News Worth Knowing

November 28-December 4 2019 @ FingazLive www.fingaz.co.zw Facebook: The Financial GazetteESTABLISHED 1969

Meikles ‘sold for a song’: P11

$20GOVT TWO-FACED ON INFLATION POLICY: P3

◀◀

◀◀

◀◀

ZSE ReportThe All Share Index gained 0,5 percent on Wednesday to close at 240,4 points. Masimba put on 20 percent to end at $0,1860, while Willdale traded 20 per-cent higher at $0,0288. OK Zimbabwe gained 11,4 percent to close at $0,88. The Industrial Index was up by 0,5 percent to close at 800,1 points, while the Top 10 In-dex picked up 0,5 percent to end at 215,9 points. The Minings Index was up by 0,2 percent at 338,7 points.

White Maize ZAR 2 142.08

Soya ZAR 4 811.59

Wheat ZAR 2 885.21 ◀◀

0.48

0.67

0.36

USD:ZAR

EUR:USD

GBP:USD

USD: JPY

Currencies (Bloomberg)14,7076

1,0999

1,2878

109,2500

0,64

0,20

0,09

0,18

% change

Stock Markets

ZSE (All Share)

ZSE (Minings)

JSE

FTSE 100

Dow

240.4

338.7

12 201.00

7 443.39

28 121.68

0,54.5

0.2

0.16

Commodities

Grains (Grain SA)

Gold

Platinum

Brent Oil

1 454.40

902.12

64.50

0.20

0.54

◀◀

◀◀

◀◀

◀

Nampak loses R2bn in Zim

0,40.1

0.7

Steve Curtis, Caledonia chief executive, says the sinking of a shaft at the company's Blanket Mine has been completed, capacitating the mine to increase production from the current 55 000 to 80 000 ounces by 2022. The gold producer recently installed new diesel generators with a capacity to produce 18.5MW, providing 100 percent backup in the event of electricity supply interruptions. Picture by Freedom Mashava

JOHANNESBURG Stock Exchange-list-ed packaging group Nampak’s share price fell to a 20-year low on Monday after it warned that its 2019 profit will be se-verely reduced due to a R1,9 billion for-eign-exchange loss in Zimbabwe.

This comes as another South Af-rican company Pepkor has thrown in the towel in the Zimbabwe market after struggling to trade amid soaring infla-tion, fuel shortages and policy inconsis-tencies.

“Zimbabwe…dragged down Nam-pak’s earnings. It was once again the main culprit (for the group’s depressed performance). The group recorded a R1,9 billion net pretax foreign exchange loss in Zimbabwe,” Nampak said. — BusinessDay

GloomyoutlookdeflatesindustryKuda Chideme and Eric ChirigaStaff Writers

ZIMBABWE’S business confidence is now at its lowest level in a decade — amid little prospect of the country’s stuttering econo-

my turning the corner in 2020, experts say.This comes as the country is facing its worst

economic crisis since 2008 when toxic politics collapsed the local economy, with annual infla-tion hitting a staggering 90 sextillion percent (in the UK, this is a number equal to 90 followed by 36 zeros!).

Christopher Mugaga, the Zimbabwe National Chamber of Commerce chief executive, told The Financial Gazette this week that the economic

outlook remained “bleak”.“Actually, we foresee severe headwinds ahead.

Poverty levels are going to increase as people’s incomes continue to be eroded by inflation,” he said.

Crucially, Mugaga added, “the first half of 2020 will also see re-dollarisation and the econ-omy will be harsher”.

“It is going to be a 2020 where everything will be elevated and people have to brace for more pressure. It is going to be a tougher year.

“And the introduction of higher denomination currency during the first quarter of 2020 will be inflationary, as the currency will just find its way onto the black market,” the trained economist warned further. To Page 2