Bulls n Bears Daily Market Commentary : 12 March 2020

Fri Mar 13 03:52:31 CAT 2020

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Bulls n Bears Daily Market Commentary : 12 March 2020

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Zimbabwe Stock Exchange Update

Market Turnover ZWL$18,501,351.10 with foreign buys at ZWL$1,499,808.99 and
foreign sales were ZWL$769,987.01 Total trades were 210

The All Share index advanced by 11.41 points to close at 506.20 points. BAT
LIMITED gained $6.2500 to close at $96.2500, CAFCA was up by $3.0000 to end
at $18.0000 and RIO ZIM was $1.2200 stronger at $7.3400. PPC LIMITED also
increased by $1.0550 to $6.5550 and AFRICAN DISTILLERS  traded $1.0300
stronger at $6.1800.

Trading in the negative; POWERSPEED eased $0.0800 to $0.4700, BINDURA
dropped $0.0586 to $0.4414 and PADENGA HOLDINGS LIMITED traded $0.0445 lower
at $6.0757. TURNALL LIMITED also decreased by $0.0250 to $0.1500 and ECONET
WIRELESS  traded $0.0049 weaker at $2.8409.

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

  Global Currencies & Equity Markets

Uganda, Nigeria currencies seen soft, Tanzania's firm

(Reuters) - Ugandan and Nigerian currencies are expected to come under
pressure next week, but Tanzania’s is seen firming while Kenya’s holds
steady.

UGANDA

The Ugandan shilling is expected to trade with a weakening tone over the
next few days as the disruption to international trade links and tourism
caused by the coronavirus pandemic trims inflows of hard currency.

At 1110 GMT, commercial banks quoted the shilling at 3,710/3,720, compared
with last Thursday’s close of 3,700/3,710.

He said the shilling would likely weaken past 3,720 in the coming days as
the global economic impact of the coronavirus snowballs.

NIGERIA

Nigeria’s naira is seen easing next week amid fears of a possible
devaluation in the wake an oil price collapse that has worsened dollar
shortages in the West African nation, traders said.

The naira was quoted at 370 on the over-the-counter market on Thursday,
weaker than the 368 per dollar in the previous session.

Traders said liquidity was tight amid a surge in demand. The naira has also
been weakening on the black market. However, the central bank has been
helping to keep the naira stable at 306.95 on the official market.

The impact of the oil price plunge over the weekend has spread across asset
classes in Nigeria, causing investors to widen spreads on the bond market,
sell stocks and weaken the naira.

TANZANIA

The Tanzanian shilling is expected to gain further next week due to the
decline in demand for dollars.

Commercial banks quoted the shilling at 2,296/2,306 on Thursday, up from
2,299/2,309 recorded a week earlier.

KENYA

The Kenyan shilling is seen stable in the coming week, with inflows from
non-governmental organisations helping ease dollar demand from commercial
banks and importers, traders said.

Commercial banks quoted the shilling at 102.40/60 per dollar, compared with
102.50/70 at last Thursday’s close.

EMERGING MARKETS

Stocks fall, await stimulus as coronavirus spreads

(Reuters) - Emerging market shares fell on Wednesday after Washington left
investors in the dark about a stimulus package to combat the economic
fallout from the coronavirus outbreak.

Earlier this week, U.S. President Donald Trump helped lift market sentiment
when he said “major steps” would be taken to ease economic strains caused by
the spread of the flu-like virus.

But, the lack of major announcements since then has left some investors
unimpressed.

Asia shares weighed as stocks in mainland China , South Korean and Taiwan
ended lower, as coronavirus cases spiked in South Korea. MSCI’s index of
emerging market shares was down 0.5% at 0918 GMT.

The Bank of England slashed interest rates by 50 basis points on Wednesday
and launched a slew of other measures. On Thursday, all eyes will be on the
European Central Bank’s decision.

Stocks in Turkey, South Africa and Hungary rose between 0.9% and 1.2%.

But, markets are expecting a rise in coronavirus cases, particularly in the
United States and western Europe which could squash any bounce in equities,
Turner said.

Russian stocks were flat in volatile trading, while the rouble gave up early
gains to trade down as oil prices edged lower.

Saudi Aramco has been directed by the Ministry of Energy to raise its oil
production capacity to 13 million barrels per day (bpd) from 12 million bpd,
the company’s Chief Executive Amin Nasser said on Wednesday.

Saudi Arabia’s move to increase production and slash crude prices had sent
oil prices crashing on Monday, hammering currencies of oil exporters like
Russia and Mexico.

Turkish stocks rose for the first time in four days and the lira traded
flat. Central bank data on Wednesday showed Turkey’s current account deficit
in January was less than expected, while a revision of 2019 numbers saw
surplus jump to $8 billion from a previously-announced $1.7 billion.

Talks between Turkey and Russia on the implementation of a ceasefire
agreement in Syria's Idlib region are "positive, constructive", a Turkish
new agency was reported as saying. Tensions in Syria had spiked dramatically
recently, prompting Moscow and Ankara to reach a ceasefire deal. 

 <mailto:info at bulls.co.zw> 

Commodities Markets

Copper drops to more than 3-year low as coronavirus fears grip markets

(Reuters) - Copper fell to its lowest in over three years on Thursday after
the United States imposed curbs on travel from Europe due to the coronavirus
and gave little detail on other plans to cushion its economy from the
pandemic.

Three-month copper on the London Metal Exchange (LME) ended 1.6% lower at
$5,440 a tonne, after falling as low as $5,376.50, its weakest since
November 2016.

U.S. President Donald Trump ordered travel from Europe to the United States
to be restricted for 30 days, responding to mounting pressure to take action
against the rapidly spreading outbreak.

But a lack of other U.S. measures, despite pledges of support for businesses
and requests for a payroll-tax relief, disappointed investors, analysts
said.

TRAVEL RESTRICTIONS: The U.S. travel restrictions follow similar moves by
other countries to restrict travel to contain the virus that has disrupted
economic activity mainly in China, the world’s top consumer of metals.

PANDEMIC: The World Health Organization described the new coronavirus as a
pandemic for the first time on Wednesday, urging the global community to
intensify efforts to contain the outbreak.

VIRUS PEAKS: In China, the epicentre of the virus, the epidemic passed its
peak as new infections slowed, its top health commission said on Thursday.

STIMULUS: The European Central Bank approved fresh stimulus measures on
Thursday to help the euro zone economy cope with the growing cost of the
coronavirus epidemic, but kept interest rates unchanged.

The move to support Europe mirrored efforts by other economies such as the
United States, United Kingdom and Japan to counter the impact of the virus
and support economic growth.

NICKEL INVENTORIES: On-warrant stocks of nickel in LME-approved warehouses
jumped to 160,842 tonnes, the highest since December 2018. MNISTX-TOTAL

This helped push LME nickel down 4.8% to $11,830 a tonne, its lowest since
June 2019.

NICKEL SUPPLY: In 2020, Indonesia plans to produce 2.02 million tonnes of
processed nickel, such as nickel pig iron and ferronickel, as well as 78,000
tonnes of nickel matte, Energy and Mineral Resources data showed.

OTHER PRICES: LME aluminium fell 1.1% to $1,656 a tonne, zinc eased 2.5% to
$1,938, lead added 0.5% to $1,774 and tin shed 3.6% to $16,100 a tonne. 

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
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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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