The ZSE Industrial gained 1.2% to close the week at 224.4 on the back of gains in Mashonaland Holdings (+19.3%), Barclays Zimbabwe (+10.7%), and Innscor Africa (+9.3%). During the week, losses were recorded in National Foods Holdings (-4.3%), Econet Wireless (-2.2%), and Kingdom Meikles Africa (- 1.6%). The top traders by value were Delta Corp Zimbabwe (USD 6.4m), Econet Wireless (USD 1.8m), and CBZ Bank (USD 1.2m). Trading in these shares accounted for 66.6% of this week’s turnover of USD 14.1m. The average weekly value traded in the last six months is USD 8.4m. The ZSE Industrial is up 47.2% YTD and the total market capitalisation is currently USD 5.8bn.
The Zimbabwe National Statistical Agency, published inflation numbers for the month of June this week. All items Consumer Price Index came in at 1.87% y/y, shedding 33 bps from the prior month rate of 2.20%.The food and non-alcoholic beverages y/y inflation was recorded at 2.90% while the non-food inflation rate came in at 1.35%. On a m/m basis, inflation showed a decline of -0.13%.
Aico Africa is reportedly set to dispose of a 20% shareholding in SeedCo to a United Kingdom seed company, Limagrain. The money realised from the transactions would be used to finance some of the group’s operations. Aico owns 50% shareholding in SeedCo, 100% in the Cotton Company of Zimbabwe and 49% in Olivine Industries.
Toronto Stock Exchange listed miner, New Dawn on Friday said consolidated gold production at its operations in Zimbabwe for the second quarter of 2013 increased by 4.7% compared with the same period last year. In a trading update, New Dawn said 9 986 ounces of gold were mined during the quarter ended on 30 June, compared with 9 536 ounces produced during the same period last year.
MBCA Bank has secured USD 75m from majority shareholder, Nedbank Group of South Africa, to provide lines of credit to Zimbabwean companies. The funds will largely be utilised to finance agricultural and mining sector projects.
An SA based firm, Vasari Global Holdings, has reportedly won the bid to acquire a controlling stake in Cairns Holdings. Vasari was amongst four leading bidders eyeing the Reserve Bank of Zimbabwe stake in the group. The other three are Dairibord, Judah Holdings and Eastern Trading Company of South Africa.
Excerpt from The Africa Weekly
The Zimbabwe National Statistical Agency, published inflation numbers for the month of June this week. All items Consumer Price Index came in at 1.87% y/y, shedding 33 bps from the prior month rate of 2.20%.The food and non-alcoholic beverages y/y inflation was recorded at 2.90% while the non-food inflation rate came in at 1.35%. On a m/m basis, inflation showed a decline of -0.13%.
Aico Africa is reportedly set to dispose of a 20% shareholding in SeedCo to a United Kingdom seed company, Limagrain. The money realised from the transactions would be used to finance some of the group’s operations. Aico owns 50% shareholding in SeedCo, 100% in the Cotton Company of Zimbabwe and 49% in Olivine Industries.
Toronto Stock Exchange listed miner, New Dawn on Friday said consolidated gold production at its operations in Zimbabwe for the second quarter of 2013 increased by 4.7% compared with the same period last year. In a trading update, New Dawn said 9 986 ounces of gold were mined during the quarter ended on 30 June, compared with 9 536 ounces produced during the same period last year.
MBCA Bank has secured USD 75m from majority shareholder, Nedbank Group of South Africa, to provide lines of credit to Zimbabwean companies. The funds will largely be utilised to finance agricultural and mining sector projects.
An SA based firm, Vasari Global Holdings, has reportedly won the bid to acquire a controlling stake in Cairns Holdings. Vasari was amongst four leading bidders eyeing the Reserve Bank of Zimbabwe stake in the group. The other three are Dairibord, Judah Holdings and Eastern Trading Company of South Africa.
Excerpt from The Africa Weekly
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