Major International Business Headlines Brief::: 09 August 2020

[Bulls n Bears]

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Major International Business Headlines Brief::: 09 August 2020

 


 

 


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ü  Co-op Bank Kenya to complete Jamii Bora Bank acquisition this month
-central bank

ü  Lewis Group flags annual earnings drop of up to 37%

ü  Record bullion prices give South African gold miners a lifeline, risks
remain

ü  Botswana diamond exports fall by two thirds on COVID-19

ü  World Bank approves $114 mln for Nigeria's COVID-19 response

ü  South Africa tries to recover over $23 mln from SAP for 'unlawful'
contracts

ü  Silver vs. Gold: How the Two Metals Compare as Investments

ü  Twitter, TikTok held preliminary talks about potential combination:
Report 

ü  Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

ü  Barclays Being Probed by UK Privacy Watchdog on Accusations of Spying on
Staff

ü  Struggling U.S. Economy Gets Limited Lifeline From Trump Actions

ü  Covid-19 punishes Warren Buffett as Berkshire Hathaway takes big
writedown

 


 <mailto:info at bulls.co.zw> 

 


 

Co-op Bank Kenya to complete Jamii Bora Bank acquisition this month -central
bank

NAIROBI (Reuters) - Co-operative Bank of Kenya will buy 90% of micro lender
Jamii Bora Bank and the deal will complete this month, the country’s central
bank said on Friday, marking further consolidation in the East African
nation’s banking industry.

 

Co-op Bank’s takeover of Jamii Bora was first announced in March and the
deal is due to complete on Aug. 21, the central bank said.

 

Co-op Bank, owned by Kenya’s co-operative movement, is the country’s
third-biggest bank by market share with nearly 10% of the domestic market
and 159 branches across Kenya and South Sudan.

 

Jamii Bora, which is mainly focused on lending to micro-enterprises, is the
second-smallest lender in Kenya with a market share of 0.09% and 17 branches
across the country.

 

“This transaction...will (enhance)... the resilience of the Kenyan banking
sector,” the central bank said in a statement.

 

There are 39 banks competing in Kenya’s banking sector which has seen
several mergers and acquisitions since 2016, sparked by the failure of three
mid-sized and small lenders, as well as a cap on commercial lending rates,
which was removed last November.

 

Last year KCB Group took over National Bank of Kenya, while CBA Group merged
with NIC Bank to form NCBA.

 

The central bank said on Friday that its review of the banking sector’s
business models and consolidation, “have been beneficial in enabling the
sector to ride through the (coronavirus) pandemic period while supporting
their customers and the economy.”

 

 

 

Lewis Group flags annual earnings drop of up to 37%

JOHANNESBURG (Reuters) - South African retailer Lewis Group Ltd on Friday
flagged that annual earnings could fall by as much as 37%, after an increase
in debt servicing costs, the financial impact of lost trading days and an
impairment charge.

 

The furniture and appliance retailer said its headline earnings per share
(HEPS) for 12 months ended March is expected to be between 282.2 to 237.0
cents, or between 25% to 37% lower than the same period a year ago.

 

HEPS is the main profit measure used in South Africa that strips out certain
once-off items.

 

The group is expected to release full-year results on or around Aug. 25.

 

 

 

Record bullion prices give South African gold miners a lifeline, risks
remain

JOHANNESBURG (Reuters) - South African gold miners are looking to cut debt
and boost dividends as bullion hits record highs, with analysts and fund
managers predicting a sectoral growth spurt over the next two years amid
rising investor interest.

 

Shunned by investors due to mines that are old, deep, and difficult to
extract, the country’s gold miners have traded at a discount to their global
peers for years.

 

Higher prices, as spot gold roared past $2,000 an ounce for the first time,
coupled with a weaker rand currency, comes as a lifeline.

 

Interviews with companies executives, analysts and fund managers show that
higher gold prices could see some local miners bring their net debt to zero
and pay healthy dividends over the next 18 to 24 months.

 

“Gold mining companies will spew a lot of cash in the next 12 months,” said
Franco Lorenzani, an independent mining analyst.

 

    Sibanye Stillwater, which has battled high debt, said it achieved its
leverage target in the first quarter, ahead of plan.

 

Its net debt, which stood at 20.964 billion rand ($1.2 billion) in 2019,
dropped 40% year-on-year in the first quarter.

 

Higher prices have also made more marginal ounces profitable for Sibanye,
spokesman James Wellsted told Reuters, adding the company was looking at
other ways to benefit from favourable market conditions.

 

“Maybe mining secondary reefs ... might be viable at these prices,” said
Wellsted.

 

Pan African Resources is hoping to be net debt free by June 2021 and plans
to increase its dividend payout to 5% from 1% last year, its head of
investor relations Hethen Hira said. Its net debt dropped 49% to $62.5
million at end December.

 

Gold Fields has flagged hefty gains from the gold rally, with half-year
profits seen up more than 300%.

 

Rene Heichreiter of Noah Capital said he was advising his clients to
continue to invest in local gold miners, predicting a exponential jump in
revenues in the coming months.

 

Some investors have already turned bullish.

 

Factsheets of fund managers seen by Reuters show South Africa’s Fairtree
increased its exposure to Harmony Gold by 0.78% between March and June,
while U.S.-based ASA Ltd, which invests in gold mining companies globally,
increased its investments in South Africa to 10.7% in June from 9.9% in
January.

 

But the operating environment remains risky.

 

While power cuts and regulatory uncertainty have always hung over
operations, the mining sector is also battling rising COVID-19 cases in
underground mines where social distancing is a challenge.

 

This could threaten output, as some analysts warn the frenzy over high
prices could backfire as investments add to costs.

 

“Whenever the gold prices go up the costs tend to go up with it,” said
Nedbank mining analyst Arnold Van Graan.

 

($1 = 17.5317 rand)

 

 

 

 

Botswana diamond exports fall by two thirds on COVID-19

GABORONE (Reuters) - Botswana’s rough diamond exports plunged 68% percent in
the second quarter of the year, data published by the central bank showed on
Friday, as the Coronavirus pandemic hit demand while global travel
restrictions hurt trading.

 

In a bid to curb the spread of the virus, Botswana closed its borders in
March, locking out international buyers from centres such as Mumbai, Antwerp
and China who traditionally travel to Gaborone ten times a year to view and
buy diamonds.

 

Exports of diamonds from Debswana, a joint venture between Botswana and
diamond mining giant De Beers, a unit of Anglo American, stood at $293
million in the second quarter of 2020, from $916 million in the preceding
period.

 

No exports were recorded in May, while only $20 million worth of diamonds
were exported in June, the Bank of Botswana’s data showed.

 

De Beers, which gets about 70% of its supply from Botswana registered a net
loss of $214 million in the first half of the year, as rough sales plunged
by more than half to $1 billion, the company said in its results last week.

 

The fall in diamond exports is expected to hurt Botswana’s balance of
payments deficit, as diamonds constitute 70 percent of the country’s
exports.

 

Through the partnership with De Beers, Botswana also gets about 30% of its
fiscal revenues from diamonds. It has so far recorded just 800 COVID-19
cases and only two deaths, but its economy has been severely hit.

 

($1 = 11.7925 pulas)

 

 

 

World Bank approves $114 mln for Nigeria's COVID-19 response

ABUJA (Reuters) - The World Bank has approved $114 million to help Nigeria
tackle its coronavirus pandemic, the global lender said on Friday.

 

The money comes in the form of a $100 million loan and a $14 million grant
to be split between Nigeria’s 36 states and federal-level procurement of
medical equipment, tests and medicine.

 

Africa’s most populous country has recorded more than 45,000 confirmed
coronavirus cases and 930 deaths, but low levels of testing have left a
muddy picture of the outbreak’s severity.

 

“Nigeria has ramped up its efforts to contain the COVID-19 outbreak, but
more needs to done at the state level, which are at the front line of the
response,” Shubham Chaudhuri, the World Bank’s director for Nigeria, said in
its statement on Friday.

 

 

 

South Africa tries to recover over $23 mln from SAP for 'unlawful' contracts

JOHANNESBURG (Reuters) - South African investigators are seeking to recover
more than 400 million rand ($23 million) from German software firm SAP for
two government contracts they allege were entered into unlawfully, court
documents seen by Reuters show.

 

Although the amount of money sought is small for a company with a market
value of around 162 billion euros, the move by the authorities is another
headache for SAP, which in 2018 admitted to misconduct over deals with South
African state firms during former president Jacob Zuma’s tenure.

 

SAP, a major global business software company, had said it was reviewing all
its public sector deals in South Africa dating back to 2010, but it has not
publicly flagged wrongdoing over the agreements in 2015 and 2016 with the
Department of Water and Sanitation.

 

Investigators say those contracts should be declared invalid because
government regulations were contravened, according to the court papers,
reported here for the first time.

 

SAP did not comment on the specific allegations. In a statement to Reuters
the company said: “SAP continues to cooperate with South African
authorities/law enforcement and remains committed to the highest standards
of business ethics.”

 

“Our policy is, and always will be, to carry out all company activities in
accordance with the letter and spirit of applicable laws.”

 

The Special Investigating Unit (SIU), which is investigating the contracts,
told Reuters that evidence pointing to contravention of regulations by water
ministry officials had been referred to prosecutors.

 

The SIU has been probing SAP’s work for the water ministry for roughly two
years, after President Cyril Ramaphosa authorised inquiries into possible
procurement irregularities and corruption.

 

RECOVERING PUBLIC FUNDS

In court papers filed late last week, the SIU asked the Special Tribunal, a
court Ramaphosa established to fast-track recovery of misspent or stolen
public money, to order SAP to reimburse roughly 128 million rand for the
2015 agreement and 285 million rand for the 2016 agreement, plus interest.

 

In its review, included in the court documents, the SIU found the water
ministry’s 2015 contract with SAP was concluded despite the ministry still
having a year left to run on an existing agreement with the German company.
For the 2016 contract, the SIU cited a senior technology official as saying
neither the ministry nor its entities had received services from SAP despite
the 285 million rand paid.

 

A SIU principal forensic lawyer said in an affidavit that investigators were
still probing possible corruption related to SAP’s work for the water
ministry. But he said they had decided to launch civil proceedings in the
Special Tribunal now because taxpayer money was at stake.

 

The acting director-general of the water ministry said in an affidavit that
a high turnover of directors-general since 2016 meant “the obvious
illegality related to the conclusion of the SAP contracts” was not addressed
sooner.

 

A ministry spokesman declined further comment.

 

In March 2018, SAP admitted to paying more than $9 million to intermediary
companies linked to the Guptas, a family at the centre of a political
corruption scandal in South Africa, in relation to software deals with state
power utility Eskom and state logistics firm Transnet.

 

The SIU said it was also investigating SAP contracts at Eskom and Transnet.
The companies did not immediately respond to a Reuters request for comment.

 

The Guptas, close friends of former president Jacob Zuma, have denied
corruption allegations but their relationship to the former president is one
of the main areas of focus of a state corruption inquiry that began after
Ramaphosa succeeded Zuma in February 2018.

 

Zuma also denies involvement in any corruption.

 

Ramaphosa has staked his reputation on cleaning up public life in South
Africa but a spate of tender scandals during the coronavirus crisis has made
some analysts question whether much progress has been made.

 

The COVID-19 pandemic has poleaxed an already weak economy and set the stage
for a record budget deficit in the post-apartheid era.

 

This week the SIU and Eskom took steps to try to recoup 3.8 billion rand
they allege was diverted from the utility by former Eskom executives and the
Guptas.

 

The Guptas have denied unduly winning contracts with government entities,
including Eskom, during Zuma’s time in office.

 

($1 = 17.5557 rand)

 

 

Silver vs. Gold: How the Two Metals Compare as Investments

The world’s two best-known precious metals have surged this year. But there
are differences that investors need to consider.

So far this year, investors in gold and silver have made out like bandits,
especially when you compare the returns of the world’s two best-known
precious metals with those of stocks.

 

SPDR Gold Shares (GLD), an exchange-traded fund that tracks the price of
bullion, and iShares Silver Trust (SLV), an ETF that tracks silver prices,
are up 34% and 57%, respectively, so far this year. That compares to just a
4% gain for SPDR S&P 500 ETF (SPY), which tracks the S&P 500 stock index.wsj

 

 <mailto:info at bulls.co.zw> 

 

Twitter, TikTok held preliminary talks about potential combination: Report 

Twitter Inc has held preliminary negotiations about a potential combination
with TikTok, the Wall Street Journal reported on Saturday, citing sources.
The report added it was unclear whether Twitter will pursue a deal with
TikTok, which would involve the video-sharing app's US operations.

 

Microsoft is still seen as the front-runner in bidding for the app's US
operations, the newspaper reported.-deccanherald.com

 

 

 

Massive Short Squeeze Prompts Chainlink (LINK) Price to Rally 52%

A massive short squeeze in the futures market is the likely reason behind
Chainlink (LINK) price surging by 52% on Saturday.

Chainlink (LINK) price continues to set new records as the DeFi-related
token surged 52% to reach a new all-time high at $13.8799 today. 

 

Over the last 24-hours, LINK has surged by 52%, rallying from $9.05 to as
high as $13.8799 on Binance exchange. 

 

As Chainlink demonstrated a strengthening uptrend, its competitor Band
Protocol (BAND), which also operates as a network for oracles, spiked 50% to
reach a new all-time high at $12.44.

 

What’s behind the Chainlink rally?

The sudden uptrend of LINK was likely caused primarily by the squeeze of
short contracts in the futures market. As LINK was continuously rising, its
funding rate stayed below 0%, hovering at -0.02%.

 

The cryptocurrency futures market employs a mechanism called “funding” to
ensure the market is balanced. When the market is heavily swayed toward
buyers, then buyers have to incentivize sellers and vice versa.

 

As an example, if there is an overwhelming number of traders shorting
Chainlink on Binance Futures, then the funding rate would turn negative. In
this situation, short contract holders or sellers need to pay long contract
holders to maintain their positions.

 

Throughout the past several hours, as LINK price soared, its funding rate on
Binance Futures remained negative. This is indication that as its price was
soaring many traders were attempting to short the asset.

 

A continuous loop of short contracts caused a short squeeze, which, in turn
spurred buying demand and fueled Chainlink’s momentum.

 

A pseudonymous trader known as Benjamin Blunts emphasized that while LINK is
theoretically appealing to short, the market sentiment is bearish. When the
market is overcrowded by one side, which in the case of LINK was bears
looking to short the asset, it tends to move in the opposite way. 

 

The trader said:

 

“I actually would be inclined to start looking for shorts soon, however it
seems my entire feed is doing the same. So I will wait for another push
higher I think, not really interested in standing in front of the strongest,
fastest horse right now.”

 

The biggest narrative around LINK during the entirety of its rally revolved
around Zeus Capital. The investment firm has publicly maintained a skeptical
stance toward Chainlink, expecting LINK price to decline sharply. On August
9 the firm said:

 

“The ‘get rich fast’ narrative is a true indicator for manipulation. You can
only win if you sell your $LINK before it goes to $0.”

 

A cryptocurrency investor called “Light” suggested that Zeus Capital holds a
big short position on LINK, which was apparently at risk of liquidation. He
said:

 

“And in one more poetic twist to the Zeus Capital story, for now, due to
delays in the pricing oracle for their Aave borrow, even though LINK
breached their liquidation price, their remaining DeFi short has not been
liquidated (yet).”

 

It remains unclear whether a single short seller could have an immense
impact on a cryptocurrency with a $2 billion daily volume on
paper.-cointelegraph.com

 

 <mailto:info at bulls.co.zw> 

 

Barclays Being Probed by UK Privacy Watchdog on Accusations of Spying on
Staff

(Reuters) - Barclays Plc is being probed by the United Kingdom's privacy
watchdog, the Information Commissioner's Office (ICO), over allegations that
the British bank spied on its staff, the agency said on Sunday.

 

Earlier this year, Barclays said it was changing a system that the bank was
piloting, which tracked how employees spent their time at work, after
critical media reports accused the bank of spying on its staff.

 

The ICO said on Sunday a formal probe was ongoing but it could not say when
the investigation would conclude.

 

"People expect that they can keep their personal lives private and that they
are also entitled to a degree of privacy in the workplace," an ICO spokesman
said.

 

"If organisations wish to monitor their employees, they should be clear
about its purpose and that it brings real benefits. Organisations also need
to make employees aware of the nature, extent and reasons for any
monitoring", he added.

 

The probe was reported earlier by The Sunday Telegraph newspaper.

 

Late in February, Barclays said it was changing how it used the Sapience
software so it would now track only anonymised data, in response to staff
feedback that the system was intrusive.

 

Sapience gives companies "insights into work patterns" and tracks employee
productivity by monitoring their computer usage, according to its website.

 

Such systems are becoming increasingly common among banks and other
financial firms, which use voice recognition and other behaviour-tracking
tools to watch for unusual behaviour that could indicate misconduct.

 

In 2017, Barclays faced widespread criticism when it rolled out a system
known as OccupEye, which tracked how long people spent at their desks.

 

 

 

Struggling U.S. Economy Gets Limited Lifeline From Trump Actions

President Donald Trump issued executive actions on Saturday that amount to a
thinning lifeline of support for an already-stalling economic recovery after
negotiations with Democrats over additional pandemic stimulus broke down.

 

Trump’s redirection of disaster-relief funds would provide $300 a week in
federal aid to the unemployed -- down from the weekly $600 in the Cares Act
that expired in July. That money is capped at $44 billion, which at the
current level of unemployment could run out in one to two months.

 

Read more: Better-Than-Expected U.S. Jobs Data Seen as Last of ‘Easy Gains’

 

His other major action could potentially have a bigger impact: it defers the
payroll tax from September through year-end for workers earning as much as
$8,000 a month, which could put an extra $600, at most, in employees’
pockets. Economist Stephen Moore, a Trump ally, says it amounts to a $300
billion tax cut that would help the economy. Other economists said, however,
that it’s unlikely to provide as much stimulus as Trump may hope.

 

While the actions may beat a complete lapse in relief for Americans, the
funds for the unemployed are much more limited than in prior months, and the
payroll tax deferral won’t help the tens of millions who’ve lost their jobs.
Beyond that, the legality of Trump’s actions isn’t completely clear, and the
moves didn’t include an extension of aid to small businesses who are running
low on prior relief funds.

 

“It’s certainly better than nothing, but it’s not as good a solution as
Congress coming to a more clearly legal and logistically feasible compromise
in their fiscal negotiations,” said Ernie Tedeschi, an economist at Evercore
ISI.

 

The impact of the payroll-tax deferral hinges on whether employers will stop
withholding the money from Americans’ paychecks, with voters in turn
pressuring Congress to eventually pass legislation forgiving the accumulated
amount.

 

Clawing Back

But employers may decide simply to do nothing in the face of uncertainty,
fearing that if Congress fails to act, they could be stuck trying to claw
back money from their employees to settle their obligations to the Internal
Revenue Service.

 

“The idea of reducing payroll taxes and expecting companies to comply with
an executive order, when they’re going to need for their employees to give
it back later unless the payroll tax cut is made permanent, there’s just no
logic to it,” said Diane Swonk, chief economist at Grant Thornton in
Chicago. “And it’s not the people with the payroll who are the problem, it’s
the people without a payroll.”

 

Trump said he was approving a $400 benefit because he saw the $600 extra
weekly payment as too high and discouraging people from returning to work --
a recent rallying cry for many Republican lawmakers. The text of the action
says that $300 would come from the federal government, while the other $100
would come from states.

 

Andrew Husby, an economist with Bloomberg Economics, estimated that the new
benefits would amount to a run rate of about $30 billion a month, which
means the money could run out in less than two months and the situation
would likely require another fix from Congress before November’s election.

 

Read more from Bloomberg Economics on Trump’s stimulus

 

While $400 “is still a reasonably substantial amount, it’s definitely a
cutback that will be felt in spending,” Husby said. For the payroll tax
deferral, “the net positive impact is going to be a bit less the than raw
numbers might suggest” given the uncertainty for businesses over whether
they would have to repay the taxes.

 

Another hitch is that if unemployment starts to go up again, the new funds
get used up more quickly, “so you have more people getting less money for
shorter periods of time,” said Joel Naroff, president and founder of Naroff
Economic Advisors.-bloomberg

 

 <mailto:info at bulls.co.zw> 

 

 

Covid-19 punishes Warren Buffett as Berkshire Hathaway takes big writedown

NEW YORK, Aug 9 — Berkshire Hathaway Inc on Saturday announced a US$9.8
billion (RM41 billion) writedown and 10,000 job losses at its Precision
Castparts aircraft parts unit, as the coronavirus pandemic caused widespread
pain at Warren Buffett’s conglomerate.

 

Despite the writedown, Berkshire said second-quarter net income surged 87
per cent because of gains in stock investments such as Apple Inc as markets
rebounded.

 

Operating profit fell 10 per cent, cushioned by a temporary bump at the
Geico auto insurer, as the pandemic caused “relatively minor to severe”
damage to most of Berkshire’s more than 90 operating businesses.

 

“The writedown was prudent,” said Cathy Seifert, an equity analyst at CFRA
Research. “It’s a recognition of what the market has long believed, that the
purchase price was rich, and the integration not as smooth as many would
have hoped.”

 

Berkshire, which paid US$32.1 billion for Precision in 2016 in its largest
acquisition, and which Buffett at the time called a steep price, said
Covid-19 caused airlines to slash plane orders, significantly curbing demand
for Precision’s products.

 

Buffett himself soured on airlines during the quarter, selling US$6 billion
of their stock and telling shareholders on May 2 the industry’s future had
become “much less clear to me.”

 

Berkshire said Precision, which also makes industrial parts, saw revenue
fall by one-third and plans an “aggressive restructuring” to shrink
operations. Precision ended 2019 with 33,417 employees, and has shed 30 per
cent of its workforce.

 

During the quarter, Buffett, who turns 90 on Aug. 30, also took advantage of
Berkshire’s underperforming shares by repurchasing US$5.1 billion of stock,
even as the pandemic reduced other companies’ ability to buy back their own
shares.

 

Berkshire’s stock has significantly underperformed broader markets since the
end of 2018, and Seifert said investors should welcome the buybacks.

 

“Berkshire tends to go against the grain, and when so many companies
suspended buybacks, Berkshire did the opposite,” she said. “The market
should react positively, because it shows Berkshire is confident in its
prospects.”

 

Those repurchases confirmed Berkshire’s hint in a July 8 regulatory filing
it had become more aggressive with buybacks after loosening its buyback
policy in 2018.

 

Pandemic damage

 

Berkshire businesses suffering from the pandemic also include the BNSF
railroad, which saw lower shipping volumes, and retailers including See’s
candies that temporarily closed stores.

 

Companies in which Berkshire recently made large investments have also been
struggling.

 

Berkshire recorded a US$513 million loss on its 26.6 per cent stake in Kraft
Heinz Co, after the food company took several writedowns including for
Maxwell House and Oscar Mayer.

 

Meanwhile, Occidental Petroleum Corp, where Berkshire invested US$10 billion
last August, has also pummeled by sinking oil prices.

 

Berkshire’s overall quarterly net income rose to US$26.3 billion, or
US$16,314 per Class A share, from US$14.07 billion, or US$8,608 per share, a
year earlier. That followed a US$49.75 billion first-quarter loss.

 

An accounting rule requires Berkshire to report unrealized stock gains and
losses with net results, causing huge swings that Buffett considers
meaningless.

 

Second-quarter operating profit fell to US$5.53 billion, or about US$3,463
per Class A share, from US$6.14 billion, or US$3,757 per share, a year
earlier.

 

Revenue fell 11 per cent to US$56.8 billion, despite gains in some
businesses including Duracell batteries, which rose 16 per cent.

 

Geico’s pretax underwriting profit increased fivefold to US$2.06 billion
because people drove less, resulting in significantly fewer accident claims.

 

But Berkshire said Geico could suffer underwriting losses for the rest of
the year, as it awards drivers US$2.5 billion of credits on auto and
motorcycle policy renewals.

 

Berkshire ended June with a record US$146.6 billion of cash and equivalents,
and bought just US$797 million of equities in the quarter.

 

Buffett has since deployed some cash, agreeing to buy some Dominion Energy
gas assets for US$4 billion and adding more than US$2 billion of Bank of
America Corp stock. — Reuters

 

 

 

 

 


 


 


 

 


 

INVESTORS DIARY 2020

 


Company

Event

Venue

Date & Time

 


Zimbabwe

National Heroes Day

Zimbabwe

10  August 2020

 


Zimbabwe

Defence Forces’ Day

Zimbabwe

11  August 2020

 


Old Mutual Zimbabwe

AGM

virtual

12  August 2020 | 3pm

 


CBZ

AGM

Virtual

14  August 2020 | 6pm

 


Lafarge

AGM

Virtual

18 August 2020  | 12pm

 


Companies under Cautionary

 

 

 


 

 

 

 


Bindura Nickel Corporation

 

 

 


Padenga Holdings

 

 

 


Delta Corporation

 

 

 


Meikles Limited

 

 

 


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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
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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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