• Sun. May 26th, 2024

ZSE opens week bullish as ZIMRA collects US$1.32 billion in H1


Aug 30, 2023

By ETimes

The Zimbabwe Stock Exchange (ZSE) started the week positive with a 0.91% gain and investors gained $125.14 billion on Monday.

The mainstream ZSE All-Share index increased by 0.91% to close at 122,229.25 points on Monday, helping the local bourse start the week on a high note.

Equity investors’ overall investment increased by $125.14 billion as the market capitalisation settled at $9.74 trillion by the end of trading activities on Monday.

As measured by market breadth, market sentiment was positive, as 11 counters gained relative to 9 losers.

The Top 10 Index gained the most, up 1.13% to end at 57,975.93 points.

The Medium Cap Index added 0.50% to close at 428,398.14 points while the Small Cap Index remained flat at 2,293,785.91 points.

Meanwhile, the Zimbabwe Revenue Authority expects its revenue collection for the third quarter to surpass 6% of GDP.

In an update for the first six months of 2023, the country’s taxman said it is steadfastly adhering to its responsibility to help national development through generating income.

“The Authority will remain flexible enough to quickly adapt to policy changes being introduced to restore normalcy in the economy,” it said.

“As some of ZIMRA’s strategic projects are nearing completion, we are confident that internal processes will be more robust and service provision will improve significantly in the near future, increasing both revenue collection in local currency and the multiple currencies used in the economy.”

The first half of 2023 saw nominal net revenue collections of $4.43 trillion, which translates to nominal and real increases of 801.58% and 1.63%, respectively.

A negative variation of 3.72% resulted from foreign currency revenue collections of US$1.32 billion versus a target of US$1.37 billion – Harare

By ETimes

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