Bulls n Bears Investors Notebook Issue 128:02 November 2018

Fri Nov 2 10:29:09 CAT 2018

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Bulls n Bears Investors Notebook Issue 128:02 November 2018

 <mailto:info at bulls.co.zw> 

Bulls 'n Bears Investors Diary: Today's Events

Quotable Quote:

Relations are all about: Winning, Losing & Sharing.
Winning Trust, Losing ego

Zimbabwe's Mangudya to get second term as central bank governor -report

President Emmerson Mnangagwa will retain John Mangudya for a second term as
governor of the Reserve Bank of Zimbabwe, a state-owned newspaper reported
on Thursday. The announcement follows speculation this week that the bank
chief, who was first appointed for a five-year term in May 2014, would lose
his job in the face of a worsening dollar crunch. But the president's
spokesman George Charamba told the Herald newspaper that Mnangagwa would
keep Mangudya in his job. "The President is very clear on the Reserve Bank
Governor's tenure and his performance. Not only is he there to stay but the
President is about to renew his contract for a second tenure," Charamba was
quoted as saying.  <http://www.bulls.co.zw/> Read more >

Botswana Stock Exchange suspends Choppies

THE Botswana Stock Exchange Limited (BSEL) has suspended retail giant
Choppies shares from trading after it missed a deadline to publish audited
financial results. "This notice serves to inform market participants that
the Botswana Stock Exchange Limited has with immediate effect suspended
trading on Choppies securities following their failure to publish their
audited annual financial statement for their year ended June 30, 2018
timeously," the stock exchange said in a statement. Choppies operates in
eight African countries, including Zimbabwe, where it has 33 stores.
<http://www.bulls.co.zw/> Read more >

 <http://www.firstmutualproperties.co.zw/> 

For more business & financial updates log onto <http://www.bulls.co.zw/>
www.bulls.co.zw

ZNCC to meet over cash shortages

THE Zimbabwe National Chamber of Commerce (ZNCC) will next week host a
meeting in Bulawayo to discuss the major drivers of cash shortages in the
economy and proffer sustainable solutions, with Finance minister Mthuli
Ncube the star attraction at the event. According to a concept paper seen by
NewsDay, Reserve Bank of Zimbabwe governor John Mangudya, Bulawayo
Provincial Affairs minister Judith Ncube, Industry and Commerce deputy
minister Raji Modi, are among the speakers. "Aims and objectives (of the
event are) to come up with a common position on the best currency framework
to adopt as a nation; to deliberate on what are the best conditions for
reintroduction of local currency as well as the timing," reads the paper in
part.  <http://www.bulls.co.zw/> Read more >

RBZ mulls forex interbank market

The directive by the Reserve of Zimbabwe (RBZ) early last month for banks to
separate foreign currency accounts (nostros) and Zimbabwe's surrogate
currency (bond notes/RTGS) balances, was part of initial steps towards the
introduction of market based foreign exchange distribution - the interbank
market - Business Weekly can reveal. RBZ governor Dr John Mangudya on the
5th of last month directed all banks to separate foreign currency accounts
or nostros and real time gross settlement (RTGS) balance holding accounts in
order to prevent intermingling of the funds, a scenario he said discouraged
inflows of foreign currency.  <http://www.bulls.co.zw/> Read more >

IMF headed for Zim

An International Monetary Fund (IMF) delegation is expected in the country
this Wednesday for the annual Article IV consultations - with discussions
likely to focus on monetary and fiscal policy, state institutions and other
risks factors. Every year, the IMF arranges bilateral Article IV
consultations with Zimbabwe and other member countries, with teams being
dispatched to collect economic and financial data and discuss economic
policy measures with officials. Through these consultations, the IMF
attempts to assess each country's economic health and anticipates its future
financial problems and also make some recommendations.
<http://www.bulls.co.zw/> Read more >

Retailers to expose manufacturers

Shortages of basic commodities witnessed across the country in the last few
weeks, which have driven prices through the roof, were partly a result of
deliberate acts by major suppliers to starve the domestic market, according
to the Confederation of Zimbabwe Retailers that has come out guns blazing
and vowed to expose the manufacturers it accuses of holding back key
products. CRZ insist will expose some "unscrupulous" manufacturers it claims
are deliberately starving the market of commodities and has started
compiling a list of producers implicated in creating the artificial
shortages witnessed nationwide in the past three weeks for onward submission
to the Ministry of Industry and Commerce.
<http://www.bulls.co.zw/2018/11/01/govt-raises-30m-from-airtime-tax/> Read
more >

'Muzarabani oil estimate ready'

Australian Securities Exchange (ASX) listed entity Invictus Energy Limited
(IVZ) that recently confirmed potential oil resource in Muzarabani, is today
expected to announce its maiden prospective resource estimate with regard
oil and gas deposits at the Cabora Bassa Project, in Mashonaland Central
Province. This comes after earlier this week, Invictus, asked for the
suspension in the trading of its securities and was granted a trading halt
by the ASX, pending the announcement regarding the Maiden Prospective
Resource Estimate. A trading halt may occur at the request of the company or
when the ASX receives an announcement from a related entity that is deemed
to be market sensitive. To avoid inside trading, the shares will be placed
into a pre-open state until trading resumes after the announcement of the
findings.  <http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Govt offered Bailout Package By South African Firm

The Reserve Bank of Zimbabwe (RBZ) has been offered a bailout by a South
African-registered firm, African Medallion Group (AMG). The bailout package
on offer is meant to assist the government in the procurement of fuel and
other imported goods and services. Zimbabwe has been experiencing severe
foreign currency shortages which have resulted in the shortage of fuel and
other essential imports such as food and pharmaceuticals. In a letter
addressed to the RBZ chief, John Mangudya, the company's chairperson, Estee
Maman said  <http://www.bulls.co.zw/> Read more >

Hwange Colliery Company Put Under Administration As It Owes Govt Over $150m

Hwange Colliery Company was on Monday put under administration by the
government and the functions of its Board of Directors suspended. A forensic
audit directed by the board resulted in the Minister of Mines Winston
Chitando putting the company under administration. The audit allegedly
revealed misuse of funds amounting to $6,4 million put into the company for
exploration. Hwange Colliery Company owes the government over $150 million.
Its liabilities are more than the value of its assets. The government of
Zimbabwe is the major shareholder in the company.  <http://www.bulls.co.zw/>
Read more >

 <mailto:info at bulls.co.zw> 

Zimtile to boost capacity next year   

Manufacturer of concrete roof tiles, pavers and bricks Zimtile (Pvt) Ltd is
set to boost its capacity with new investments set to commence at the start
of 2019, chief executive officer Hilary Munyati has said. Zimtile is a
wholly-owned subsidiary of PG Industries Zimbabwe. The CEO said the new
investment comes as the parent company has concluded a High Court-sanctioned
revival programme, the Secondary Scheme of Arrangement, allowing new
investor Dewei Investments to fund capital projects going forward.
"Conclusion of the PG Secondary Scheme has allowed the new investor to start
making significant investments in all PG businesses. I will concentrate on
planned investment in Zimtile. <http://www.bulls.co.zw/> Read more >

Govt to crack whip on tax dodgers   

Government is considering giving the Zimbabwe Revenue Authority (Zimra)
absolute powers to descend heavily on tax dodging companies so as to recover
the outstanding $4,5 billion. Finance and Economic Development Minister
Professor Mthuli Ncube, said this on Wednesday night in Harare during the
Zimra Appreciation Awards Dinner. President Emmerson Mnangagwa was guest of
honour during the awards dinner. Prof Ncube said tax avoidance by companies
has compelled Government to issue Treasury Bills and borrowing to finance
budget deficit. <http://www.bulls.co.zw/> Read more >

Bakers raise bread prices

BAKERS have increased the price of bread to $1,40 following government
commitment to avail 80% of its foreign currency requirements. Last weekend,
some bakeries announced a bread price hike to $2,20 from $1,10 citing high
production costs, thereby prompting government to spring into action.
President Emmerson Mnangagwa on Monday met captains of the industry and
business people to find a solution to the deepening economic challenges. The
National Bakers' Association of Zimbabwe (NBAZ) said in a statement
yesterday that bread had become the "most affordable staple food for
Zimbabweans in the current difficult economic conditions".
<http://www.bulls.co.zw/> Read more >

Companies in Bulawayo have resorted to short-time working hours due to
shortage of raw materials as foreign currency shortages continue to take its
toll, the Confederation of Zimbabwe 
Industries (CZI) has said. In an interview, CZI Matabeleland Chamber
president Mr Joseph Gunda said a number of companies such as General
Beltings, Shepco Industries and Zimplow have started sending their workers
home because of depressed productivity caused by foreign currency
constraints. "We are in a tight spot as forex shortages hit industries
harder. Generally most of us, it has been almost three weeks with no
allocations and most of the industries rely on the importation raw materials
and without allocations the situation is getting worse," he said.
<http://www.bulls.co.zw/> Read more >

Command agriculture to continue for next 10 years   

THE Command Agriculture programme introduced by Government in 2016 will
continue for the next 10 years as it has proved to be a success, an official
has said. In his address at the Africa regional conference in Victoria Falls
on Wednesday, Air Force of Zimbabwe Commander Air Marshal Elson Moyo said
Command Agriculture has had a huge impact on Zimbabwe's economy. PKF
Chartered Accountants, an international accounting and audit firm with
offices in Zimbabwe, hosted the rotational conference on behalf of Zimbabwe.
<http://www.bulls.co.zw/> Read more >

Russian billionaire jets into Zimbabwe for investment deal

Russian billionaire, Mr Dmitry Mazepin has arrived in the country for talks
with the government this week about investment in Zimbabwe's fertiliser
industry. Agriculture is the mainstay of the economy but it has been hit
hard by shortages of fertiliser with prices of the commodity being sold
beyond the reach of many people. One of the biggest producers of fertliser,
Chemplex is reeling under financial challenges and its main investor, the
Industrial Development Corporation (IDC) recently announced plans to sell
controlling stake in the company. <http://www.bulls.co.zw/> Read more >

Lifting Import Restrictions Does Not Address Forex Challenges Faced By Local
Industries - CZI

The Confederation of Zimbabwe Industries (CZI) has said that the
government's decision to indefinitely remove all import restrictions is not
well thought out because it does not address the challenges faced by local
industries. CZI president Sifelani Jabangwe said the issue of inadequate
foreign currency will still need to be addressed and will actually become
worse. Said Jabangwe.  <http://www.bulls.co.zw/> Read more > 

INVESTORS DIARY 2018

Company

Event

Venue

Date & Time

REST OF AFRICA

Counters Trading Under Cautionary

NicozDiamond

Ariston

Barclays

Dawn

Unifreight

Hwange

RTG

Post your event (AGM, EGM, Analysts Briefing, etc) on the Investor Diary
free of charge and reach out to the market. We have annual gold prices since
1900, monthly since January 1971 and daily prices since January 2000. We
also provide historical ZSE prices on request.

DISCLAIMER: This report has been prepared by Bulls 'n Bears, a division of
Faith Capital (Pvt) Ltd for general information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy or
subscribe for any securities. The information contained in this report has
been compiled from sources believed to be reliable, but no representation or
warranty is made or guarantee given as to its accuracy or completeness. All
opinions expressed and recommendations made are subject to change without
notice. Securities or financial instruments mentioned herein may not be
suitable for all investors. Securities of emerging and mid-size growth
companies typically involve a higher degree of risk and more volatility than
the securities of more established companies. Neither Faith Capital nor any
other member of Bulls 'n Bears nor any other person, accepts any liability
whatsoever for any loss howsoever arising from any use of this report or its
contents or otherwise arising in connection therewith. Recipients of this
report shall be solely responsible for making their own independent
investigation into the business, financial condition and future prospects of
any companies referred to in this report. Other  Indices quoted herein are
for guideline purposes only and sourced from third parties.

Invest Wisely!

Bulls n Bears 

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