Equities march ahead as ZNCC pushes for IMTT correction<\/p>\n
HARARE \u2013 Equities continued to march forward in record territory although turnover momentum continued to be concentrated in a few stocks.<\/p>\n
The All Share Index added 3.24% to 392 630.51 in a session which yielded 20 risers and three fallers. Market capitalisation was at $31.9 trillion or US$3.39 billion using the interbank rate of 9 414.44. A total of six heavyweight stocks now carry a value of above $1 trillion with Delta leading at $10.08 trillion.<\/p>\n
Turnover was at $7.33 billion supported by Delta ($4.62 billion) and Econet ($1.35 billion). Volume amounted to 2.54 million shares in 289 transactions. Foreigners sold $829.63 million, mostly out of FBC and purchases were at $789.8 million. <\/p>\n
The Top Ten Index put on 2.26% to 1278 727.74 and is now close to doubling its January gains at 98.40%.
\nBAT Zimbabwe and First Mutual hit limit up to 3 012 569.93c and 138 290c respectively. EcoCash rose 14.99% to 31794.74c while marginal gains were seen in Econet and Delta. <\/p>\n
CBZ was, however, 3.47% lower to 550198.02c.<\/p>\n
The Medium Cap Index was the standout performer with a 5.84% gain to 1 345 787.40. Truworths led the day’s risers gaining 35.61% to 7 040c as investors continue to await its reconstruction and restructuring following last year’s successful capital raise. Nampak and Tanganda each rose 15% to 43 585c and 213 520c, respectively. <\/p>\n
Fractional losses were recorded in Star Africa and Zimre Holdings.<\/p>\n
The Old Mutual Top Ten ETF rose 15% to 6549c while gains in the Datvest MCS and the Morgan & Co MIZ were fractional. Total turnover was at $4.68 million.<\/p>\n
Turnover on the VFEX was subdued at US$14 866.87 after 159 632 shares traded. Simbisa shed 2.04% to 35.02 US cents to send the All Share lower by 0.35% to 97.67.<\/p>\n
Meanwhile, local businesses are set to engage the Zimbabwe Revenue Authority (Zimra) to expedite the correction of calculating the 2% Intermediary Money Transfer Tax (IMMT) on amounts exceeding US$500 00. <\/p>\n
ZNCC President Mike Kamungeremu, whose lobby group has long called for the abolishing of the tax, said that engagements with the authorities have been slow but remain “work in progress”. <\/p>\n
IMTT has a rate of $0.02. Any transaction exceeding equivalent in ZWL of US$500 000 has a maximum tax of US$10,150 (at the Interbank Rate) payable in ZWL. For foreign currency, rate of tax is USD0.01. Any transaction exceeding USD500 000 has a maximum tax of USD10 150.<\/p>\n
Zimra said they are currently seized with correcting the error as business will continue to pay more than what they should as the error is engraved in law.<\/p>\n
“IMTT is still 2 cents per $ with the maximum threshold at US$500 000 or Zimbabwean equivalent. Anything above US$500 000, the tax is US$ 10150. That is what is in the law right now. But we have noted that there is an error as 2% of that figure is US$10 000. The same can be said for the US$ IMTT,\u201d said Zimra<\/p>\n
The authority was, however, tight lipped when asked if the companies will be able to recoup the extra money they have been paying, before the abnormally was spotted.
\n-finx<\/p>\n","protected":false},"excerpt":{"rendered":"
Equities march ahead as ZNCC pushes for IMTT correction HARARE \u2013 Equities continued to march forward in record territory although turnover momentum continued to be concentrated in a few stocks. The All Share Index added 3.24% to 392 630.51 in a session which yielded 20 risers and three fallers. Market capitalisation was at $31.9 trillion […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2598","post","type-post","status-publish","format-standard","hentry","category-market-commentary"],"_links":{"self":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2598"}],"version-history":[{"count":1,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2598\/revisions"}],"predecessor-version":[{"id":2599,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=\/wp\/v2\/posts\/2598\/revisions\/2599"}],"wp:attachment":[{"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ctrade.co.zw\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}