Maize import bill cools by 81 pc as ZSE gains on Tuesday

Zimbabwe has seen its maize import bill drop by 81,78 percent in the eight months to August 2022 according to the latest figures released by the Zimbabwe Statistics Agency (ZimStats).

In the period under review the country imported maize valued at US$20,2 million which is 81,78 percent lower than the US$110,3 million used last year to import the grain.

Since January 2022, the highest amount spent importing maize has been US$5,96 million spent in August, compared to US$32 million spent in January 2021.

Government has said the country has enough grain supply to cover until the next harvest without importing for human consumption thereby saving on the much needed foreign currency.

Last month, Minister of Information, Publicity and Broadcasting Services, Monica Mutsvangwa at a post-Cabinet presentation said; “The nation is being informed that the Grain Marketing Board (GMB) grain stocks as at September 28, 2022 stand at 550 464 metric tonnes comprising 475 966 metric tonnes of maize and 74 498 metric tonnes of traditional grains.”

Meanwhile the ZSE All Share Index added 0,78 percent to close at 15 89.23 points despite thin trades in the session.

Gains were recorded in RioZim, which added $15.00 to $145.00 and conglomerate Innscor, which is set to build two beer factories in the capital added $14.72 to $340.23. Econet went up by $1.85 in the session to close the day at $88.88.

AXIA saw its share price gain by $1.58 to $81.94 and Getbucks which is mulling over a move to the now famous VFEX gained $1.40 to $18.95

Gains of the day were partially offset by negative trades in Simbisa which lost $0.91 to $240.02 and Ecocash lost $0.76 to end the day at $43.22 whilst ZB Holdings dropped $0.51 to $114.50 in the session.

Giant retailer, OK Zimbabwe, slumped by $0.36 to close at $31.99, whilst ZIMRE Holdings was $0.09 weaker at $5.01.

Morgan & Co Made in Zimbabwe, traded $0.04 higher at $1.14 and Datvest Modified ETF traded $0.01 higher at $1.75. In the session the CASS Saddle Agriculture ETF remained flat at $2.00. Trading in the negative was the Morgan & Co Multi Sector ETF which shed $0.91 to $21.00 as the Old Mutual ZSE TOP 10 lost $0.1959 to $5.2173.

Oil prices rose on Tuesday, recouping losses from the previous session, as a weaker dollar offset widening Covid-19 curbs in China that have stoked fears of slowing fuel demand in the world’s second-largest oil consumer.

Brent crude for January delivery rose US$1.38, or 1,49 percent, to US$94.19 a barrel as the December contract expired on Monday at US$94.83 a barrel, down 1 percent.

West Texas Intermediate rose US$1.15, or 1,33 percent, to US$87.68 a barrel, after falling 1,6 percent in the previous session.

Gold prices firmed on Tuesday as the US dollar and treasury yields retreated, though caution prevailed among investors as markets awaited policy guidance from the Federal Reserve’s meeting due later in the day.

Spot gold was up 0,3 percent at US$1 637.54 an ounce, having earlier touched its lowest level since October 21.

US gold futures were flat at US$1 640.20.-ebusinessweekly