The Uganda shilling closed at 3372 on the US dollar, 4423 on the British pound, 3705 on the Euro, 50 on the Rupee, 33.30 on the Kenyan shilling, 2551 on the Canadian dollar (ouch!), 2524 on the Australian dollar and 1.54 on the Tanzania shilling. The shilling is not going anywhere. Very narrow trading range lately. Month end will move it.
Coffee Arabica closed at $3.64 per kilo.
Coffee Robusta closed at $1.89 per kilo.
Gold is trading at $1316 per ounce with zero gain or less.
Oil (Brent crude) closed at $44.72 after losing $1 per barrel. It is falling. It has support in the $42 neighbourhood. This is a challenge for the African oil producers and countries like Venezuela whose economies have gone to the dogs. Meanwhile USA and Canada have no interest in cutting back production as they previously shut down many rigs. And it is not their fault that they have found economies of scale unlike the African countries whose break even cost is even as high as $68 per barrel. By the way, Saudi Arabia has the cost per barrel in the neighbourhood of $9 per barrel. Then remember that South Sudan pays Bashir $20 for transport per barrel. Ohoho, this hurts!
Shanghai gained 3 points and looks like it is recovering to continue its march North.
Hong Kong gained 1 point but it is bullish still. Beautiful chart.
Tokyo lost 7 points but has fully recovered from the 1300+ crash after Brexit.
Frankfurt gained 51 points. Booya terrorists, you will not take Germany down with your attacks.
Paris gained 7 points and ditto to the haters.
London lost 20 points and to tell you the truth, the Britons freaked out the world and have seen some of the best performance on the global markets. The $FTSE has been flying and a minor loss like this is just stopping to take a breather or some profit taking. You should always take some money off the table after such a run. Chart of the day.
Toronto lost 103 points and looks poised to drop some more this week but not very aggressively though. The $TSX is oil heavy and every time we see oil drop significantly, the TSX will go down. In any case, some people made good money so this pull back is perfectly normal.
Dow Jones Industrial Average is also pulling back. It lost 78 points. The world affairs of late are pretty bad and it is normal that people take out some money as we can no longer know where the next attack will be.
Standard and Poor lost 6.5 points forming a carbon copy of the chart from the $INDU above.
Nasdaq lost 3 points but it goes with the territory that anytime its 3 cousins above pull back, the Nasdaq does the same.
GLOBAL NEWS is covered on the World News section at www.theinsider.ug
Martha Leah Nangalama
The writer has an IT and Business background and has traded in the past.