat
ensured an ugly start to the second quarter for equities and commodities.

Traders headed for the safety of government bonds, the dollar and gold as
evidence continued to mount that the virus was sending the global economy
into a deep recession.

Tokyo’s Nikkei slumped 4.5% after the worst plunge in factory activity in
almost a decade. The pan-European STOXX 600 sank 3.2% and Wall Street
futures dived 3.1% after a dire forecast of likely U.S. coronavirus deaths.

Wall Street tumbled on Tuesday, capping the biggest quarterly fall since
1987 for the Dow Jones and the steepest for the S&P 500 since the financial
crisis. The fact it all happened in a month and from record highs made it
feel all the more brutal.

U.S. economic activity is likely to be “very bad” and the unemployment rate
could rise above 10% because of efforts to slow the spread of the
coronavirus, Cleveland Federal Reserve Bank President Loretta Mester told
CNBC.

There had been some glimmers of hope during Asian trading. China’s factory
activity improved in March after plunging in February. It just scraped into
positive territory, beating analysts’ expectations.

Blue-chip Chinese stocks failed to hold their gains, however, though
Australian shares bounced 3.5% as a slowdown in new coronavirus cases there
and rising iron ore prices lifted the market.

But Europe’s early plunge meant MSCI’s main gauge of world stocks was down
nearly 1% having slumped 22% since the start of the year.

The number of coronavirus infections globally headed toward 800,000. In a
positive development, Deutsche Bank analysts noted the global growth in new
cases was below 10% for two consecutive days, having exceeded that rate for
most of the past two weeks.

Health officials were not upbeat, however. A World Health Organization
official warned that even in the Asia-Pacific region, the epidemic was “far
from over.”

OIL, TOIL AND TROUBLE

In currency markets, the dollar’s safe-haven appeal saw it continue to rose.
The yen held its ground, but the euro dropped back under $1.10 as traders
braced for German manufacturing and European Union unemployment figures.

The pound fell to $1.2350 and plenty of commodity-exposed currencies from
the Australian dollar to the Russian rouble saw 1% losses.

Demand for the guaranteed income of government bonds pushed the yield on the
benchmark 10-year U.S. Treasury note down to 0.63%.

Italian bond yields also held steady as the benefit of recent European
Central Bank measures meant the country - which has been one of those hit
hardest by the coronavirus - successfully sold 8.5 billion euros of debt.

Commodity markets were much rougher. Brent crude fell 5.81% to $24.80 per
barrel as the United States, Russia, and Saudi Arabia jostled over a massive
oversupply of oil.

Crude oil benchmarks ended the quarter with their biggest losses in history.
Both U.S. and Brent futures got hammered throughout March by the pandemic
and a Saudi-Russia price war.

Global demand has been cut sharply by travel restrictions. Forecasters at
major merchants and banks see demand slumping by 20% to 30% in April, and
for weak consumption to linger for months.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Mitsubishi Materials plans to raise H1 copper output 9.8% yr/yr

(Reuters) - Japan's Mitsubishi Materials Corp  plans to produce 185,394
tonnes of refined copper in the first half of financial year 2020-21, it
said on Wednesday, up 9.8% from a year earlier.

The country's first half falls between April and September.

Following are details of the company's output plan, with comparisons against
planned production in the second half and actual production in the first
half of the 2019/20 financial year, which ended on March 31.  

INVESTORS DIARY 2020

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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