Tanganda aims to contain costs amid inflation, currency volatility. Tanganda Tea Company has set its focus on cost management measures to curb the adverse impact of galloping inflation and currency volatility to its profit margins. The country’s economic crisis has deepened, with a rapidly depreciating local unit which is trading at more than $850 to the greenback on the parallel market amid runaway inflation that soared to 256.9% in July from 191.6% in June. Tanganda secretary said inflationary pressures were expected to continue as a result of currency volatility and global inflation. “The company is focusing on cost management to mitigate the adverse impact of rising inflation and exchange rate volatility to profit margins,” Kodzanai revealed. “The company is, however, optimistic about its prospects during the last quarter of the financial year.” She said despite the instability caused as a result of the Russia – Ukraine war, bulk tea export volumes achieved for the nine months were 7% above the same period in the prior financial year
Hippo confident of sector increase in sugar output Hippo Valley says Zimbabwe’s sugar producers have significant potential to increase yields in cane production leveraging on new varieties, improved farming practices and mechanization. This also comes as the sector is confident about getting adequate water for irrigation as Tugwi – Mukosi and Mtirikwi dams – used to irrigate sugarcane plantations in the Lowveld – are close to full capacity. As such producers are set to accelerate opportunities for horizontal expansion through new sugarcane projects. The significant water resource is expected to benefit mainly the new farmers who are keen to take advantage of existing excess capacity to supply the cane processing mills. During the financial year 2022, total sugar industry sales volume went down to 394 000 tons compared to 440 000 tons achieved in the prior year. Hippo accounted for 53.2 percent which was an improvement from 50 percent in 2021.
" The ZSE remained in negative territory, dragged down by blue chips.."
All major indices experienced losses on Wednesday, which led to further weakness in the broad ASI. The local stock exchange traded in lockstep with its Top 10 as it declined 0.70% to close at 15,654.10, while the Top 15 index fell 0.60% and the small caps 0.11% lower. 4,5 million shares worth $268.6 million changed hands on the market in extremely minimal trades. 625.7 thousand shares of Delta anchored value aggregates were traded for $137.47 million. ZHL, the reinsurers, led the stocks on the move board with a gain of 2.61% after trading 2.3 thousand shares to settle at $3.71. Edgars also experienced modest changes, firming 1.66% to close at $6.10.
NMB, the merchant bank, led the losers as it traded on the circuit breaker's lower limit, losing 15% to settle at $17.00, while Mash lost 13.23% to close at $4.33. Truworths dropped by 9.26.
The Made in Zimbabwe ETF was the only one on the ETF board to trade in the green, up 0.36, while the CSAG and the MCMS both fell, with losses of 8.88% and 6.33%, respectively.
On the VFEX, Padenga gained 2.63%, to close at US$0.33 after trading 1000 shares