Daily Trading Update

Published News

Sugar exports plummets 68%           Zimbabwe Stock Exchange – listed sugar producing giant Hippo Valley Estates says total industry exports plummeted during the third quarter ended December 31, 2021 after shipments to Kenya halted. Kenya, one of Zimbabwe’s key brown sugar export destinations, has scaled up restrictions on cheap imports to protect its industry. Hippo, along other Zimbabwean producers previously enjoyed significantly less restricted access into the market under Common Market for East and Southern Africa (Comesa) regulations. However, Nairobi has been granted safeguards by the pan – African bloc to protect domestic producers from regional peers. “Following the industry’s reduced Comesa quota allocation into Kenya for the year, export sales volume reduced by 68% to 31 607 tonnes,” Hippo chairperson Canaan Dube said. The industry exported 97 620 tones to Kenya during the comparable period in 2020.

Tourism sector applauds 100 pc forex retention     Players in the tourism sector have applauded the Reserve Bank of Zimbabwe RBZ for granting them a 100 percent foreign currency retention, saying the bold move would assist the sector to recapitalize and enhance recovery from the adverse effects of the Covid – 19 pandemic. Industry leaders had previously lobbied the authorities for the waiver citing loss of business during the pandemic period and the need to develop adequate capacity to procure essential goods and beefing up infrastructure so as to attract travelers. The export retention facility demands that all exporting businesses surrender 40 percent of their forex earnings to the apex bank and retain 60 percent. In his 2022 Monetary Policy Statement on Monday, RBZ Governer Dr John Mangudya said the tourism sector was hard – hit by the pandemic hence the waiver. Reacting to this, tourism executive, Mr Clement Mukwasi, commended the RBZ stance saying it will lead to the rebirth of the tourism sector after being shattered by Covid – 19.  

Market Commentary

“The ZSE maintained its bullish trend for the third consecutive session”

 The ZSE ASI extended gains, substantially surging by 356 basis points catapulted by gains in all indices.  Market activity level marginally decreases as $473 million, exchanged hands. The packaging company anchored both volume and value aggregates dealing 8.1 million shares worth $101.5 million shares (22% of the day’s deals). Other notable trades were recorded in Hippo, with $71 million, and Econet with $68.2 million. The market mood remained upbeat, with 27 of the 39 equities rallying, eight retreating, and four trading flat. The dairy processors Dairiboard led the stocks on the move, surging by 16.58, whilst Cassava added 10.70% to close at $68.34. Axia maintained its stellar performance, adding 8.44 percent to its year-to-date gain, bringing it to 101 percent.


Sugar miller Star Africa, on the other hand, fell 8.71 percent, wiping out earlier session gains, while Truworths fell 6.28 percent to settle at $2.20. Ariston's stock dropped 4.46 percent, while Tanganda's stock dropped 1.32 percent.

On the ETF market, the OMTT continues to trade beyond its Net  Asset Value, as it surged 4.60%, to close the day at $7.84, whilst the Morgan & Company Multi-Sector ETF lost 2 basis points to close at $13.70.


No trades were recorded on the VFEX





1 Comment

Isau Garwe

Thanks for the update

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