LISTED cable maker CAFCA says it is concerned that the current foreign currency shortage in Zimbabwe could lead to “hyperinflation”. This comes only a decade after the country suffered an episode of hyperinflation, which has been recorded in history books as one of the worst ever after monthly inflation was reported at 2 600,24 for…
DELTA Corporation, Zimbabwe’s biggest company by market value, is bracing for cash-strapped consumers to spend less on its beverages in the months ahead. The manufacturer of Zambezi Lager beer and Coca-Cola Co. sodas is already grappling with foreign-exchange shortages that are crimping its ability to procure raw materials and service debt. Demand for its products…
THE Zimbabwe Stock Exchange (ZSE) says it will next month launch a service, which will give fund managers and institutional investors direct access to the market without manual intervention by brokers. Up until now, all trading on the local bourse has been exclusively through brokers. Even the trades on the mobile trading platform, C-Trade,…
Manchester City say they are “disappointed, but regrettably not surprised” after being referred to Uefa’s club financial control body. BBC Sport reported this week that Uefa investigators want City banned from the Champions League for a season if found guilty of breaking financial rules. Chief investigator Yves Leterme has made his recommendation to Uefa but it…
STRUGGLING coal miner Hwange Colliery Company Limited (HCCL) says its future is under threat due to the non-renewal of its western area concession. Mines minister Winston Chitando recently told Parliament that President Emmerson Mnangagwa used his executive powers to refuse HCCL a renewal licence for the concession. Without the licence, the troubles of the company,…
THE Zimbabwe Stock Exchange (ZSE) has given a free pass to listed firms that received auditors’ ‘adverse opinions’ on their results for the period ending December 2018 for failure to comply with international accounting standards as a result of a recently gazetted statute. This comes as Statutory Instrument 33 of 2019, which was gazetted after…
FOREIGN investors were net sellers of $400 000 worth of shares on the Zimbabwe Stock Exchange (ZSE) last week, latest figures show. According to the ZSE, foreign purchases accounted for $8,38 million worth of shares during the week under review while sales amounted to $8,8 million. Econet Wireless Zimbabwe (Econet) dominated the net sellers with…
DELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, says it recorded $143 million profit after tax for year ended March 31, 2019, which was a 62 percent increase from $88,5 million recorded in the prior period driven by improved beer sales. Canaan Dube, Delta’s board chairman, yesterday said volumes across the beverage categories benefited from the…
NON-FUNDED income has continued to spur the performance of Zimbabwean banks, with electronic payments emerging as the dominant channel in the local payment stream. The central bank says all banking institutions, with the exception of one, reported profits for the year ended 31 December 2018, with a 61,06 percent increase in aggregate profits from $241,94…
PRICES of property materials are expected to remain high during the second quarter of the year due to high financing costs, Old Mutual Securities (OMSEC) has said. In their portfolio manager’s report for the first quarter of 2019, OMSEC said the property sector was facing low demand in the housing market and property-related fixed assets…
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