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May 30-June 5 2019 @ FingazLive www.fingaz.co.zw Facebook: The Financial GazetteESTABLISHED 1969

ZSE bull-run continues: Page 11

$4 EX-BAT BOSS SPEAKS OUT: Page 24

ZSE Report

White Maize ZAR 2 433,39

Soya ZAR 4 626,68

Wheat ZAR 2 727,36

0,35

0,65

2,40

USD:ZAR

EUR:USD

GBP:USD

USD: JPY

Currencies (Bloomberg)14,7645

1,1157

1,2652

109,2700

0,20

0,03

0,01

0,10

% change

Stock Markets

ZSE (All Share)

ZSE (Minings)

JSE

FTSE 100

Dow

176,81

200,10

14,700,00

7 153,42

25 347,77

6,92

4,29

1,38

Commodities

Grains (Grain SA)

Gold

Platinum

Brent Oil

5.25.1

1 283,83

794,52

68,43

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0,93

6.00

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◀◀

1,59

Market anxiety batters RTGS$Omega UkamaBusiness Reporter

THE RTGS dollar continues to take a heavy battering against most major currencies — amid worrying indications that it may soon

trade above 10 to the American unit, as the coun-try’s hard cash shortages escalate.

This comes as Zimbabwe’s official inflation has hit a 10-year high of 75 percent, thereby piling more pressure on already-stressed local businesses — as commerce and industry also continue to reel from power blackouts and fuel shortages, among other ills.

Sifelani Jabangwe, the Confederation of Zim-babwe Industries’ (CZI) president, told The Fi-nancial Gazette this week that the recent surge in parallel foreign currency rates was due to a lack of confidence in the economy.

“There is panic in the market. Things like power cuts and fuel shortages are driving the rates up,” he said, adding that the interbank mar-ket must be allowed to determine rates and op-erate freely.

Chris Mugaga, the Zimbabwe National Chamber of Commerce (ZNCC) chief executive, warned that the road ahead would be tough.

“The exchange rate will continue to slip until the equilibrium is discovered. It could hit around 11 or 12 by year-end if things continue the way they are,” he said.

“In the absence of clear and sound economic reforms to boost production, parallel market for-eign currency rates will continue on the upward trajectory,” Mugaga said.

In the ZNCC boss’ view, “it is things like the central bank’s forex retention policy that is abet-

To Page 2

First female president for Chamber of MinesELIZABETH Nerwande was yesterday elected president of Zimbabwe’s Chamber of Mines, becoming the first female to lead the 80-year-old body.

The Mimosa Mining Com-pany corporate affairs executive ― who took over from Bindura Nickel Corporation’s managing director Batirai Manhando ― will be deputised by Unki Mine’s chief financial officer Coleen Chibafa and Demand Gwatinetsa of How Mine.

Nerwande, a former executive director of the Consumer Coun-cil of Zimbabwe, has been in the mining sector for over 10 years.

– FinGaz

The All Share index gained a massive 6,92 percent on Tuesday to close at 176,81 points. BAT added $1,80 to close at $32,10 while Delta rose by $0,2878 to $3,4771 and Econet was $0,2103 higher at $1,6212. The Industri-al Index was up 6,92 percent to close at 591,51 points as the Top 10 Index gained 8,84 percent to close at 173,32 points. The Min-ings Index was up 4,29 percent at 200,10 points.

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Rwandese ambassador to Zimbabwe James Musoni, pictured at his Harare office recently, is set to be The Financial Gazette’s guest of honour at its prestigious Top Companies Survey launch on June 7, 2019 in partnership with Old Mutual. With Kigali maintaining a solid growth path and emerging as one of Africa’s most sought-af-ter investment destinations, the country's GDP per capita has grown by 5,2 percent, the highest on the continent after Ethiopia. Picture by Freedom Mashava.

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