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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=852 style='width:639.35pt;border-collapse:collapse'><tr><td width=847 colspan=5 valign=top style='width:634.95pt;padding:0cm 5.4pt 0cm 5.4pt'><h1 style='margin-left:26.1pt;line-height:105%'><img width=161 height=81 id="_x0000_i1031" src="cid:image001.jpg@01D5C9B0.6E7053E0"><span style='mso-fareast-language:EN-US'><o:p></o:p></span></h1></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:solid #D9D9D9 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><b><u><span style='font-family:"Verdana",sans-serif;color:#002060'><o:p><span style='text-decoration:none'> </span></o:p></span></u></b></p><p class=MsoNormal style='margin-left:26.1pt;text-indent:-1.35pt;line-height:105%'><a href="http://www.bulls.co.zw/"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bulls.co.zw</span></b><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></a><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'> </span></b><a href="mailto:bulls@bulls.co.zw"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Views & Comments</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><a href="http://www.bulls.co.zw/blog"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Bullish Thoughts</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><a href="http://www.twitter.com/BullsBears2010"><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0'>Twitter</span></b></a><span class=MsoHyperlink><b><span style='font-size:8.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:#0070C0;text-decoration:none'> </span></b></span><a 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style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoSubtitle style='line-height:105%'><span class=style30><b><span style='color:black'><o:p> </o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:26.1pt;line-height:105%'><span class=style30><b><span style='font-family:"Verdana",sans-serif'>Bulls n Bears Daily Market Commentary : 10 January 2020</span></b></span><b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:1.0pt'><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span class=style30><b><o:p> </o:p></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:1.0pt'><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:1.0pt'><p class=MsoTitle align=center style='text-align:center;line-height:105%'><img border=0 width=761 height=95 id="Picture_x0020_6" src="cid:image002.png@01D5C9B0.6E7053E0"><span class=style30><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:1.0pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><o:p></o:p></p></td></tr><tr style='height:7.2pt'><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:7.2pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><br>Zimbabwe Stock Exchange Update<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Market Turnover ZWL$6,479,435.19 with foreign buys at ZWL$960.00 and foreign sales were ZWL$1,394,471.40 Total trades were 120<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The All Share index ended the week on a higher note after adding 0.75 points to close at 234.10 points. AFRICAN DISTILLERS LIMITED added $0.1900 to $3.1900, SEEDCO LIMITED gained $0.1075 to $1.6075 and POWERSPEED was $0.0400 higher at $0.2400. AXIA CORPORATION rose by $0.0250 to $0.6525 and ECONET WIRELESS traded $0.0040 stronger at $1.5050.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Trading in the negative SIMBISA BRANDS eased $0.0070 to close at $1.2525 and OLD MUTUAL LIMITED was $0.0007 lower at $35.9993. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='mso-fareast-language:EN-ZW'><img border=0 width=740 height=244 id="Picture_x0020_5" src="cid:image003.jpg@01D5C9B0.6E7053E0"></span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'> Global Currencies & Equity Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>South Africa<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>South African rand weakens as power cuts weigh<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - South Africa’s rand weakened against the dollar on Friday as power cuts weighed on the economy, while investors awaited a key interest rate decision from the central bank next week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The rand was trading at 14.2700 per dollar at 1444 GMT, 0.67% weaker than its previous close.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Many financial markets were rapidly reversing sharp falls seen at the start of the week following the killing of Iran’s top general in a U.S. air strike, as fears of imminent conflict in the Middle East abated.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The rand also regained some ground, but it was held back by troubled state utility Eskom’s scheduled power cuts, which have dragged on efforts to revive growth in the continent’s most industrialised economy.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Weak domestic data throughout the week has also failed to provide a basis for optimism, NKC African Economics said in a note. “Recent manufacturing and upcoming mining data may be a precursor to a dismal Q4 GDP reading,” it said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Investors were waiting for the outcome of the South African Reserve Bank’s monetary policy meeting next Thursday, when it will announce its interest rate decision after keeping rates on hold at 6.5% at its last meeting.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Kieran Siney from ETM Analytics said this would be the key event to watch in the coming week, predicting the central bank would remain cautious amid a “precarious” fiscal situation in South Africa.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Stocks, however, received a boost from the easing of concerns over U.S.-Iran tensions eased. The Johannesburg Stock Exchange’s Top-40 index rose 0.65% to 51,245 points and the broader all-share index closed up 0.62% at 57,485 points.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Africa’s largest mobile operator by subscribers, MTN , was the biggest winner on the blue-chip index, rising over 5% after Nigeria withdrew a $2 billion tax demand in a closely watched case.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>In fixed income, the yield on the benchmark government bond due in 2026 was down 2.5 to 8.215%. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Kenya<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Kenya's tourism earnings, arrivals rise in 2019<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - Kenya’s earnings from tourism rose 3.9% last year to 163.56 billion shillings ($1.61 billion), thanks to a slight increase in the number of visitors, its tourism minister said on Friday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The East African nation, which relies on tourism as a major source of foreign exchange and jobs, had 2.05 million tourists last year, an increase of 1%, said Najib Balala.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>An attack on a hotel and office complex in Nairobi last January, and a general slowdown in the global tourism business, were to blame for the low growth in arrival numbers, he said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Along with agricultural exports and money sent home by Kenyans living abroad, tourism is one of the top foreign exchange earners.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Kenya has a variety of products, from beach holidays at the coast to Safaris in the Maasai Mara wildlife reserve, but it attracts fewer visitors than African competitors like South Africa due to frequent political upheavals and insurgent attacks.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Between 2012 and 2015, visitor numbers and tourism earnings fell after a spate of attacks claimed by Somalia’s al Qaeda-linked al Shabaab, which wants Nairobi to pull its troops out of Somalia.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A reduction in attacks in the years that followed allowed the sector to rebound.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1028" src="cid:image004.jpg@01D5C9B0.6E7053E0"></span></a><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>GLOBAL MARKETS<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Dollar, stocks slide on renewed Middle East tensions<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - The dollar fell and global equity markets retreated from fresh highs on Friday, as signs of renewed U.S.-Iranian tensions scuttled a rally triggered by a U.S. labor report showing a strong economy despite slowing job growth in December.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The United States said it was imposing additional sanctions on Iran as a result of its missile attack on U.S. troops in Iraq this week, and Washington rebuffed an Iraqi request to pull out its troops.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Iraq appears set to bear the brunt of any further violence between neighboring Iran and the United States, sparked by the U.S. killing of Qassem Soleimani, Iran’s top general, in a drone strike on Jan. 3. Iran’s firing of missiles at U.S. forces in Iraq on Wednesday was in response to the general’s killing.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A gauge of equity performance in 49 countries and the major Wall Street indexes hit records in early trade after the Labor Department’s jobs report showed the pace of hiring last month was sufficient to keep the U.S. economic expansion on track.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>But stock markets later slid as investors eyed the longer-term risks of Middle East conflict. The dollar fell from four-week highs against the safe-haven yen and slid versus the Swiss franc, another safe haven.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>“The fact that the U.S. is still sort of acting aggressively toward Iran and still taking a hard line helped create demand for safe havens,” said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>MSCI’s all-country world index shed 0.03%, paring an early advance that lifted it to an all-time high.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Stocks on Wall Street retreated after the Dow Industrials earlier crossed the 29,000 mark for the first time, helped by gains in technology and healthcare stocks.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The Dow Jones Industrial Average fell 133.13 points, or 0.46%, to 28,823.77, the S&P 500 lost 9.35 points, or 0.29%, to 3,265.35 and the Nasdaq Composite dropped 24.57 points, or 0.27%, to 9,178.86.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>European shares also retreated. The pan-European STOXX 600 index lost 0.12% and Germany’s DAX fell 0.09%, while Britain’s FTSE 100 closed down 0.14%.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The Labor Department said the U.S. jobless rate held steady at near a 50-year low of 3.5% last month and nonfarm payrolls increased by 145,000 jobs, above the 100,000 mark needed to keep up with population growth but below expectations.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>A Reuters poll showed the market expected job growth of 164,000.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The soft U.S. payrolls number, following a batch of strong economic figures, was unlikely to sway the Federal Reserve from its current neutral stance on rates, analysts said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The dollar index fell 0.09%, with the euro up 0.13% to $1.1119. The Japanese yen strengthened 0.03% versus the greenback at 109.49 per dollar.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>MSCI’s emerging market currency index, was little changed on Friday after hitting a 1-1/2-year high on Thursday, but was still likely to post its sixth straight week of gains.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Oil fell below $65 a barrel in its first weekly loss since late November, erasing the week’s risk premium sparked by Soleimani’s killing as investors focused on rising U.S. inventories and other signs of ample supply.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Worries over the longer-term risks of conflict could potentially push prices higher, however.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Brent crude, the global benchmark, slid 39 cents to settle at $64.98 a barrel, its first weekly decline in six weeks. West Texas Intermediate crude settled down 52 cents to $59.04.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>U.S. gold futures settled up 0.4% at $1,560.1 an ounce.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-family:"Verdana",sans-serif;color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=300 height=296 id="_x0000_i1027" src="cid:image004.jpg@01D5C9B0.6E7053E0"></span></a><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:21.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:21.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Commodities Markets<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:21.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Strengthening dollar curbs copper rebound<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - Copper was up by more than 1% for the week on Friday as fears of conflict in the Middle East diminished and exchange inventories continued to dwindle, though prices were kept in check by a stronger dollar.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Benchmark copper on the London Metal Exchange (LME) rose 0.3% to $6,198 a tonne in final open-outcry trading and had gained 1.1% this week. It had dropped 1.4% the previous week after a U.S. air strike killed an Iranian commander and Tehran threatened revenge.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>The dollar was up 0.6% this week against a basket of major currencies, making metals priced in the greenback more expensive for buyers with other currencies and potentially weakening demand.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>EQUITIES MARKETS: Global shares set record highs on Friday as investors cheered an apparent de-escalation in U.S.-Iran tensions and looked instead to prospects of improved economic growth.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>DOLLAR: The U.S. dollar is likely to remain strong this year, Reuters polling of FX strategists found.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>TRADE: U.S. President Donald Trump said on Thursday a phase one trade deal with China could be signed shortly after Jan. 15.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>PAYROLLS: U.S. job growth slowed more than expected in December, but the pace of hiring remains more than enough to keep the longest economic expansion in history on track despite a deepening downturn in manufacturing.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>FEDERAL RESERVE: The jobs data will probably not change the Federal Reserve’s assessment that both the economy and monetary policy are in a “good place.” Fed officials had said the economy may have weathered the worst.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>JAPAN: Core machinery orders in Japan are likely to have risen in November after four months of decline, a Reuters poll showed.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>COPPER STOCKS: Headline inventories in LME-registered warehouses fell by 3,100 tonnes to 132,725 tonnes, down from nearly 340,000 tonnes in August. MCUSTX-TOTAL<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Stocks in warehouses monitored by the Shanghai Futures Exchange fell 5.4% from last Friday to 133,745 tonnes. CU-STX-SGH<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>POSITIONING: Speculators reduced their bets on lower prices. Their net short in LME copper had fallen to 6.5% of open contracts by Tuesday, from 17% late last month, broker Marex Spectron said.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>TIN: Indonesia’s December exports of refined tin rose 23% year-on-year to 6,447 tonnes, data showed.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>NORSK: Metals maker Norsk Hydro said it expected its sales of low-carbon aluminium made from recycled drink cans and other scrap to more than double this year and to increase further in 2021 and beyond.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>OTHER METALS: LME aluminium rose 0.1% in closing rings to $1,806 a tonne; zinc eased 0.1% to $2,375; lead added 0.1% to $1,931; nickel advanced 0.8% to $14,190; and tin, untraded in rings, was bid down 0.2% at $17,225.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>All but aluminium were up over the week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Asia Gold-Price dip revives Indian gold demand<o:p></o:p></span></b></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>(Reuters) - Physical gold demand improved in India in the second half of this week as domestic prices slipped from a record high, though demand in other Asian regions was dented by a spike in global prices to their highest in nearly seven years.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Benchmark spot gold prices surged on Wednesday after Iran’s retaliatory attacks on U.S. troops in Iraq.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>In top consumer China, premiums shot up to $7-$7.50 over the benchmark price, against $3.50-$4.50 the previous week, as investors rushed into the safety of the bullion amid concern over the potential for wider conflict in the Middle East.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Indian demand improved in the second half of the week after prices corrected from the record high of 41,293 rupees hit on Wednesday.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Dealers in India were offering a discount of up to $7 an ounce to official domestic prices, compared with a discount of $13 last week. The domestic price includes a 12.5% import tax and 3% sales tax.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>However, the price rally was brief and prices have retreated 4% from this week’s highs.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Traders in Japan and Singapore took profits as prices surpassed the $1,600 an ounce level for the first time since April 2013.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>In Singapore, premiums fell to $0.50-$0.60 an ounce from last week’s $0.60-$0.80.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>In Japan, gold was sold at a premium of about $0.50 an ounce, while premiums in Hong Kong stood at $0.30-$0.40, unchanged from last week.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'>Gold prices in Bangaldesh surged to a six-year high this week, with the best quality gold priced at 60,361 taka ($710) per Bhori, or 11.664 grams, the Bangladesh Jewellers Association said on Saturday. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;text-indent:1.35pt;line-height:105%'><o:p> </o:p></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:7.2pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=847 colspan=5 style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><strong><span style='font-family:"Verdana",sans-serif;color:#345883'>INVESTORS DIARY 2020</span></strong><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=230 colspan=2 style='width:172.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Company</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=222 style='width:166.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Event</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Venue</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=173 valign=bottom style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif'>Date & Time</span></b><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:3.25pt'><td width=230 colspan=2 valign=top style='width:172.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><o:p> </o:p></p></td><td width=222 style='width:166.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><o:p> </o:p></p></td><td width=173 valign=top style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=226 valign=top style='width:169.55pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=226 colspan=2 style='width:169.55pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><o:p> </o:p></p></td><td width=173 valign=top style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-size:10.0pt;line-height:105%;font-family:"Trebuchet MS",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:106%'><span style='font-size:12.0pt;line-height:106%;font-family:"Times New Roman",serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=230 colspan=2 valign=top style='width:172.35pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><b><span style='font-family:"Verdana",sans-serif;color:black'><o:p> </o:p></span></b></p></td><td width=222 style='width:166.75pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=173 valign=bottom style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#D9D9D9;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><b><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-US'><o:p> </o:p></span></b></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=452 colspan=3 valign=top style='width:339.1pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=173 valign=bottom style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:3.25pt'><td width=452 colspan=3 valign=top style='width:339.1pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=222 style='width:166.45pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=173 valign=bottom style='width:129.4pt;border-top:none;border-left:none;border-bottom:solid #BFBFBF 1.0pt;border-right:solid #BFBFBF 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt;height:3.25pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><span style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif;mso-fareast-language:EN-US'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:3.25pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr style='height:99.35pt'><td width=847 colspan=5 style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;padding:0cm 5.4pt 0cm 5.4pt;height:99.35pt'><p class=MsoBodyText style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:0cm;margin-left:39.6pt;margin-bottom:.0001pt;line-height:105%'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=763 height=259 id="Picture_x0020_2" src="cid:image005.jpg@01D5C9B0.6E7053E0"></span></a><span lang=X-NONE style='font-size:11.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:99.35pt'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'>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.</span></i><i><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p></o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><i><span lang=EN-GB style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:white'><o:p> </o:p></span></i></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=top style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'>(c) 2020 <b>Web</b>:</span><a href="http:// www.bulls.co.zw "><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'> www.bulls.co.zw </span></a><b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'>Email:</span></b><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'> </span><a href="mailto:info@bulls.co.zw"><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif;color:black'>info@bulls.co.zw</span></a><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'> <b>Tel:</b> +263 4 2927658 <b>Cell:</b> +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=847 colspan=5 valign=bottom style='width:634.95pt;border:solid #BFBFBF 1.0pt;border-top:none;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-size:7.0pt;line-height:105%;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr height=0><td width=226 style='border:none'></td><td width=4 style='border:none'></td><td width=222 style='border:none'></td><td width=222 style='border:none'></td><td width=173 style='border:none'></td><td width=6 style='border:none'></td></tr></table></div><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal style='background:white'><i><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Invest Wisely!</span></i><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><b><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Bulls n Bears </span></b><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Telephone: <a href="tel:%2B263%204%202927658" target="_blank"><span style='color:black'>+263 4 2927658</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Cellphone: <a href="tel:%2B263%2077%20344%201674" target="_blank"><span style='color:black'>+263 77 344 1674</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Alt. Email: <a href="mailto:info@bulls.co.zw"><span style='color:blue'>info@bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Website: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw&sa=D&sntz=1&usg=AFQjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ" target="_blank"><span style='color:black'>www.bulls.co.zw</span></a> </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Blog: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw" target="_blank"><span style='color:black'>www.bulls.co.zw/blog</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe</span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='background:white'><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Facebook: <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span style='color:black'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Verdana",sans-serif;color:black;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears </span><span style='mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal><span style='mso-fareast-language:EN-ZW'><img border=0 width=210 height=101 id="Picture_x0020_1" src="cid:image006.jpg@01D5C9B0.6E7053E0" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>