Uncategorized - December 1, 2021

CBZ mantains largest ZSE counter position

CBZ Holdings (CBZH) has ended the half year 2021 as the fourth largest counter on the Zimbabwe Stock Exchange (ZSE) with a market capitalization of ZW$43.9 billion, its half year ended 30 June 2021 financial results reveals.

In a statement, the group chairman Mr Holtzman said on the capital markets CBZH share price closed the year at ZWL8399 cents whilst the ZSE benchmark index rose to 135% during the period under review.

CBZ achieved this backed by a background of persistent headwinds emanating from the COVID-19 virus mutations, but the economy continued to exhibit signs of macroeconomic stability and recovery during the period.

“The local currency depreciated by only 4% during the first half of 2021, compared to a depreciation of 74% that was recorded during the corresponding period of 2020. Additionally, the month-on-month rate of inflation averaged 3,2% in the first half of 2021, down from an average of 17.8% recorded in the first half of 2020. The year-on-year rate of inflation decelerated sharply from 737% in June 2020 to close the first half of 2020 at 107%, ” Holtzman said.

These trends largely reflected the continuation of a tight monetary policy stance and fiscal restraint by the authorities as well as benefits of an improved agricultural season, enhanced foreign currency management through auction system, pent up remittances inflows and commendable resilience by business in the face to face of COVID-19 pandemic.

CBZ board has proposed the declaration of a dividend of ZWL 5 million or 95.78 cents per share.

“This declaration translates to a growth of 42.8% on the comparative 2020 interim dividend,” said Holtzman.

 

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