.84 points.
It was all positive trading across the board save for Steelnet which shed $100 to $400.
Pretoria Portland Cement Company romped a whopping $1900000 to $6000000, Meikles surged $86000 to $216000, Econet jumped $50000 to $130000, Natfoods soared $12000 to $42000, Innscor traded $10000 stronger at $40000, Delta put on $6400 to $20000, ABCH and HIPPO were quoted $6000 higher each, both to close at $20000 whilst Old Mutual surged $5000 to $260000 and Cottco closed $4000 firmer at $11000.
All other counters traded positively within $$3999 of their previous levels.
The bulls in the minings pushed the index a significant 2,418,149.88 (23,67%) points to close at all time high of 12,635,793.31 points. Rio Zimleaped $40000 to $200000, Bindura surged $10000 to $55000 and Hwange added $2950 to $11000 whilst Falgold traded $2000 higher at $8000.
Meanwhile the money market opened $69 billion down and was forecast to close $40billion short. The tight liquidity conditions were induced by the Reserve Bank’s 365 day Treasury Bill tenders on Tuesday which gobbled up $47billon.
$10billion worth of TB maturities was seen yesterday but these together with the tobacco inflows into the market failed to swing the market into surplus.
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AT Least 20 million kg of flue-cured tobacco valued at US$43,3 million (about $10,9 billion at the interbank rate) have gone under the hammer at the country’s three auction floors since the beginning of the selling season on April 24.
Figures obtained from the Tobacco Industry and Marketing Board (TIMB) today revealed that the deliveries were 100,06% more than the 10,1 million which went under the hammer during the 28 days of trade last year.
In monetary terms last year’s sales for the same period were 492,62% less at $1,8 billion in Zimbabwe dollar terms due to hyperinflation. Inflation which is currently at 3 714,2% for April was 1092% during the same period last year.
In US dollars terms the value of tobacco sold is US$43,6 million, 139,19% more than US$18,2 million sold during the same period last year.
A total of 221 669 bails have gone under the hummer so far from, 116 908 which were sold during the corresponding period last year, the TIMB said.
Of Zimbabwe’s three auction floors, Burley Marketing Zimbabwe (BMZ) has sold 2 884 751 kg worth US$6,1 million ($1,5 billion). Tobacco Sales Floor (TSF) sold 2 915 997 kg valued at US$6,4 million ($1,6 billion). Zimbabwe Industry Tobacco Auction Centre (ZITAC) accounted for 2 290 520 kg worth US$5,1 million ($1,2 billion).
Contract tobacco farmers accounted for 12,2 million kgs valued at US$25,8 million ($6,4 billion).
The current season has also witnessed an increase in the selling price that has averaged US$214,90c compared to US$179,75c which prevailed during the corresponding period last year.
The waste percentage during the period under review is 4,15%. It is 51,84% less than 8,62% recorded during the same period last year.
Over the last few years, production of the crop has been on the decline owing to recurrent droughts and unavailability of essential inputs.
Tobacco production declined by 76% last year from an all time high of 237 million kg which was sold in 2000.
A total of 80 million kg of the golden leaf is expected to gone under the hammer by the close of the season. A total of 55,5 million kg was sold last year.
Post published in: News