Factors and events to watch out for June 4 – 9

00Factors and events to watch out for June 4 – 9  HARARE –The week began with the launch of Global Economic Prospects report for June last night, which revised downwards Zimbabwe’s medium term growth to below regional averages. The following announcements, scheduled economic indicators, market moves and political events may affect the Zimbabwean market this…

World Bank trims Zim 2017 growth projection to 2.3 percent

00World Bank trims Zim 2017 growth projection to 2.3 percent HARARE – The World Bank has slashed its 2017 growth projection for Zimbabwe by 1.5 percent, from its January projection of 3.8 percent. The size of reduction is the biggest of all least developed countries. The Bank now projects a GDP at market prices of…

ZSE continues to soar as turnover breaches the psychological $1m mark

00ZSE continues to soar as turnover breaches the psychological $1m mark HARARE – Today marked the tenth consecutive week of rallying on the Zimbabwe Stock Exchange on the back of strong demand in blue chips are local investors look for a safe heaven. Heavyweights Delta and Econet carried the day with demand from local investors on…

Barclays Plc officially announces sale of stake to FMB

00Barclays Plc officially announces sale of stake to FMB HARARE -Barclays Bank PLC (BBPLC) has today announced the sale of its majority shareholding in Barclays Bank of Zimbabwe Limited (BBZ) to FMB Capital Holdings PLC (FMBCH). Completion of this transaction is subject to regulatory approvals, and is currently expected to conclude by the end of…

Pearl Properties revenue down 10% in Q1 as shareholders agree to name change.

00Pearl Properties revenue down 10% in Q1 as shareholders agree to name change.  HARARE- Pearl Properties, revenue in the first quarter was 10% below prior year at $2.4m mainly due to significant rent reductions within the portfolio and reduced occupancies Group managing director Christopher Manyowa in a trading update said reductions in occupancy level and…

Increased battery sales lift Art in F17

00Increased battery sales lift Art in F17 HARARE – Profitability across Art Corporation’s business units lifted the Group’s overall performance for the half year ended 31 March 2017 with the topline rising 7.60% above prior year to $15.20mln. Group chairman Thomas Wushe, in a statement accompanying the interim financials, said revenue was mainly driven by…

Select heavyweights sustain ZSE’s rise but turnover remains low

00Select heavyweights sustain ZSE’s rise but turnover remains low HARARE – The local bourse continued to rally as the main stream Index extended its bull run adding a further 1.14 points to close at 162.34 Bindura traded 0.05c firmer with 8,195 shares changing hands at 3c. Resultantly, the Minings index inched higher by 0.40 points…

Local Banks holding 2 % cash reserves

00Local Banks holding 2 % cash reserves HARARE- Local banks hold 2% cash reserves in vaults as the bond notes flight persists amid revelations that the surrogate currency is now found in neighbouring countries, a central bank official has said. Deputy Reserve Bank Governor, Kupukile Mlambo at a retailers Indaba in Harare highlighted how cash…

Masimba records 70% growth in Q1

00Masimba records 70% growth in Q1 HARARE- Masimba Holdings has decided to dispose of its 50% shareholding in Reinforcing Steel Contractors of Zimbabwe (RSCZ) to focus on the construction growth prospects currently supported by a $23mln confirmed order book. Kosto Holdings Limited of Mauritius holds the remainder 50% shareholding, RSCZ net assets position as at…

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