The Uganda shilling is not moving at all and it is really frustrating because we make money on movement. It is still sleeping but it should wake up soon before we all dump it.
The Uganda shilling closed at 3370 on the US dollar, 4436 on the British pound, 3824 on the Euro, 50.43 on the Rupee, 33.21 on the Kenyan shilling, 2637 on the Canadian dollar (terribly annoying), 2588 on the Australian dollar and 1.55 on the Tanzania shilling.
I think that the shilling is holding steady because we are now going to be exporting Rolex (it is chapati, get serious). But there is weakness still because of the Geo-political affairs in Uganda so I would actually lean on the side of shorting this currency than purchasing it because even imagine their debt is 50% on GDP. Ouch!
Coffee Arabica closed at $3.44 per kilo.
Coffee Robusta closed at $1.97 per kilo.
There is a lot of money to make on coffee and Uganda exports both types. Winter will soon arrive in Europe and North America and people will be ditching the cold drinks and going for coffee and tea. I will soon be including tea on the report.
Gold lost $0.73 and closed at $1352 per ounce. Awesome news because it means that the stocks must have gone up.
Brent Crude Oil gained $1.16 and closed at $50.96 per barrel. It has resistance in the $53 neighbourhood so I would be very careful with this one because the rise will bring in profit takers and short takers. But all my oil stocks are locked in so I do not care.
WTI Crude Oil gained $1.37 and closed at $48.89 per barrel. It has resistance at $52 so just tread carefully.
Those who count on oil to shoot up must learn to read charts and read resistance and support levels and learn about stop sells and stop buys. I think I wrote about stops in the past. Use Google.
Shanghai lost 5 points. A none issue because it is very bullish (more buyers than sellers).
Hong Kong did not bother to get out of bed. Zero gain or loss.
Tokyo lost 260 points and it seems to have remembered gravity. The Nikkei is heading down like a hot potato. This is not even a big move for that index as it can move very aggressively but the chart parttern says sell.
Frankfurt gained 65 points and now it is a toss. It could fall from this level or go up.
Paris gained 19 points and it is also a toss. Both the DAX above and this CAC might just be setting up weak hands.
London gained 9 points and we have to be careful with the FTSE because it has given people ulcers from #Brexit.
Toronto lost 2 points. Likely profit takers because the TSX usually reacts to oil but one can never guess the madness of crowds.
Dow Jones Industrial Average gained 24 points. Bullish big time.
Standard and Poor gained 5 points.
NASDAQ gained 11 points.
Keep an eye on our World News section on The Insider. http://www.theinsider.ug/category/world-news/
You can also keep an eye on me on all Social Media as I shares news all the time and only write the business column after the markets close in North America.
One time, Mini walked up to the computer screens and I was trading Enron. She could barely talk and never argue with a kid. She kept yelling BAD BAD BAD. Instead of getting into a fight with a kid, I sold everything and got out. Enron went down in flames. Sometimes kids know. If my kid can read charts so can you.
Martha Leah Nangalama
I have an IT and Business background and have traded in the past besides owning stocks and mutual funds.