Economic Update: 23 March 2018

  If you can't see this e-mail properly, view it online  
--
--
   
 
 

Local News

 

Govt to introduce special desks for mining – Government will soon introduce mineral specific desks as well as a special desk on artisanal and small-scale mining within the ministry of Mines and Mining Development as part of efforts to re-organise the ministry and position it to realise its full potential. Small-scale miners’ contribution to mining sector output has rapidly been on the increase over the years and in 2017 they accounted for 13,2 tonnes of the country’s total gold output which stood at 24,9 tonnes and are this year targeting to surpass that figure. (Herald)

Tobacco joins command agric programme – Tobacco will now be included in the command agriculture programme from the start of the upcoming season. Officiating at the launch of the 2018 tobacco marketing season in Harare yesterday, V.P Chiwenga assured farmers that government would support tobacco farming in order to boost economic development due to its foreign currency generation. The inclusion of tobacco under command agriculture is part of government’s efforts to increase the production of the golden leaf, which this marketing season is expected to see between 180 million and 200 million kilogrammes of the crop sold. (Newsday)

 

Market Data

 

Precious Metals

 

Metal

Current price

Previous price

Change (%)

Gold

1314.25

1312.09

 

0.16

Platinum

946.33

953.50

0.76

 

95pc repayment of loans encouraging: CBZ – Zimbabwe’s largest banking group by assets and deposits, CBZ Holdings Limited says repayment of loans by small to medium enterprises has been encouraging at 95 percent. This has prompted the financial services group to pour an additional $10 million facility this year for SME lending, in addition to the $10 million facility that was unveiled last year. Acting group chief executive Peter Zimunya said there was a willingness from SMEs to meet their financial obligations, contrary to common belief the sector was reluctant to follow conventional financial services such as banking and loan repayments. (Herald)

 

International News

 

Gold rebounds – Gold recovered from a three-week low as the dollar eased on profit-taking ahead of the US Federal Reserve’s meeting later yesterday, which could provide further clues on the pace of expected interest rate increases. With a rate rise of 25 basis points seen as a done deal, investors will be on the lookout for whether the Fed forecasts four increases in 2018, one more than previously forecast. Spot gold was up 0,4 percent at $1,315.71 an ounce at 1111 GMT, having dropped as low as $1,306.91 in the previous session. (Reuters)

Oil nears 6-week high – Oil rose for a second day yesterday, nearing its highest in six weeks after a surprise decline in US inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market, even though refinery maintenance reaches a peak this month, but with the hardening stance of the United States towards Iran, most investors were reluctant to sell oil aggressively. Brent crude futures were up 84 cents on the day at $68,26 per barrel by 1202 GMT. (Reuters)

 

Regional Stocks

 

 

Index

% Change

Botswana (BGSMDC)

8,645.36

0.01

Mauritius (SEMDEX)

2397.36

0.15

KENYA (NSEASI)

190.45

0.98

SOUTH AFRICA (JALSH)

58288.87

0.35

NIGERIA (NGSEINDX)

41495.43

0.46

 

Exchange Rate

 

CURRENCIES

Exchange Rate

GBP/USD

1.41488

USD/ZAR

11.8368

EURO/USD

1.23555

USD/PULA

9.61540

USD/AUD

1.29043

USD/INR

65.0639

USD/JPY

105.877

 

Zimbabwe Stock Exchange

 

Indices

Points

Change (%)

ALL SHARE

86.48

0.02

INDUSTRIAL

289.30

0.07

MININGS

124.91

1.61

 

Zimbabwe Stock Exchange Performance

 

The Industrial Index was down 0.07% to 289.30 points on the back of a 20% gain in Fidelity Life Assurance which was offset a 1.41% decline in Econet Wireless. The Mining Index was up 1.61% to close at 122.73 points. The All Share Index was down 0.02% to close at 86.48.

 

Top gainers

Price($)

Change (%)

Fidelity Life

0.0960

20.0

Bindura Nickel

0.0325

8.33

Simbisa

0.3400

3.03

Axia Corp

0.2001

1.57

Old Mutual

5.4744

0.16

 

Losers

Price($)

Change (%)

Econet

0.6704

1.41

 
     
 

 
     
 
     
 
  Follow us | facebook twitter pinterest rss  
--
--
  If you don't want to receive our news anymore, unsubscribe  
Powered by AcyMailing

Add comment


Security code
Refresh