Uganda shilling and global market report – September 12, 2016


The Uganda shilling closed at 3377 on the US dollar but had weakened quite a bit in the daytime and is trading in a very tight range so it is something to keep an eye on.  It closed at 4503 on the British pound, 3794 on the Euro, 50.60 on the Rupee, 33.34 on the Kenyan shilling, 2590 on the Canadian dollar, 2555 on the Australian dollar and 1.55 on the Tanzania shilling.  It is too bad that importers in Uganda do not read my business report because weeks ago when the shilling bridged key support at 3375, I advised them to buy dollars.  Wacha.  Now they will see teeteering and not knowing where to go.  The fact that it touched key support of 4000 on the US dollar last week ought to tell them the direction of the shilling.

Coffee Arabica closed at $3.70 per kilo.

Coffee Robusta closed at $2.11 per kilo.

A bit of weakness in coffee but I would use this opportunity to buy rather than sell.  Winter is coming and the price of coffee will increase.  Just mix shipments of both types if you do not own a roasting house to blend them all.

Gold is trading at 1328 with hardly any significant movement.  Although we had some irrational exuberance on the markets so we did not see money fly into Gold.

Brent Crude Oil closed at $48.22 after gaining $0.34 per barrel.  Earlier in the day I had shared information on oil being hyped up.  Believe me, this thing is going down because more rigs are now in production.  Forget the OPEC Russia thing to reduce supply.  The professionals say the inventory is a lot and the low prices will stay for a while.

WTI Crude Oil closed at at $46.29 after gaining $0.41 per barrel.  These small movements will shake out weak hands.




Shanghai – okay, now we are in problems.  The SSEC lost 57 points.  It is not so much that it fell but it fell under a key support level so we will likely see weakness in Shanghai.

Hong Kong woke up, went to the market, dropped, then realised it was a bad idea, then climbed up and closed with zero change.  This is a frustrating one for people who trade the HKDOW but it is well behaved though.

Tokyo gapped down and did not even bother to climb a bit.  It lost 298 points.  The Nikkei still has some support though so I would be careful shorting it although it is looking hot now for shorting.



Frankfurt tanked. I am not polite. The DAX gapped down big time and then tried to recover but it was too late and it closed with a loss of 142 points.  It bounced off the 50 day MA and closed up above it by the grace of God.  The gap is big though and usually the DAX does not pull such big gaps.  Short it or stay on the sidelines.


Paris is like Frankfurt was taking over Paris.  It also gapped down and pulled the same move as the DAX. It closed with a loss of 51 points.  Shortable but be careful though because the GeoPolitical things can turn the market against you.

London has finally confirmed that it is a good short.  It lost 76 points and closed under a key support level at the 50 day MA.  If you are holding this index, I would suggest that you take 50% off the table and watch what it does next.


North America:

Toronto tried to recover and gained 57 points and could be good for a short but I lean on the side of shorting the TSX.

Dow Jones Industrial Average gained 240 points but it is a mute call given how hard it fell on Friday.  The chart says it all.  The gain is wrapped up in the negative big red candle from Friday.  Buy it (long) at your own risk.

Standard and Poor gained 31 points but faces the same chart as the DOW so read above.

NASDAQ gained 86 points with a beautiful white positive candle. Sadly, it only had to climb a few notches in order not to close in the body of the red negative candle from last Friday.  This gain for the NAS is actually very impressive.



I have not been busy on the World News scene on The Insider.  Well, schools opened up and all the course schedules, tuition, sports, etc.

If you really need to stay up to date, follow me on all social media and you will get more timely information until we sort these schools out.

Martha Leah Nangalama

Moncton, Canada

Twitter @mlnangalama

I have an IT and business background and all my information is public.  My opinions do not reflect on anyone.

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