Business

Uganda shilling and global market report – November 4, 2016

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Asian markets were red. So was Europe. North America started in green and then threw in the towel and went red.

The Uganda shilling closed at 3472 on the US dollar. A bit of appreciation on the shilling but it is heading down. I would short every bounce of the UGX. Actis (multinational) is also pulling out of Uganda after AIG announced a pull out. Umeme shares were suspended from trading on the USE. Actis was big with Umeme. So we short every bounce. Wait till Nakumati packs up. Imagine that Bridgewater International schools are also ordered shut.

Gold is at $1306 after losing $2 per ounce. It is on the upside. I would buy all the gold dips.

Brwnt oil closed at $45.57 after losing $0.79 per barrel. I bet now some of you wish you read my business report. It is at a level where risk averse people could buy a bit. The longterm is still on the downside though.

GLOBAL MARKETS

Frankfurt lost 68 points. It still has 2 more days to hit support before it bounces up.

Paris lost 34 points and aso has 2 days to die. Actually the CAC may fall for more than 2 days. It has crashed under the 50 and 200 MAs. I would short every bounce.

London lost 97 points. London Bridge is falling. The FTSE has more room to follow gravity.

Toronto lost 74 points. The TSX has totally lost the fight. This one is gonna fall big time.

Dow Jones Industrial Average lost 42 points. It is shortable but approaching support. The damn elections are distorting everything. Risk takers should consider shorting but watch carefully though.

Standard and Poor lost 3 points and hammered the drop at support. I think we will need to watch the SPX carefully.

Nasdaq lost 12 points and put in an inverted hammer but the COMPQ cannot fool us. It still has room to fall as it has not bounced off support.

GLOBAL NEWS

Apparently I did not share global news on the site today. Uganda was keeping me on my toes.

www.theinsider.ug/category/world-news/#.WB0KFMrMbqA

Follow me on Social media. I share global news and only write the business report end of trading day.

Martha Leah Nangalama

Moncton, Canada

Twitter: @mlnangalama

I have an IT and business background. All opinions are mine.

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