Zimbabwe: Stock Market Rises Across Board On Weak Inflation
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The Herald (Harare)
18 July 2008
Posted to the web 18 July 2008
Harare
THE stock market rose across the board yesterday on the back of weak annual inflation figures for June.
The Central Statistical Office's annual inflation figure for June was 2,2 million percent although acting director Mr Moffat Nyoni said the figure was only a rough barometer as it was based on limited data.
"The information was based on fewer observations than we would be confident with due to scarcities. However, with the information we have managed to obtain, this is the rate of inflation," he said
At the close of trade, the industrial index gained 11,15 percent to 57 112 109 101 473.7 and the mining index moved closer to 100 trillion points after rising 32,98 percent to 79 721 657 780 142.2
Old Mutual added $95 billion to $500 billion, and Delta was $10 billion up to $85 billion. KMAL put on $50 million to $250 million after Meikles Hotel achieved an 83,7 percent mark in a Leading Hotels of the World.
Powerspeed led the risers after putting on $350 million or 100 percent to $700 million.
Econet was $20 billion down to $390 billion after chief executive Mr Doug Mboweni said airtime shortages are expected to ease after the group introduced higher denomination recharge cards. The group also said it had bought 98 diesel generators to provide stand-by power to its base stations.
Innscor was also down $10 billion to $90 billion after the group said its fast food products were cheap compared to other countries in the region. Hunyani, which provides pizza boxes for Innscor, put on $1 billion to $10 billion. The paper and packaging company said the demand for packaging materials in the country had decreased in recent months despite competitive pricing.
Astra was steady at $3 billion. The group says it will soon be expanding operations into the region as a way of boosting earnings and overcoming the effects of a depressed local market.
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Willdale added $2 million to $200 million after saying the group would press ahead with its rights issue in order to recapitalise its Mt Hampden plant.
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