The Uganda shilling closed at 3465 on the US dollar, 4916 on the British pound, 3773 on the Euro, 33.85 on the Kenyan shilling and 2388 on the Canadian dollar.
Coffee Arabica closed at $2.95 a kilo
Coffee Robusta closed at $1.62 a kilo.
Gold is at $1088 per ounce.
Oil closed at $28.77 a barrel but something happened after that. In after hours trading, it dipped to $26.55 a barrel. After hours is usually low volume trading but it still leaves a bad taste in the mouth of traders. Here is an article about that drop. http://www.cbc.ca/news/business/stocks-markets-loonie-oil-1.3411432
Shanghai fell 1.03% losing 31 points and closing at 2977. Believe it or not, the news around the stock markets today was worrisome but when you look at the charts, the markets are turning up.
Hong Kong had no change. It fell really hard then ended up closing at the opening price. This is a very good sign that there was a balanced volume of sellers and buyers so no one won but it means on Thursday Jan. 21, 2015 the sellers will be more cautious because they will likely meet more buyers and push prices up. God willing.
Tokyo crashed. It lost 3.71%, 632 points closing at 16416. This is heart breaking. Hopes being crashed. Just look at the ugly red candle in the chart. Today’s chart is Nikkei and indicates that there is more selling to follow. In fact the news media and analysts are saying Tokyo has gone into bear territory. Simply means, more sellers than buyers also usually referred to as a Bear Market.
Frankfurt fell 2.82%, 273 points closing at 9392. Its chart is not as ugly as Tokyo but still looking iffy.
Paris fell 3.45% losing 147 and closing at 4125. Its chart looks like Frankfurt; downside.
London fell 3.46% losing 203 points and closing at 5674. The chart for this one is as ugly as Tokyo. Not good.
Toronto dived very hard and then recovered but still closed at 1.33% less, 159 points less and ending at 11843.
The DOW Industrial also fell really hard but managed some recovery ending up with a loss of 1.56%, 249 points less and finishing the day at 15767. The chart is similar to London and Tokyo and these are big drivers of the market.
NASDAQ behaved better than all the other markets next to Hong Kong. It dropped really low then recovered to end up with 0.12% loss with 5.26 points less and closing at 4472. Remember that the Nasdaq is not commodity loaded.
What the oil and charts are showing is more downside and this recovery (whatever it is we can think of it) might not be as easy as one would think. Just imagine that Iran has not released those 500,000 barrels a day extra onto the market yet but soon to start and then you shall see real and true panic. Usually such is priced in but I see quite a lot of fear on the markets now. It does not help that bombs are dropping in some oil dropping parts of the world.
Martha Leah Nangalama
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