More taxes collected to fund development A total of $469.21 billion were collected in taxes and duties last year against a target of $387.4 billion ensuring the Government had the money to accelerate development. Gross collections for the fourth quarter amounted to $161.08 billion against a target of $108.17 billion which translates to 48.91 percent above target, reports Zimra vice – chairperson, Mrs Josephine Matambo, in her latest revenue report published yesterday. Zimra collects the excise duty, value added tax, customs duty, income tax, company taxes and the intermediate money transfer tax and all brought in more in the fourth quarter in nominal terms compared to the same period in 2020. “This is largely attributable to inflationary pressures that the country experienced for the greater part of 2021.” The sums reported were what actually flowed into the Zimra bank accounts. Late payments and what people try and avoid is not included.
ZSE to help PPC, OM resume trading
The Zimbabwe Stock Exchange (ZSE) says negotiations are still under way for the resumption of trading in Old Mutual and PPC Zimbabwe shares following suspension of the stocks in 2020. Management at ZSE are upbeat all respective shareholders will reach a position regards the return of the regional cement maker and financial service group, both major value drivers for the bourse. The shares of the two companies were suspended from trading in June 2020 together with those for Seed Co International after it was alleged, they fueled run-away inflation through exchange rate manipulation on the illegal parallel market. As a result, the fungibility of their shares were also suspended which meant that they could not be traded on the other bourses they are listed on. ZSE chief executive officer Justin Bgoni said the matter was still under discussion at regulator level although the bourse was also making efforts to see the return of the two market giants. “Old Mutual and PPC are having private discussions with the Government on the matter,” said Mr Bgoni responding to questions by email.
The ASI closed the week with marginal gains
The ZSE ASI extended gains, marginally surging by 14 basis points, buoyed by gains in all indices. Today's activity level significantly increased, as 2.3 million shares worth $173.91 million exchanged hands. The telecommunications giant, Econet anchored both volume and value aggregates dealing 1.3 million shares worth 127.8 million (74% of the days trades), In addition to this other notable trades were recorded in Delta, with $11.2 million worth of trades, and OK Zim with $9.4 million in transactions. Market sentiment as measured by the market depth was positive, with 21 of the 42 stocks rallying, 17 easing, and 4 holding steady. CBZ made inroads among stocks on the move, as it racked in 916.89%, whilst Mashonaland Holdings recovered to erase previous session losses, adding14.72%, whilst the daily processors DZLH leaped 7.37% to close at $37.60
Conversely the logistics company Unifreight tripped 10.45%, whilst ZBFH dragged the financial index down losing 8.03%. Zimplow retreated by 7.08 to close at $20.44, whilst Masimba pulled down 6.10% to close at $45.07. On the ETF market, the OMTT surged 881 basis points which are 867 basis points less than the Top 10 on which it is indexed, whilst the actively managed Multi-sector ETF outperformed the market as it surged 10.35%, which is 10.21% more than the market