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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal style='margin-left:36.0pt'><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@01D5ED5D.32606FE0"><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 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class=style30><span style='font-size:8.0pt;line-height:105%;color:#00B050'><o:p></o:p></span></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;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 : 26 February 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%'><a href="mailto:info@bulls.co.zw"><span style='color:windowtext;text-decoration:none'><img border=0 width=763 height=259 id="Picture_x0020_6" src="cid:image002.jpg@01D5ED5D.32606FE0"></span></a><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:"Arial",sans-serif;color:#222222;background:white'>Market Turnover ZWL$27,484,835.50 with foreign buys at ZWL$428,018.00 and foreign sales were ZWL$428,018.00 Total trades were 242<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Arial",sans-serif;color:#222222;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Arial",sans-serif;color:#222222;background:white'>The All Share index retreated by 4.86 points to close at 478.72 points. BAT eased $1.5000 to $66.0000, DELTA CORPORATION dropped $0.2763 to $7.1270 and PADENGA<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Arial",sans-serif;color:#222222;background:white'> was $0.1915 weaker at $6.0102. OK ZIMBABWE also decreased by $0.0984 to $1.9321 and CASSAVA SMARTECH traded $0.0739 lower at $2.8977.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Arial",sans-serif;color:#222222;background:white'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><span style='font-family:"Arial",sans-serif;color:#222222;background:white'>Gains were recorded in OLD MUTUAL LIMITED which added further by $3.8287 to $47.4504, FIRST MUTUAL LIMITED rose by $0.1245 to $1.0200 and NATFOODS was $0.0500 firmer at $19.2000. INNSCOR also gained $0.0481 to end at $7.0491 and AXIA traded $0.0262 stronger at $1.8301.<o:p></o:p></span></p><p class=MsoNormal style='margin-left:39.6pt;line-height:105%'><a href="http://www.nicozdiamnond.co.zw/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=733 height=221 id="Picture_x0020_5" src="cid:image003.jpg@01D5ED5D.32606FE0"></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;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'><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 firms after Mboweni's proposal to cut public sector wages<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 South African rand strengthened early on Thursday, a day after Finance Minister Tito Mboweni proposed cuts to the public sector wage bill.<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'>Financial markets cheered the proposal as rising public sector wages have long been a threat to the country’s stretched public finances.<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 some analysts are sceptical that the minister will be able to achieve the more than 160 billion rand ($10.5 billion) of wage cuts targeted over three years, given entrenched opposition from labour unions.<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'>At 0650 GMT, the rand traded at 15.2550 versus the dollar, around 0.4% stronger 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'>The only major domestic data release expected on Thursday is the producer price index, around 0930 GMT. Mboweni is also expected to brief lawmakers on his budget plans.<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'>Government bonds were firmer in early deals, with the yield on the 2026 bond down 4 basis points to 7.700%.<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%'><b><span style='font-family:"Verdana",sans-serif'>Uganda<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'>Ugandan shilling weakens as demand from energy and banks weighs<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 Ugandan shilling weakened for a second straight day on Wednesday on the back of elevated demand for hard currency from both players in the interbank and importers of fuel and other merchandise.<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'>At 1023 GMT commercial banks quoted the shilling at 3,685/3,695, compared to Tuesday’s close of 3,675/3,685.<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="_x0000_i1028" src="cid:image004.jpg@01D5ED5D.32606FE0"></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%'><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'>Stocks, oil fall further on accelerating coronavirus concerns<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) - Stocks and oil prices tumbled again on Tuesday and the benchmark U.S. debt yield hit a record low on growing concern about the effects of the spread of coronavirus on the global 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'>The market sell-off followed the largest losses in stocks in over two years on Monday and accelerated after the U.S. Centers for Disease Control and Prevention said Americans should begin to prepare for community spread of the disease.<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 Japanese yen strengthened against the dollar for a third session running, in a sign that traders are in search of relatively safer assets.<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 flu-like virus has now infected more than 80,000 people, 10 times more cases than the SARS epidemic in 2003. Several European countries were dealing with their first infections, feeding worries about a pandemic.<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 World Health Organization, however, has said the epidemic in China, where it began in December, peaked between Jan. 23 and Feb. 2 and has been declining since.<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'>On Wall Street, where stocks fell the most in two years on Monday, the S&P 500 posted its largest back-to-back drop since August 2015.<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 879.44 points, or 3.15%, to 27,081.36; the S&P 500 lost 97.68 points, or 3.03%, to 3,128.21; and the Nasdaq Composite dropped 255.67 points, or 2.77%, to 8,965.61.<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 pan-European STOXX 600 index lost 1.76% and MSCI’s gauge of stocks across the globe shed 2.31%.<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 broadest index of Asia-Pacific shares outside Japan closed 0.14% higher, while Japan’s Nikkei futures lost 0.34%.<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'>BET ON RATE CUTS<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 risks are such that bond markets are betting that central banks will have to ride to the rescue with new stimulus.<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'>Futures for the Federal Reserve funds rate have surged in the last few days to price in a 50-50 chance of a quarter-point interest rate cut as early as April. In all, they imply more than 50 basis points of reductions by year end.<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 indication of falling U.S. rates hit the dollar against a basket of its peers.<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 0.361%, with the euro up 0.27% at $1.0881.<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 yen strengthened 0.54% versus the greenback to 110.15 per dollar. Sterling was last trading at $1.3002, up 0.58% on the day.<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 rush to bonds dragged yields on 10-year U.S. Treasury notes to a record low of 1.307%. The U.S. benchmark last rose 11/32 in price to yield 1.3421%, down from 1.377% late on Monday.<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 30-year bond set a fresh record low at 1.786 and last rose 17/32 in price to yield 1.8135%.<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'>For the first time, the 10-year yield on Municipal Market Data’s benchmark scale for top-rated, tax-exempt municipal bonds fell under 1% to .98%.<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'>Gold ran into profit-taking after hitting a seven-year peak overnight, and last dropped 1.6% to $1,634.59 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'>Oil prices continued to fall as demand concerns linked to the virus’ spread outweighed supply cuts.<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. crude fell 3.11% to $49.83 per barrel and Brent was last at $54.76, down 2.74% on the day.<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:image005.jpg@01D5ED5D.32606FE0"></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'>Gold retreats from multi-year peak, but virus fears remain<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) - Gold fell over 1% on Tuesday as the metal’s rally to 7-year highs in the last session prompted profit-taking even as worries about the coronavirus kept investors anxious about the fate of global economy.<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'>Spot gold slipped about 1% to $1,644.40 per ounce by 01:56 p.m. EST (1856 GMT). U.S. gold futures settled down 1.6% at $1,650.<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'>On Monday, the metal surged as much as 2.8% to $1,688.66, its highest since January 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'>Mainland China had 508 new confirmed cases, up from 409 on Feb. 23, bringing the total confirmed cases to 77,658.<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 rapid spread of the virus beyond China has heightened fears over its impact on the global economy, driving some bets that the U.S. Federal Reserve will be pressed to cut interest rates to cushion the hit.<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'>Countries around the world are stepping up efforts to stop a pandemic of the virus that emerged in China and is spreading in Europe and 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'>Gold in euros and gold priced in sterling slid from all-time peaks hit on Monday.<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'>Among other precious metals, palladium jumped 3% to $2,707 per ounce.<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'>Silver fell 2.3% to $18.20 an ounce, having touched its highest since early September on Monday. Platinum slid 3.3% to $931.7.<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%'><b><span style='font-family:"Verdana",sans-serif'>U.S. trade panel rejects import duties on fabricated structural steel<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) - The U.S. International Trade Commission on Tuesday threw out the U.S. anti-dumping and anti-subsidy duties on fabricated structural steel from Canada and Mexico, ruling that such imports do not harm U.S. producers.<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 decision by the panel in a split, 3-2 vote is a rare rejection of U.S. duties imposed by the U.S. Commerce Department in an anti-dumping and anti-subsidy case. Under U.S. trade law, the commission does not rule on whether products were dumped below cost or unfairly subsidized, but only on whether U.S. producers suffered an injury.<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 ruling eliminates U.S. anti-dumping and anti-subsidy duties on imports of steel structures prefabricated from beams, girders, columns, plates, and flanges for use in construction. U.S. imports of such fabricated steel products in 2018 were valued at $722.5 million from Canada, $897.5 million from China and $622.4 million from Mexico, the Commerce Department 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'>For imports from China, Commerce in January had imposed final anti-dumping duty rates of up to 154.1% and anti-subsidy duties of up to 206.5%. Imports from Mexico were subjected to anti-dumping rates of up to 30.6% and anti-subsidy duties of 68.9%. On Canadian structural steel fabrications, Commerce had imposed anti-dumping duties of up to 6.7% and no anti-subsidy duties.<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:image006.jpg@01D5ED5D.32606FE0"></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 style='margin-left:36.0pt'><span style='mso-fareast-language:EN-ZW'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:36.0pt'><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:image007.jpg@01D5ED5D.32606FE0" alt="cid:image012.jpg@01D0BFE7.544DF490"><o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p></div></body></html>