AdvertisementsTHE market value of the Zimbabwe Stock Exchange (ZSE) has fallen by over 80 percent in US dollar (USD) terms since February, as the local currency continues to lose value against major currencies in the face of rising inflation and falling output.Authorities in the southern African economy re launched the Zimbabwe dollar and banned a…
AdvertisementsTHE total value of shares traded on the Zimbabwe Stock Exchange (ZSE) declined by 14,4 percent to $466,6 million during the third quarter of the year, from $545,5 million recorded during second quarter due to a drop in foreign investors participation. Foreign investors accounted for 20,1 percent of the total value traded compared to 37,9…
AdvertisementsHWANGE Colliery Company (Hwange) says high costs and low output have kept it in a net current liability position. Advertisements The company, however, swung to a $3,5 million profit in the half year to June — from a $23 million loss in 2018. But total liabilities still exceeded its total assets by $286 million. “The…
AdvertisementsThe local insurance and pensions industry says the mandatory requirement to invest in prescribed assets restricts them from investing in other value preservation assets in the face of rising inflation. This comes after government gazetted Statutory Instrument 206 of 2019 which raised the prescribed asset ratios for Life assures to 15 percent from 7,5 percent.…
AdvertisementsZIMBABWE’S diesel imports dipped to a 31-month low of US$57,5 million in August from US$78,3 million in July, due to foreign currency shortages, data provided by the Zimbabwe National Statistics Agency (ZIMSTAT) has shown.Advertisements Petrol imports also fell to a 30-month low of US$24 million in July, before recovering marginally to US$26 million in August.…
AdvertisementsTHIS year Standard Chartered Zimbabwe embarked on a digitisation strategy which has seen the country’s oldest bank close down most of its brick and mortar branches across the country. The bank is left with only three physical branches out of 16 it had in 2017. The Financial Gazette’s Group Digital Editor Paul Nyakazeya (PN) spoke…
AdvertisementsTHE Zimbabwe Stock Exchange’s (ZSE) shallow Minings Index climbed 21,44 percent to 317,75 points in September buoyed by a 71,43 percent gain in Bindura Nickel Corporation (BNC). The nickel miner’s gains offset a 1,8 percent loss recorded by RioZim, the only other active counter on the index, with shares in Falcon Gold Zimbabwe and Hwange…
AdvertisementsTHE Institute of Chartered Accountants of Zimbabwe (ICAZ) says government’s decision for companies to adopt hyperinflation reporting will help with planning. The Public Accountants and Auditors Board (PAAB) last week approved the presentation of financial statements using the hyperinflationary economies standard IAS 29 — in a development that confirmed Zimbabwe is now officially in hyperinflation.Advertisements…
AdvertisementsPADENGA Holdings’ (Padenga) stock has gained more than 88 percent on the Zimbabwe Stock Exchange (ZSE) since August 28, when shareholders approved the company’s acquisition of a majority stake in gold miner, Dallaglio Investments.Advertisements Padenga spiked from 155 cents on August 28, to close at 290 cents last Friday, outperforming the All Share index, which…
AdvertisementsTHE Securities and Exchange Commission of Zimbabwe (SecZim) says government should ensure an enabling investment environment through the enactment of legislation aligned to best practice to spur the country’s underdeveloped capital markets. Tafadzwa Chinamo, the SecZim chief executive, said the local markets had a lot of room for improvement. “At the regulatory level, the market…
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