Bulls n Bears Investors Notebook Issue 463: 17 March 2020

Tue Mar 17 04:42:05 CAT 2020

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Bulls n Bears Investors Notebook Issue 463: 17 March 2020

 <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 shuts down main source of hard currency as local dollar crumbles

(Reuters) - Zimbabwe has suspended the transfer of local shares in
dual-listed companies to foreign bourses, one of the main ways citizens and
businesses have been able to obtain dollars as inflation wipes out the local
currency. Zimbabwe reintroduced a currency, the Zimbabwe dollar, last June,
ending a decade of dollarisation. But with no foreign or gold reserves to
back it up, its value has plunged while inflation soared to an annual rate
of 540.16% in February.  <http://www.bulls.co.zw/> Read more >

Sakunda explains agric financing role   

Sakunda Holdings says it helped to facilitate Command Agriculture by
structuring financing facilities to pay inputs suppliers. The company's
chief operating officer Charles Chitambo, told the Parliamentary Portfolio
Committee on Public Accounts yesterday that they used the Treasury Bills
(TBs) received from Government to structure financing facilities for the
programme that started in 2016.  <http://www.bulls.co.zw/> Read more >

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

Sino Cement feels Dangote heat   

GWERU-based Sino Cement Company says it has been forced to restrict its
business internally after being out-competed on the export market by Dangote
Cement, Africa's largest cement producer. Dangote Cement is controlled by
Nigerian billionaire and Africa's richest person, Mr Aliko Dangote, who has
been aggressively setting up plants in countries such as Zambia and
Tanzania, which are former export strongholds for Sino.
<http://www.bulls.co.zw/> Read more >

Focus shifts to domestic tourism   

THE decline in international tourist arrivals as a result of Covid-19
presents a compelling case for tourism industry players and hoteliers to
promote domestic tourism if they are to remain in business. Global travel
and tourism operations are under threat following the outbreak of Covid-19,
which has spread worldwide causing cancellation of trips. Over the years
efforts by Government to promote domestic tourism have been somewhat
hampered by operators and hoteliers themselves who have been enjoying the
sweetness of foreign currency and sidelining local holiday makers through
exorbitant rates, analysts say.  <http://www.bulls.co.zw/> Read more >

Millers appeal to Govt continuity of grain allocation   

The Small-to-Medium Millers' Association of Zimbabwe (SMMAZ) is appealing to
Government for continuity of grain allocation to players in the sector in
order to improve supply of mealie in the formal market. At present, the
formal market is characterised by mealie meal shortage, which
small-to-medium scale millers believe, the situation could improve if grain
allocation is consistently supplied to the milling industry.
<http://www.bulls.co.zw/> Read more >

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

Huge market for local art work in Germany   

There is huge market for big sculptures in Europe that will help form long
term business relationships with local sculptures, Germany buyer Juergen
Deforth has said. This came out during the Germany buyer's first visit to a
metal sculptor in Hellensvelle Harare, James Batanai Nyama Suraji.  ZimTrade
facilitated Mr Deforth's visit to Zimbabwe for a five day tour that will see
him interacting with different local metal sculptors, to promote the arts
and crafts sector and improve its significance in contributing towards
national economic growth through exports.  <http://www.bulls.co.zw/> Read
more >

Stimulus package to be released next month   

The mining sector stimulus credit facility to be administered by the
Minerals Marketing Corporation of Zimbabwe (MMCZ), which Government agreed
to avail for small scale miners at last week's cabinet meeting, will be
released next month as production up scaling efforts gather pace. Government
is working towards the attainment of a US$12 billion export milestone by
2023, up from US$2, 7 billion which Zimbabwe achieved in 2017. If the
milestone is achieved, it will completely change the complexion of the
country's economy and will be a solid anchor towards the attainment of an
upper middle income economy by 2030 as set by President Mnangagwa.
<http://www.bulls.co.zw/> Read more >

 <mailto:info at bulls.co.zw> 

Old Mutual share price drops   

The share price of dually listed entity, Old Mutual Limited, fell by 19,91
percent on the Zimbabwe Stock Exchange yesterday in the wake of Government's
decision to suspend the share's fungibility status for the next 12 months to
March 12, 2021. In its Exchange Control (Suspension of Fungibility of
Certain Shares) Order 2020, Government ordered for the suspension of
fungibility of Old Mutual Limited, PPC Limited and SeedCo International
Limited shares. Fungible shares are those that are listed or can be traded
on two or more stock exchanges with investors being able to buy from one and
sale on another.  <http://www.bulls.co.zw/> Read more >

Standard Bank profit up

Standard Bank Group's adjusted full-year profit rose 1,1 percent, missing
estimates, as a moribund South African economy weighed on the continent's
largest lender. The increase was aided by a strong performance from Liberty.
Adjusted earnings per share before one-time items increased to R17,67 rand
in the 12 months through December, Standard Bank said in a statement on
Thursday. That compares with the R17, 90 average estimate of 11 analysts.
Credit impairment charges increased 23 percent, albeit off a low base,
pushing the Johannesburg-based lender's credit loss ratio to 68 basis points
from 56 basis points the previous year.  <http://www.bulls.co.zw/> Read more
>

RBZ in u-turn over ban on crypto payments

The Reserve Bank of Zimbabwe, the country's central bank, is set to regulate
cryptocurrencies after banning local banks from processing crypto payments
in 2018. The central bank has already started drafting a policy framework to
guide operations of crypto firms, local newspaper The Chronicle reported on
Monday. The RBZ has apparently admitted that the crypto trend is a reality.
"We have already started to come up with a fintech framework because in
regulation everything should be well structured. The framework, which is a
regulatory sandbox, will be assessing the cryptocurrency companies as to how
they are going to operate," said Josephat Mutepfa, deputy director of
financial markets and national payment systems at the RBZ, while speaking
during a Sound Prosperity Economic Forum in the Bulawayo city on Friday.
<http://www.bulls.co.zw/> Read more >

Dubious payments cost Zinara US$40m   

The Zimbabwe National Road Administration (Zinara) lost over US$40 million
in dubious payments approved by former chief executive officer Frank
Chitukutuku. The payments were for substandard work, overpayment for
projects without board approval, flouting tender procedures, hand-picking
firms, payment for incomplete work and awarding projects to companies linked
to a specific individual. The former chief executive officer, Mr Chitukutuku
is alleged to have unilaterally paid contractors without board approval.
<http://www.bulls.co.zw/> Read more >

Parastatals work to comply with law   

Parastatals are working on submitting their financial statements to the
Auditor General's Office as required by law, amid indications that 38 State
Owned Enterprises (SOEs) and parastatals were not compliant. Some of the
parastatals appeared before the Public Accounts Committee chaired by Mr
Tendai Biti last Friday to explain why they were failing to submit their
financial accounts to the Auditor-General. The Zimbabwe Anti-Corruption
Commission (ZACC), National Handling Services (NHS), Zimbabwe Youth Council
(ZYC), Air Zimbabwe, Allied Health Practitioners Council, Zimbabwe
Broadcasting Corporation (ZBC) and the Zimbabwe Mining Development
Corporation (ZMDC), appeared before the Committee last Friday.
<http://www.bulls.co.zw/> Read more >

Bakers send SOS to Government   

The Bakers Association of Zimbabwe (BAZ )wants the Government to extend the
period it granted them to import flour and to contract farmers to grow more
wheat this winter season to boost local supplies. BAZ said its members were
faced with challenges that have seen the sector operating 35 percent below
capacity. The association voiced concern over a US$3,1 million legacy debt
for forex payments to foreign suppliers which they said Government should
assist in settling to continue accessing raw materials.
<http://www.bulls.co.zw/> Read more >

INVESTORS DIARY 2020

Company

Event

Venue

Date & Time

REST OF AFRICA

Counters Trading Under Cautionary

 Bindura Nickel Corp

CBZH

Dawn

Delta

Falgold

Fidelity

MedTech

Meikles

Turnall

Unifreight

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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