THE Institute of Chartered Accountants of Zimbabwe (ICAZ) this week marked 104 years of existence. The Financial Gazette’s Senior Staff Writer Farai Mabeza (FM), spoke to ICAZ president Tumai Mafunga (TM) on issues affecting the accounting profession in Zimbabwe. Below are excerpts of the interview: FM: Congratulations on your anniversary. Could you give us a…
THE value of shares traded on the Zimbabwe Stock Exchange (ZSE) last year amounted to $65,3 billion, a 277 percent increase on prior year, official data shows. In their portfolio manager’s digest for the fourth quarter of 2021, Old Mutual Securities (Omsec) said the performance was mainly driven by inflation hedging activities during the year…
FIRST Mutual Wealth (FMW) says sub-inflation returns, which have persistently threatened the viability of the money market, are likely to continue in 2022. Although interest rates increased last year, they still do not compensate investors for inflation risk. “The trend is unlikely to change significantly in 2022 if annual inflation remains within the double-digit realm,”…
MORGAN & CO’s multi-sector Exchange Traded Fund (ETF) has gained 25 percent since its units started trading on the Zimbabwe Stock Exchange (ZSE) last Tuesday. It closed yesterday at $12,5 per unit, compared to $10 at the market opening last Tuesday. ETFs are managed funds that track the performance of a specified security, which include…
SOUTH Africa (SA)’s ongoing blitz on illegal immigrants poses a threat to Zimbabwe, which is estimated to have more than a million citizens living in that country and has lately benefited immensely from diaspora remittances, analysts have said. This comes as the regional economic giant has resolved to deport all illegal immigrants from its neighbour…
AIM-listed Caledonia Mining Corporation has announced the transfer of a total of 76 530 common shares to outgoing chief executive Steve Curtis and chief financial officer Mark Learmonth. This follows the maturing of long-term incentive plan awards this month which were made under the 2015 omnibus equity incentive compensation plan of the company. In a…
NATIONAL Tyre Services (NTS) says it is optimistic that road infrastructure development, continued investment in the productive sector and economic stability will create opportunities for the tyre business. The company suffered an inflation adjusted loss of $62,2 million for the half year to September 30, 2021 from a profit of $53,5 million in the prior…
FOREIGN currency distortions on the market are driving up the cost of local production, piling pressure on companies’ margins, due to the growing gap between the official and parallel market rates. This comes as a shortage of foreign currency on the Reserve Bank of Zimbabwe’s (RBZ) auction system has pushed demand for the greenback on…
STAR Africa Corporation (StarAfrica) says its equipment maintenance and re-tooling programme which began in 2020 has started to pay-off, with sugar production levels going up. In a statement accompanying the group’s trading update for the quarter ended June 30, 2021, StarAfrica said the comprehensive capital investment strategy and equipment maintenance plan is credited for the…
POWERSPEED Electrical (Powerspeed) says the rising global cost of freight is piling pressure on the business and trimming profit margins. The rising freight costs, which hugely disrupted the electricals manufacturer and distributor’s supply chains owing to the global Covid-19 pandemic-induced lockdowns, forced Powerspeed to ramp up local manufacturing. In a financial statement for the year…
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