Bulls n Bears Investors Notebook Issue 275: 25 June 2019

Tue Jun 25 05:01:59 CAT 2019

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Bulls n Bears Investors Notebook Issue 275: 25 June 2019

 <mailto:info at bulls.co.zw> 

Bulls 'n Bears Investors Diary: Today's Events

Proplastics

AGM

Palm Court, Meikles

25 June  2019, 10am

Quotable Quote:

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

Zimbabwe declares interim RTGS dollar its sole legal currency

HARARE (Reuters) - Zimbabwe has declared its interim currency, the RTGS
dollar, the country's sole legal tender with effect from Monday, according
to a government notice published on Monday. "The British pound, United
States dollar, South African rand Botswana pula and any other foreign
currency whatsoever shall no longer be legal tender alongside the Zimbabwe
dollar in any transactions in Zimbabwe," the notice said.
<http://www.bulls.co.zw/> Read more >

New currency regime averts re-dollarisation   

The abolishment of the multi-currency system by Government will avert the
country from plunging into full re-dollarisation at a time the economy do
not have enough United States dollars to support it, some economic analysts
have said. With effect from yesterday, the Government declared the RTGS (now
Zimbabwean dollar) as the sole legal tender, effectively abandoning
multi-currency regime, which Zimbabwe adopted in 2009 when hyperinflation
rendered the Zimbabwean dollar worthless. <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

'Traders drive black market rates'   

FINANCE and Economic Development Minister Mthuli Ncube says foreign currency
exchange rates on the parallel market are being driven by speculative
traders who want to make huge profits and not people seeking to hedge
against the rising inflation. Zimbabwe's annual inflation hit 97,8 percent
in May on the back of the continuing increase in prices, which continued to
be indexed to the ever increasing parallel market exchange rates, especially
the US dollar and the South African rand. <http://www.bulls.co.zw/> Read
more >

$6m livestock facility roars to life   

AGRIBANK has started disbursing funds under the $6 million livestock
facility availed by Government to revive the livestock sector and is calling
on more farmers to apply for the funds. Government came up with the
facility, which is being administered by Agribank, after realising the
challenges affecting the livestock sector. Agribank's head (of) strategy,
marketing and business development Mr Joseph Mverecha, told The Herald
Business last week that the facility is targeted at all livestock farmers
across the country. <http://www.bulls.co.zw/> Read more >

Econet refutes false media reports   

Econet has dismissed media reports claiming that it violated labour laws and
that its sister company, EcoCash, was complicit in irregular mobile
financial transactions. In a statement, Econet said the reports by a blogger
were "patently false and irresponsible" adding that Econet reserved its
legal rights on the matter.  The company said while it acknowledged
journalistic privilege to inform people it, however, took great exception to
unsubstantiated allegations meant to tarnish its name.
<http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Zim sitting on US$600m ivory stockpile: ED   

Zimbabwe is sitting on ivory and rhino horn stockpiles worth US$600 million
which could be used to support the conservation of wildlife and natural
resources for the next 20 years, President Mnangagwa has said. He said the
"one-size-fits-all" ban on ivory and rhino horn trade, enforced by  the
Convention on International Trade in Endangered Species (CITES), was
stifling conservation efforts. <http://www.bulls.co.zw/> Read more >

Pay rise for civil servants imminent - minister   

TREASURY is expected to adjust civil servants' salaries in line with the
prevailing economic environment in the coming days, a Cabinet minister said
yesterday. In an interview, Public Service, Labour and Social Welfare
Minister Dr Sekai Nzenza said President Mnangagwa was concerned about the
livelihoods of civil servants hence Government's intervention. Salaries of
most workers in the country have been eroded by wanton increases in the
prices of goods and services. <http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

New measures to buttress currency reforms   

The Reserve Bank of Zimbabwe (RBZ) has put in place letters of credit (LCs)
amounting to US$330 million for the importation of fuel, cooking oil and
wheat, as part of measures to buttress the removal of the multi-currency
system by the Government yesterday. LCs, also known as letters of
undertaking, are a payment mechanism used in international trade to provide
an economic guarantee from a creditworthy bank to an exporter of goods.
Further, the RBZ plans to increase the supply of forex on the interbank
market through ensuring that at least 50 percent of the surrender portion of
forex is channelled towards the interbank to ensure manufacturers and
importers have easy access to funds. <http://www.bulls.co.zw/> Read more >

Tracking system for Govt vehicles   

The Central Mechanical & Equipment Department (CMED) will next week start
installing trackers on all Government vehicles to monitor their movement,
collecting information on vehicle performance and behaviour of drivers. This
is in line with the Government's cost-containment measures, announced by
Finance and Economic Development Minister Professor Mthuli Ncube in the 2019
National Budget Statement.  <http://www.bulls.co.zw/> Read more >

Zimdollar will boost competitiveness   

The rate at which the black market value of the RTGS dollar (now Zimbabwean
Dollar) has been fast sliding against the US dollar was no longer
sustainable and the move by Government to abolish the multi-currency system
will avert a potentially disastrous situation where the country would have
been plunged into fully-fledged re-dollarisation. The market has been trying
to force re-dollarisation at a time the economy did not have enough United
States dollars to support it. <http://www.bulls.co.zw/> Read more >

Tourism sector key in economic transformation, says First Lady   

THE tourism sector plays a critical role in the economic transformation of
the country and is one of the fastest ways of generating jobs, the First
Lady Amai Auxilia Mnangagwa has said. She said this in a speech read on her
behalf by the deputy director in the Ministry of Higher and Tertiary
Education, Science and Technology Development, Ms Maria Adriano, during the
Matabeleland North Provincial Tourism Debates launch at Lupane State
University (LSU) in Lupane yesterday. <http://www.bulls.co.zw/> Read more >

Government subsidises mealie-meal prices   

GOVERNMENT has stepped in to subsidise mealie-meal production and pricing so
as to ensure the commodity is accessible to every household. Essentially,
Treasury is paying about RTGS$10 for every 10kg of mealie-meal sold by
retailers as a way of cushioning the consumer.  Grain Millers Association of
Zimbabwe (GMAZ) chairperson, Mr Tafadzwa Musarara, revealed this in Gweru
last week at a consultative meeting where he warned retailers against
overpricing and profiteering. <http://www.bulls.co.zw/> Read more >

Zera raids 2 000+ illegal fuel dealers   

THE Zimbabwe Energy Regulatory Authority (Zera) has raided over 2 000
illegal fuel dealers countrywide in the last seven months as part of an
ongoing operation to bring sanity to the sector. Coming at a time when the
country is battling a fuel supply gap in the face of foreign currency
shortages, illicit fuel deals have been blamed for causing distortions. Zera
acting chief executive officer, Mr Eddington Mazambani, told Business
Chronicle that their officers, working with the police, were out in full
force carrying out spot checks at all service stations..Read more

Zesa explains demolition of towers   

THE power utility, Zesa, says it will go ahead with demolition of two of the
six cooling towers at the Bulawayo Power Station as they have outlived their
design lifespan and manifest advanced symptoms of deterioration. The two
cooling towers have already been decommissioned.  There was an uproar last
week in Bulawayo following reports that the Zimbabwe Power Company, a
subsidiary of Zesa, was planning to demolish the old cooling towers at the
power station.  <http://www.bulls.co.zw/> Read more >

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Proplastics

AGM

Palm Court, Meikles

25 June  2019, 10am

Fidelity Life

AGM

Great Indaba Room, Crowne Plaza Monomotapa

26 June 2019, 10am

GB Holdings

AGM

Cernol Chemicals Boardroom,  111 Dagenham Road, Willowvale

26 June 2019, 11:30am

Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 10am

Unifreight

AGM

Royal Harare Golf Club

27 June 2019, 10am

African Sun

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 12pm

FMP

AGM

Palm Court, Meikles

27 June 2019, 12pm

MedTech

AGM

Boardroom, Stand 619, corner Shumba/Hacha Roads, Ruwa

27 June 2019, 2pm

FML

AGM

Palm Court, Meikles)

27 June 2019, 2:30pm

FBC

AGM

Royal Harare Golf Club

27 June 2019, 3pm

ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

REST OF AFRICA

Counters Trading Under Cautionary

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.

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