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By Alois Vinga
THE current relatively stable foreign exchange market has prompted a 39% total volumes growth for leading wine and spirits maker, African Distillers limited (Afdis).
Presenting the group’s performance for the period ended December 31 2020, Afdis chairperson, Pearson Gowero attributed the volumes growth to stable exchange rates and improved foreign currency supplies.
“There was a general improvement in the economic environment over the six-month period under review owing to a relatively stable foreign exchange market and improved availability of foreign currency from both the auction system and relaxed foreign currency regulations,” he said.
Last year, the Reserve Bank of Zimbabwe (RBZ) introduced a foreign exchange auction system which has been widely hailed by companies for eradicating exchange rate distortions while improving the operating environment for companies.
Zambeef Products (AIM:ZAM) | RNS | Zambeef Products PLC - Change of Adviser and Directorate Changes proactiveinvestors.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from proactiveinvestors.co.uk Daily Mail and Mail on Sunday newspapers.
HARARE – The stock market was near flat for the second day running as trading remained mixed. Turnover was about 25% lower to $61.25 million although activity levels were much higher at 490.
Delta led the turnover contributions at $16.86 million while General Beltings brought in the least value at $120. Foreigners continued to sell their holdings in heavyweight counters at $26.08 million against purchases of $5.87 million.
Meanwhile, the Ministry of Finance said public service funds under management have grown to $3.7 billion since last year. The funds are under the management of eight asset managers.
(See full report to follow).
Penny stocks were the main performance drivers albeit on low volumes as the All-Share Index put on 0.24% to 4 165.74. The session yielded 21 gainers against 15 fallers. Total market cap was at US$6 billion.