Bulls n Bears Investors Notebook Issue 180:03 October 2018

Wed Oct 3 12:19:03 CAT 2018

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Bulls n Bears Investors Notebook Issue 180:03 October 2018

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

Bulls 'n Bears Investors Diary: Today's Events

Quotable Quote:

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

Property sales boost Fidelity Life earnings

ZIMBABWE Stock Exchange-listed Fidelity Life Assurance (Fidelity Life) has
reported an improvement in group earnings, driven by gross premiums written
(GPW) and property sales, but expressed concerns with a tiered pricing
system, which has undermined the performance of its property subsidiary. In
an abridged financial report on the half-year period to June 30, 2018, the
life assurer with interests in property said profit after tax climbed to
$2,2 million from $1,9 million in the comparable period the previous year.
<http://www.bulls.co.zw/> Read more >

Govt to issue infrastructure bonds

GOVERNMENT plans to scale down on Treasury Bill (TB) issuance to make way
for longer-term debt instruments and issue infrastructure bonds in this
quarter, Finance minister Mthuli Ncube revealed on Monday. The move is
intended to hold down further growth in government domestic debt, raise
money for long-term projects, promote greater private sector participation
in infrastructure investment and deepen the country's capital markets.
<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

ZSE companies contravene governance code

A SURVEY on the corporate governance practices of companies listed on the
Zimbabwe Stock Exchange (ZSE) has shown that a significant number of public
companies are in contravention of the Zimbabwe National Code on Corporate
Governance (ZimCode). Launched in April 2015, ZimCode provides a corporate
conduct framework for both the public and private sectors, which covers many
subjects including disclosures related to sustainability reporting and
remuneration of directors. <http://www.bulls.co.zw/> Read more >

Sable Chemicals is 52% off output target

SABLE Chemicals Industries (Sable), Zimbabwe's only manufacturer of ammonium
nitrate (AN), has produced just about half of its target output in the first
eight months of the year, an official has said. Allen Manhanga, Sable's
production executive, told delegates attending the Confederation of Zimbabwe
Industries annual congress last week that the company had only managed to
produce 34 000 tonnes of top-dressing fertiliser against a target of 65 000,
a variance of 52%, weighed down by a shortage of foreign currency.
<http://www.bulls.co.zw/> Read more >

Bank partners Untu Capital   

DEVELOPMENT finance institution, Trade and Development Bank (TDB) has
launched a pilot $3 million Small to Medium Enterprises (SME) programme in
partnership with Untu Capital, a local micro finance institution. The
arrangement is a blended finance and business support programme aiming to
support SMEs in their quest to get access to finance and capacity building.
It is a two-year pilot programme, valued at $3 million, meant to build
financial model that is blended with financial support to reach out and
impact SMEs in six countries. The pilot programme will be demand driven.
<http://www.bulls.co.zw/> Read more >

Emirates passenger traffic up 6pc   

AIRLINE Emirates says business on the Harare-Dubai route has been on a
growth trajectory with passenger traffic growing by 6 percent during the
2017 /18 financial year as investors explore business opportunities driven
by renewed confidence in Zimbabwe. Zimbabwe has generated interest from
potential investors across the globe, following a change in leadership last
November which has seen Government introduce more investor friendly
policies. Emirates transported 337 512 passengers during the 2017 /18
financial year compared to 317 967 recorded in the previous year.
<http://www.bulls.co.zw/> Read more >

State diamond miner adopts electronic trading system   

ZIMBABWEAN gems from State diamond mining entity, the Zimbabwe Consolidated
Diamond Company (ZCDC), will now be sold through an electronic trading
system to improve efficiency in line with international best practice.
Speaking at the launch of the electronic trading system which was developed
by ZCDC and handed over to the State minerals marketing arm, the Minerals
Marketing Corporation of Zimbabwe (MMCZ), Mines and Mining Development
Minister Winston Chitando said the system was a big step towards getting
real value for Zimbabwean diamonds. <http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Export incentives rake in $12,6bn   

THE export incentive scheme payable in bond notes, has generated a
staggering $12,6 billion in foreign currency since inception in May 2016.
This was revealed by Reserve Bank of Zimbabwe (RBZ) Governor Dr John
Mangudya on Monday while presenting the 2018 Mid-Term Monetary Policy
Statement (MPS) in Harare. A combined $743,2 million was paid out to the
exporters who generated the $12,6 billion. The RBZ paid incentives - ranging
from 2 percent to 12 percent - to exporters. <http://www.bulls.co.zw/> Read
more >

Govt tightens TBs issuance   

Government is working to curtail the unrestrained issuance of Treasury Bills
(TBs) as the stock of the short-term debt instruments, the major driver of
fiscal disequilibrium, has ballooned by 261 percent to $7,6 billion in the
past two years. This forms part of a raft of fiscal measures to reduce
excessive printing of electronic dollars, which are piling pressure on banks
to provide matching amounts of foreign currency, to rebalance the economy
for sustainable growth. <http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Ncube promises action on civil service reform

FINANCE minister Mthuli Ncube says government will "do something" about
civil service reform and accelerate measures to correct fiscal imbalances
currently driving inflation and currency instability. The International
Monetary Fund (IMF), which resumed technical assistance to Zimbabwe in 2009
at the behest of government, has recommended that the civil service be
downsized and State-owned enterprises (SoEs) restructured to improve
efficiency and cut public spending, notably employment costs and fiscal
loans and grants. <http://www.bulls.co.zw/> Read more >

Foreigners Can Only Buy Fuel Using Cash Not Swipe Or Bond- RBZ

Presenting the Midterm Monetary Policy on Monday afternoon, Reserve Bank of
Zimbabwe (RBZ) governor John Mangudya said foreigners will now pay for goods
and services in hard foreign currency.  Mangudya said this will apply to
foreign truck drivers plying the Zimbabwean routes and foreign traders
buying goods in the country. He said the measure is meant to stop foreign
truckers and traders from selling foreign currency on the black market. Said
Mangudya:
<http://www.bulls.co.zw/2018/09/26/retirement-planning-ensures-old-age-is-en
joyed/> Read more >

Govt Increases Tax On Money Transfers With Immediate Effect

Finance Minister Mthuli Ncube announced that Government has with immediate
effect reviewed the amount charged for every money transfer transaction from
5 cents per transaction to 2 cents for every dollar per transaction to widen
tax base. Ncube said the increase was due to an increase in informalisation
of the economy and huge increase in electronic and mobile phone based
financial transactions and RTGS transactions. he also said so far in 2018
1.7 billion transactions went through as compared to 50 million four years
ago. Said Ncube: <http://www.bulls.co.zw/> Read more >

Mangudya Accuses Banks Of Fuelling Black Market

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya blamed banks for
fuelling the black market adding that the central bank does not participate
in the parallel market. In July 2017, Stanbic Bank Zimbabwe manager Tariro
Nyazema appeared in court for swapping 30 000 in bond notes for US dollars.
Mrs Nyazema allegedly instructed her colleagues at the branch to exchange
her bond notes to US dollars that the branch had received from the bank's
cash depot for tobacco farmers. The Herald reports that Nyazema had a group
of "money changers"at Roadport whom she supplies with US dollars from
Stanbic in exchange for bond notes. <http://www.bulls.co.zw/> Read more >

Zimbabwe's Economy Expected To Grow By More Than 5%

Finance Minister Mthuli Ncube has said that the Zimbabwean economy might
grow faster than initially expected .He pegged the growth at more than five
percent in 2018 against earlier projections that estimated a 4.5 percent
growth. Ncube claimed that the growth would be backed by the strong
performance in agriculture and mining. The Finance Minister also mentioned
that he is worried by the inflationary pressures piled against the economy.
<http://www.bulls.co.zw/> Read more >

Sable Chemicals Seeks Help From Government To Secure Foreign currency

Sable Chemicals the sole ammonium nitrate producer has appealed asked the
Government to help it in securing foreign currency so that it increases
production so as to meet demand ahead of the 2018 to 2019 summer cropping
season. Dr Shingi Mutasa who is the company's board chairman revealed that
the company was being affected by serious production challenges as a result
of foreign currency shortages.  <http://www.bulls.co.zw/> Read more >

Foreign currency shortages erode RioZim earnings

RESOURCES group RioZim Limited's profit after tax dropped by 86% to $406 000
in the six months to June 30, from $2,9 million last year, despite higher
gold production after the central bank failed to pay foreign currency earned
from gold exports. The miner's gold output was 20% higher at 1 050kg from
873kg over the same period last year but only received 15% of foreign
currency earned from the exports.  <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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