Inflation surges to 191.7% (Newsday)

ZIMBABWE’S annual inflation jumped to 191.7% in June from 131.7% recorded last month, further spiking upwards prices of basic goods and services. The 60% point movement comes on the back of yet another fuel price hike of US$1.88 from US$1.76 for diesel and US$1.77 from US$1.73 for petrol. The latest report by Zimbabwe National Statistics Agency (Zimstat) revealed that the cost of living for a family of six has increased to $110 550 from $14 041 for monthly expenses. This represent an increase of 31.2% when compared to the May 2022 figure of $14 041.38, “Zimstats said. In its own assessment, the Consumer Council of Zimbabwe, however pegged last month’s consumer basket at $120 000 for a family of five. Economist Prosper Chitambara said government was driving inflation through financing of its capital expenditure. Another economist Christopher Mugaga believes. “The policy on statutory reserves is fueling inflation or growth in money supply as banks have no interaction with their supervisor (RBZ) to meet the statutory requirements

GMAZ engages govt to avert bread shortage (Newsday)

The Grain Millers Association of Zimbabwe (GMAZ) has engaged the government to access foreign currency to clear outstanding payments on imported wheat as an acute bread shortage looms. Wheat stocks have severely depleted over the past few weeks as bakers push for permission to sell bread exclusively in United States dollars. Millers and bakers are reportedly at loggerheads with the Reserve Bank of Zimbabwe over its late disbursement of forex to winning bids at the foreign currency auction floor. GMAZ chairman Tafadzwa Musarara admitted that the country was struggling to procure enough wheat due to lack of foreign currency. Said Musarara. “We confirm that National Foods Limited, the biggest wheat miller, and other three major bread flour producers have temporarily stopped producing bread flour on account of limited stocks of wheat due remmitance challenges. GMAZ is hopeful that its engagement with government would yield positive results.

"The ZSE ASI commenced the week on a positive note as all indices gained"

The local exchange's losing trend came to a halt as the ASI gained 99 basis points to close at 21,282.53 catapulted by gains in all indices. The Top 10 index moved up by 0.75% reflecting the performance of the blue chips during the session, whilst the penny stocks rallied 1.98%. The stock market saw an improvement in trading volumes, as 87.9 million shares worth $907.1 exchanged hands. Turnall anchored both volume and value aggregates with 83.8 million shares (95% of volume) exchanged hands for $382 million (42% of value). Other noteworthy trades were recorded in Delta as $167 million worth of shares exchanged hands. The financial giant CBZ continues soaring, gaining 14.65% as it led the stocks on the move. Turnall jumped 13.89% to close at $4.57, whilst CFI gained 10.39% to close at $132.41

Meanwhile the hoteliers African Sun retreated back by 9.88% to close the session at $18.01 ZHL, FMP, fell 2.55 percent to close at $11.65, Tanganda continued to trade negatively, falling a further 0.41 percent to $228.00.

On the ETF market, the Datvest ETF continued falling as it lost a further 0.23% to close at $1.99, whilst the other ETF’s closed on a positive note as OMTT surged 1.55% (0.56 percentage points above Top 10 index), Miz gaining 4.60%