By ETimes

The stock market continued pointing southwards on Monday in a trading session characterised by low turnover.

Today’s performance comes as the International Monetary Fund maintaining (IMF) maintains its stance that Zimbabwe is currently not eligible to make a request for debt relief under the Common Framework because of its arrears to the World Bank.

Zimbabwe has been a Fund member in good standing since it cleared its outstanding arrears to the PRGT in late 2016.

In a bid to re-engage with the international community, the country has developed an Arrears Clearance, Debt Relief and Restructuring strategy and have resumed token payments on external arrears.

“Once the conditions for international re engagement are in place and arrears to the Bank, the WB are resolved, what I can tell you is we believe the Common Framework could be a useful option to address Zimbabwe’s debt difficulties and of course for its part, the international community requires improvements also in domestic political conditions and economic policies to initiate reengagement with Zimbabwe,” said Gerry Rice, IMF Communication Director at a press briefing recently.

Stocks performance

At close, the All Share Index shed 1.14% to 11,518.12 points. The Top 10 index fell 1.87% to 7,299.79 points.

NatFoods led the fallers, losing 6.66% to ZWL$1,750.0000 with a traded value of ZWL$46,900,000.

Conversely retail giant OK Zimbabwe added 5.85% to ZWL$28.8379 leaving its year to date gain at 221.38%.

Gains in Ariston and TSL saw the Medium Cap Index close with a 1.04% gain to 21,607.37 points. Horticulture exporter Ariston rose 15.54% to ZWL$3.9515 while TSL was 7.69% higher to ZWL$70.0000.

On the downside was FML and CFI which lost 4.17% and 3.92% to ZWL$23.0000 and ZWL$77.0600 respectively. Hospitality group RTG, which recorded increased volumes for the quarter ended 30 September 2021 in comparison to the same period last year, fell 0.21% to ZWL$5.5080.

Occupancies for the hotel division closed at 24%, a percentage point improvement from prior year occupancies of 23%.

Zimbabwe’s biggest nickel miner BNC, which is set to delist from the ZSE next month and switch to the forex-indexed Victoria Falls Stock Exchange, shed 5.16% to ZWL$4.7317. The transaction is subject to shareholder approval during an extraordinary general meeting scheduled for December 13.


Medtech led the risers gaining 319.72% to ZWL$1.0493 in the wake of name change in restructuring. Medtech split shares to Class A and Class B. So the Class A shares are the ones up 319.72%. For the third quarter ended 30 September 2021, the company’s sales volumes increased by 129% compared to the comparative prior period.

This was attributed to a reduction in competition from grey imports and smuggled goods due to movement restrictions, improved working capital management to reduce the impact of any currency depreciation and thereby allow for more aggressive sales and constant supply of replacement stock and less stockouts. This had enabled the Group to constantly supply products at competitive prices resulting in increased shelf space and market share. Also price stability and increased incomes resulting in improved demand.

In the outlook, the company said: “In the final quarter of year 2021, we are most likely to see a reduction in the pace of sales volume growth due to time lags in payment of foreign suppliers after having bid allocations on the foreign exchange auction system.”

Fidelity climbed 12.50% to ZWL$9.0000.

Other losses were recorded in General Beltings which lost 3.59% to ZWL$2.0045. As a result, the Small Cap Index retreated 2.83% to 393,197.38 points. Turnover was lower at ZWL$68.17 million after 1.22 million shares traded-HARARE



Please enter your comment!
Please enter your name here