Farmers target 400000t wheat to ease imports

Zimbabwe is targeting 400 000 tons of wheat this season after the country, which perennially imported the grain due to shortages, registered a 36 percent output growth last year. “The 400 00 tones wheat target is realistic and as farmers we are confident of revitalizing the wheat industry (back) to where it belongs,” noted Roy Linfield, a Commercial Farmers Union representative. Deputy Minister Haritatos also applauded farmers for last year’s good wheat yields as GMB recorded 208 343 tonnes of wheat, with 60 percent of it of the premium grade. The government thrust is to see more millers and other private players joining contract farming to ensure 40 percent of raw materials are achieved by the private sector and they will get 69 percent from the Grain Marketing Board (GMB),” he added. The initiative comes as sweet news to the country at a time when wheat demand has unexpectedly gone up due to the possibility of supply chain constraints as a result of the Russia – Ukraine war. Both Ukraine and Russia account for nearly 30 percent of the world’s wheat exports.

Mine workers union differ on salaries. A fellow mine worker union has condemned the recent salary adjustments agreement between the sector’s National Employment Council and the Association Mine Workers Union of Zimbabwe (AMWUZI), describing it as a “mockery”. The Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) has accused AMWUZI, Zimbabwe’s biggest mine workers union of “selling out” and being insensitive to the plight of workers. Zimbabwe’s mining industry accounts for 13 percent of the gross domestic products and is the largest foreign currency earner. Workers in the mining sector were awarded between 46% and 50% wage increase. Fifty five percent of the salary will be paid in the US dollars, at the prevailing official exchange rate and the balance in local currency. “This is a mockery for the mine workers considering that the Poverty Datum Line (PDL) is pegged at $70 000 and most mining districts and most mining districts across the country are using US dollars, Rand and Pula.

“The ZSE retreated back dragged by losses in the market heavyweights”

The ZSE plummeted by 89 basis points as sellers dominated the market. All indexes traded in the red zone, with the exception of the penny stock, which rose by 51 basis points. The amount of market activity drops slightly as $270 million worth of shares change hands. Econet, the telecoms behemoth, led both the volume and value aggregates, trading 0.5 million shares worth $70.7 million (26 percent of the day's trades). Other noteworthy trades were Afdis, which received $66.4 million, and Delta, which received $39.3 million. The sentiment in the market remained optimistic, with 19 of the 38 stocks rising, 18 falling, and 1 remaining unchanged. Med Tech Class A continues to outperform the market, up 12.50 percent, while Art rose 11.54 percent to $14.50. FMP recovered from prior session losses, rising 7.82 percent, while ZHL, the reinsurer, climbed 7.03 percent to $3.94. On the other hand, CFI slipped 16.67%, while ZBFH continue to lose steam trading in the red zone, losing 8.05 percent to settle at $60. GB Holdings stock dropped 4.95 percent, while Star Africa stock dropped 7.51 percent.

On the ETF market, the Datvest ETF continued on a record-breaking upward trajectory, trading above its Net Asset Value as demand continues to outstrip supply, surging by another 19.87 percent, bringing its year-to-date value to 123 percent, making it the best-performing ETF.