Dairibord forex sales volumes jump 186pc.
Dairibord Holdings limited, Zimbabwe’s biggest dairy processor, says its volumes sold in foreign currency grew by 186 percent in the first quarter to March 31, 2022, driven by measures the company undertook to enhance foreign currency generation. The Zimbabwe Stock Exchange listed company said this saw foreign currency acquired volumes account for 40 percent of the firm’s total volume for the period under review, up from 17 percent recorded over the same period in 2021. Out of Dairibord’s 40 percent sales volumes sold in foreign currency, 32 percent were realised from domestic sales, up from 13 percent in 2021 while exports contributed eight percent. The out-turn during the quarter to March drove Dairibord’s overall foreign currency revenues to improve by 182 percent. “The business maintained the focus on foreign currency generation to improve the capacity to procure raw and packaging materials. Resultantly, volumes sold in foreign currency grew 186 percent,” said Dairibord in its quarterly trading update to March 2022. In the period under review, Dairibord’s total sales volumes grew to 23 million litres which were 17 percent ahead of 2021 volumes while foods and beverages uptake improved by 29 and 31 percent respectively.
The ZSE continues trading in the red amid week trades
The All-Share resumed its downward trajectory today as market activity increased from yesterday, losing 3.78 percent to close at 25,685.41, with the ZSE Top 10 and 15 losing 3.56 percent and 3.74 percent, respectively. The Medium Cap was also down 4.55 percent, closing at 610613.07. Mashonaland Holdings were traded in large quantities, totaling ZWL$152,239,794.
As the market fell, a few equities rose in response, trading in the green zone. At the top of the list was Med Tech (Class A), which rose 11.11 percent to close at ZWL$22. Small Cap Zimpapers was the next stock to trade in the green, rising 10.01 percent on 8900 shares traded to close at 6.58.
Tanganda was the day's shaker, with 42000 shares trading during the session and a massive margin of 14.82 percent decline. The Shakers' second stock, First Mutual Properties, fell 14.55 percent to settle at $8.20. With barely 100 shares traded, Fidelity Life was also among the movers and shakers, losing 14.29 percent.
On the ETF market, the Datvest ETF dropped 1.25 percent to close at $2.27, while the Old Mutual Top 10 ETF gained 2.31 percent to close at $10.44, but the Top 10 index fell 3.56 percent (tracking error). The Morgan & Core ETF also ended the day in the green, up 2.29 to 21.