The Uganda shilling ended the day at 3472 on the US dollar, 4945 on the British pound, 3784 on the Euro, 34 on the Kenyan shilling and 2463 on the Canadian dollar. The next stop for the shilling is 3500 which is its support or 3300 which is its resistance. Once we cross 3300 we will see a snag at 3250. However, should we fall to 3500, then things will look bleak.
Coffee Arabica closed at $2.98 a kilo.
Coffee Robusta closed at $1.60 a kilo.
Gold last traded at $1116 per ounce. Gold has been creeping upwards slowly but not with violent movements so we can say that investors are not fleeing the stock markets into gold as they tend to do when there is uncertainty.
Oil busted a nice move. It went up 6.39% ($1.98) closing at $32.95 a barrel. It is on solid footing on its way up as the positive today combined with that one of yesterday erased Monday’s fall completely.
Shanghai fell hard today but managed to recover in the trading day recoiling to only a loss of 0.52% (14 points) and finishing at 2736. Rising tides make all the boats rise up so this one was not going to stay down for too long. I would still be cautious because that fall of Tuesday was a nasty one.
Hong Kong had no change at all.
Tokyo caught fire and ran away from yesterday’s drop. It rose 2.72% gaining 455 points and closing at 17164.
Frankfurt rose 0.59% gaining 58 points and finishing at 9881. It is rising nicely.
Paris rose 0.54% gaining 24 points and closing at 4380.
London did a nice job too. It rose 1.33% gaining 79 points and finishing at 5990.
Toronto rose 0.38% gaining 46 points and closing at 12378. TSX is oil heavy so oil will determine its upswing.
Dow Jones Industrial (New York) fell 1.38% losing 223 points and closing at 15944. The good thing about today’s fall is it was contained within the body of yesterday’s rise. Profit takers must have been on the loose (today’s chart).
Standard and Poor behaved like the Dow too falling 1.09% (21 points) and closing at 1883. The drop was contained within the body of yesterday’s gain though.
NASDAQ. Oh my! Dow and S&P sneezed so the Nasdaq caught a bad flu. It fell 2.18% (100 points) finishing at 4468.
Overall, the markets are looking good and oil is rising nicely. Until Iran joins into the glut.
Martha Leah Nangalama
The writer is an IT analyst for an oil company and has experience trading stocks, options and forex.
All the opinions expressed are mine and mine alone. They do not reflect on my employer or any organisation I am affiliated with.