Border Timbers out of the woods The High Court has cancelled an order which placed milling and timber manufacturing company Border Timbers Limited (BTL) under final judicial management after the company successfully completed its turnaround strategy. The cancellation was made on March 9, according to a notice of cancellation of the final judicial management order. “Pursuant to the cancellation of the final judicial management order, Peter Lewis Bailey has been divested of his powers as the final judicial manager of the company,” the statement read. “Management and control of the company has been returned to the board of directors of the company,” part of the notice read. In January 2015, BTL applied to be placed under provisional judicial management as it faced viability problems which, at the time, left its 17 000 – strong workforce eddy. It was a difficult time not only for BTL but several firms in the manufacturing industry, which were affected by foreign currency shortages and depressed growth. These problems have continued to haunt Zimbabwean firms until today.
Tobacco marketing season starts today This year’s tobacco marketing season kicks off today with the usual ceremony this morning at the Tobacco Sales Floor opening auction sales with the contract floors, which will handle 95 percent of the crop, opening tomorrow. Lower volumes of the bottom half of the quality ladder, the medium to filler grades, could mean higher prices although the top grade tobacco is likely to remain at US$3,50 to US$5,40 a kilogramme. Speaking after yesterday’s Cabinet meeting, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said tobacco merchants exported 47.6 million kg of tobacco valued at US$245 million last season, compared to 28.7 million kilogrammes worth US$69.6 million exported the previous season. This season the Tobacco Industry and Marketing Board registered 123 595 farmers, down from the 145 625 growers for last season, although not all registered growers actually plant anything.
"The ASI modestly retreated as the heavyweight were close to flat
The ASI slid by 1 basis point, pulled down by narrow losses in the market's heavyweights. The amount of trading on the stock exchange surged significantly, with $398 million worth of stock changing hands. With 247.3 thousand shares totaling $179.75 million, FCB, the commercial bank, anchored both value aggregates. Innscor received $78.78 million and Delta received $75 million in other large trades. Market mood was close to flat, as demonstrated by market breadth, with 15 of the 38 equities advancing, 17 sliding, and 6 holding constant. FCB pulled the financial index up as it gained 14.06 points, bolstered by a half-year dividend payout of 38 cents, while Zimplow recovered from preceding session losses, climbing 9.68 percent to close at $1 974.28. Willdale, the brick manufacturer, added another 8.25 % to its stock price. After trading flat since the beginning of the year, CAFCA has joined the stocks on the move, gaining 5.88%.
GB Holdings, on the other hand, dropped 7.53 percent to $4.10, whereas ZHL, the reinsurers, tumbled 6.37 percent to $4.10. The price of Art has slipped 4.99 percent to $19. Meanwhile, the OMTT ETF lost 1.53%, or 1.42 percentage points worse than the Top 10 index (tracking error) from which it is based, while the MCMS ETF gained 323 basis points to $14.47 and the DMCS gained 2.92 percent.