Bulls n Bears Daily Market Commentary : 10 July 2020

Mon Jul 13 04:51:11 CAT 2020

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Bulls n Bears Daily Market Commentary : 10 July 2020

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Zimbabwe Stock Exchange Update

Following the statement issued by the Secretary for Information, Publicity
and Broadcasting Services on June 26 2020, the Zimbabwe Stock Exchange
Limited engaged both the Securities and Exchange Commission of Zimbabwe
(SECZ) and the Ministry of Finance and Economic Development. Whilst we await
the guidance from our regulators on the operational modalities going
forward, we notify our stakeholders that trading has been suspended until
further notice.-zse

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the Annual General Meeting (“AGM”) of the
shareholders of Zimbabwe Stock Exchange Limited will be held on 21 July
2020. Shareholders are advised that that in light of the current regulations
which prohibit gatherings in excess of 50 people and promoting social
distance on account of the COVID-19 pandemic, the Company will endeavour to
facilitate a virtual meeting the details of which will be communicated to
shareholders in due course.-zse

 <mailto:info at bulls.co.zw> 

Global Currencies & Equity Markets

South Africa

South Africa's rand recovers but caution remains, stocks slip

(Reuters) - South Africa’s rand recovered in afternoon trade on Friday,
after sliding earlier due to concerns about rising COVID-19 cases both at
home and abroad.

At 1505 GMT the rand was 0.42% firmer at 16.7800 per dollar, bouncing back
from a session low of 16.9725 hit earlier.

The United States on Thursday reported the largest one-day increase in
coronavirus cases by any country since the start of the pandemic, while
cases have jumped in major cities such as Melbourne, Tokyo and Hong Kong.

Locally, confirmed COVID-19 cases are also on the rise.

The Johannesburg Stock Exchange (JSE) slipped as investor optimism about a
market recovery was overshadowed by continued worry over coronavirus.

The benchmark FTSE/JSE All Share Index dropped by 0.64% to close the week at
55,431 points while the FTSE/JSE Top 40 Companies’ Index closed down 0.74%
to 51,154 points.

The benchmark index rose 1.67% this week.

Bonds firmed, with the yield on the benchmark 2030 government issue dropping
15.5 basis points to 9.495%. 

Uganda

Ugandan shilling firms on low demand for dollars

(Reuters) - The Ugandan shilling strengthened on Friday as scarce appetite
for dollars from large importers like telecoms, energy, manufactures and
others lent support to the local currency.

 <mailto:info at bulls.co.zw> 

EMERGING MARKETS

Hopes for stimulus-driven recovery buoy markets; rouble up for third day

(Reuters) - Russia’s rouble firmed for a third day running on Thursday and
most other emerging market currencies attempted to gain against a weaker
dollar as investors focussed on the prospect of a gradual, stimulus-induced
pick up in the global economy.

MSCI’s index of developing market currencies scaled a one-month high with a
rally in China’s yuan setting the tone as investors poured into Chinese
stocks, egged on by policy support and ample liquidity.

The number of cases of the novel coronavirus continued to surge in many
countries with the global count breaching 12 million on Wednesday.

Emerging market stocks and currencies have appreciated sharply since March
lows, but worries have risen that a tightening of containment measures may
send the global economy into a deeper recession and trigger a fresh
sell-off.

The rouble rose 0.6%, while South Africa’s rand touched its highest in a
month. The Turkish lira traded flat.

A Reuters poll showed that Turkey’s factory production is seen slumping more
than 22% in May, while current account is expected to record a deficit of $4
billion in the same month, as the coronavirus pandemic reduced business
activity, exports and tourism. Both data sets are due next week.

While most EM stock markets rose after Wall Street’s surge overnight,
Russia’s main index slipped 0.6% as energy major Lukoil slid 5.8%, tracking
oil prices lower.

Currencies of central and eastern Europe made minor moves against a stronger
euro. Hungary’s forint looked to firm after two days of losses. Preliminary
data showed Hungary posted a foreign trade surplus of 155 million euros in
May, better than analysts’ forecast for a deficit of 281 million euros.

Credit Suisse analysts warn that if the pick-up in Hungary’s inflation as
seen on Wednesday is any indication, inflation risks are underestimated in
central European economies.

 <mailto:info at bulls.co.zw> 

Commodities Markets

Asia Gold-India dealers charge premiums as imports, smuggling stall

(Reuters) - Physical gold sold at a premium in India this week for the first
time this year, driven by plunging imports and a near halt in smuggling that
offset the impact of high unemployment and a rise in domestic prices across
Asia that could deter buyers.

India’s gold imports dived 86% year-on-year in June because of record high
prices and as international air travel was banned in response to the
COVID-19 pandemic.

In thin trade, dealers charged premiums of up to $3 an ounce over official
domestic prices, up from last week’s $22 discount. The domestic price
includes a 12.5% import tax and 3% sales tax.

Local gold futures rose to a record 49,348 rupees per 10 grams earlier this
week.

In top consumer China, dealers described trade as weak and quiet as they
sold at hefty discounts of about $20-$25 versus global benchmark spot
prices.

Global spot prices breached the $1,800 an ounce threshold this week.

Activity was muted in Hong Kong too, with gold sold at $0.50 an ounce
discount to a $0.50 premium.

Singapore, however, continued to buck the trend, with premiums of $1.50 per
ounce charged against $0.80-$1.50 last week as interest held, especially
from the investment side.

In Japan, gold was sold between level with the benchmark to a $0.50 an ounce
premium. 

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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