Zim News Blog -NEWS NETWORK

HARARE – Global financial markets traded cautiously on Thursday as investors continued to rotate out of artificial intelligence-linked technology stocks in Asia, while oil prices fluctuated amid heightened geopolitical tensions in the Middle East. Meanwhile, the Zimbabwe Stock Exchange (ZSE) recorded mixed trading, with several heavyweight counters posting notable gains.

According to the Associated Press, Asian markets remained under pressure after heavy selling in AI-related stocks extended into a third session. South Korea’s Kospi continued its decline following a sharp correction over the previous two trading days, reflecting investor concerns over elevated technology valuations despite continued optimism surrounding artificial intelligence’s long-term growth prospects.

Energy markets also remained volatile as traders assessed escalating tensions between the United States and Iran. International benchmark Brent crude drifted lower after earlier gains, with investors balancing supply disruption risks against concerns that slowing global economic growth could curb fuel demand.

The cautious global mood contrasted with selective buying interest on the Zimbabwe Stock Exchange, where investors accumulated positions in several industrial and financial counters.

Dairibord Zimbabwe (DZL) led the market’s gainers, advancing 11.50% to 669.01 cents, followed by First Mutual Limited (FML), which climbed 10.35% to 334.71 cents. Seed producer Seed Co (SEED) gained 7.14% to 450.00 cents, while Meikles Limited (MEIK) rose 5.23% to 289.35 cents. Financial services group FBC Holdings also attracted buying interest, adding 3.85% to close at 1,350.00 cents.

On the downside, Mashonaland Holdings (MSHL) recorded the day’s biggest decline, falling 7.63% to 258.64 cents. Hippo Valley Estates (HIPO) shed 7.04% to 1,113.69 cents, while banking giant CBZ Holdings retreated 4.56% to 3,865.42 cents. Wild Horizons (WILD) declined 3.83%, with Proplastics (PROL) easing 0.60%.

Activity in Zimbabwe’s listed collective investment vehicles remained subdued.

All four Exchange Traded Funds (ETFs) ended the session unchanged. Cass Saddle Agriculture ETF (CSAG) closed at 9.00 cents, Datvest Modified Consumer Staples ETF (DMCS) finished at 7.75 cents, Morgan & Co Made in Zimbabwe ETF (MIZ) held at 13.00 cents, while Morgan & Co Multi-Sector ETF (MCMS) remained unchanged at 155.00 cents.

Within the Real Estate Investment Trust (REIT) market, Revitus Property Opportunities REIT (REV) closed flat at 198.25 cents, while Tigere REIT (TIG) edged 0.15% lower to 112.11 cents.

The mixed performance reflects a market that continues to favour fundamentally strong companies despite subdued liquidity, with investors remaining highly selective amid evolving domestic monetary conditions and uncertainty across global financial markets.

The post Global Markets Mixed as AI Sell-Off Weighs on Asia; ZSE Posts Strong Gains in Selected Counters appeared first on The Zimbabwe Mail.

HARARE – Global financial markets traded cautiously on Thursday as investors continued to rotate out of artificial intelligence-linked technology stocks in Asia, while oil prices fluctuated amid heightened geopolitical tensions in the Middle East. Meanwhile, the Zimbabwe Stock Exchange (ZSE) recorded mixed trading, with several heavyweight counters posting notable gains.

According to the Associated Press, Asian markets remained under pressure after heavy selling in AI-related stocks extended into a third session. South Korea’s Kospi continued its decline following a sharp correction over the previous two trading days, reflecting investor concerns over elevated technology valuations despite continued optimism surrounding artificial intelligence’s long-term growth prospects.

Energy markets also remained volatile as traders assessed escalating tensions between the United States and Iran. International benchmark Brent crude drifted lower after earlier gains, with investors balancing supply disruption risks against concerns that slowing global economic growth could curb fuel demand.

The cautious global mood contrasted with selective buying interest on the Zimbabwe Stock Exchange, where investors accumulated positions in several industrial and financial counters.

Dairibord Zimbabwe (DZL) led the market’s gainers, advancing 11.50% to 669.01 cents, followed by First Mutual Limited (FML), which climbed 10.35% to 334.71 cents. Seed producer Seed Co (SEED) gained 7.14% to 450.00 cents, while Meikles Limited (MEIK) rose 5.23% to 289.35 cents. Financial services group FBC Holdings also attracted buying interest, adding 3.85% to close at 1,350.00 cents.

On the downside, Mashonaland Holdings (MSHL) recorded the day’s biggest decline, falling 7.63% to 258.64 cents. Hippo Valley Estates (HIPO) shed 7.04% to 1,113.69 cents, while banking giant CBZ Holdings retreated 4.56% to 3,865.42 cents. Wild Horizons (WILD) declined 3.83%, with Proplastics (PROL) easing 0.60%.

Activity in Zimbabwe’s listed collective investment vehicles remained subdued.

All four Exchange Traded Funds (ETFs) ended the session unchanged. Cass Saddle Agriculture ETF (CSAG) closed at 9.00 cents, Datvest Modified Consumer Staples ETF (DMCS) finished at 7.75 cents, Morgan & Co Made in Zimbabwe ETF (MIZ) held at 13.00 cents, while Morgan & Co Multi-Sector ETF (MCMS) remained unchanged at 155.00 cents.

Within the Real Estate Investment Trust (REIT) market, Revitus Property Opportunities REIT (REV) closed flat at 198.25 cents, while Tigere REIT (TIG) edged 0.15% lower to 112.11 cents.

The mixed performance reflects a market that continues to favour fundamentally strong companies despite subdued liquidity, with investors remaining highly selective amid evolving domestic monetary conditions and uncertainty across global financial markets.

The post Global Markets Mixed as AI Sell-Off Weighs on Asia; ZSE Posts Strong Gains in Selected Counters appeared first on The Zimbabwe Mail.

HARARE – The High Court has dismissed an application by lawyer Edwin Isaac Manikai for leave to appeal against an earlier ruling that struck his urgent chamber application against activist Jealousy Mbizvo Mawarire off the roll for lack of urgency.

Manikai had sought an interim interdict in April compelling Mawarire to remove two articles published on his X page on March 31 and April 2, which he argued were defamatory. The articles detailed the collapse of a Constitutional Court challenge against Constitution of Zimbabwe Amendment Bill No. 3, alleging that Professor Jonathan Moyo was the real architect of the litigation and that a person referred to only as “Manikai” had personally delivered a cash payment to Moyo on behalf of Kudakwashe Tagwirei, the alleged financier.

Justice Esther Muremba struck the original application off the urgent roll on April 9, finding that the article did not identify the applicant personally, and since “Manikai” is not unique to the applicant, there was no basis for inferring that the reference was to him.

The judge also ruled that the interim relief sought was defective because it was tied to a damages summons to be filed within 30 days rather than to a final order following a future hearing.

Manikai then sought leave to appeal to the Supreme Court on three grounds: that a hearing was required before a matter could be struck off the urgent roll; that the court had effectively found he was not defamed without hearing the merits; and that the judge erred in not finding the interim interdict would have lapsed automatically.

His counsel, Thembinkosi Magwaliba, argued the threshold for leave was low, citing case law that “it does not require much to obtain leave” to appeal to the Supreme Court.

Justice Muremba rejected all three grounds. On the naming issue, she noted the founding papers themselves had acknowledged that some 35 relatives share the Manikai surname, and reasoned that without further identifiers there was no basis for urgent relief.

She insisted her original order made no finding on whether defamation had occurred, only that the application lacked urgency: “There is nowhere in the order where I stated that the applicant was not defamed… My remarks were confined to the issue of urgency and not to the substantive merits of defamation.”

On the hearing point, she held that Rule 60(18) of the High Court Rules does not require an oral hearing before a matter is struck off for lack of urgency where the judge reaches that view on the papers alone.

She also dismissed Mawarire’s preliminary objections – including an argument that no appeal lies at all against a striking-off for lack of urgency – finding that right of appeal exists under section 43(2)(d) of the High Court Act, distinct from the purely administrative effect of Rule 60(19), which automatically transfers such matters to the ordinary roll.

Despite dismissing the application, the judge declined to award costs against Manikai, criticising Mawarire’s lawyer, Lyoba Chiperesa, for pursuing “points in limine that were wholly irrelevant to the present application” and failing to substantively engage with the actual grounds of appeal.

The effect of the ruling is that Manikai’s underlying defamation claim against Mawarire now proceeds on the ordinary court roll, where it can be argued on its merits.

Source: ZimLive

The post Top lawyer Manikai suffers fresh blow in Mawarire defamation case appeared first on The Zimbabwe Mail.

HARARE – The High Court has dismissed an application by lawyer Edwin Isaac Manikai for leave to appeal against an earlier ruling that struck his urgent chamber application against activist Jealousy Mbizvo Mawarire off the roll for lack of urgency.

Manikai had sought an interim interdict in April compelling Mawarire to remove two articles published on his X page on March 31 and April 2, which he argued were defamatory. The articles detailed the collapse of a Constitutional Court challenge against Constitution of Zimbabwe Amendment Bill No. 3, alleging that Professor Jonathan Moyo was the real architect of the litigation and that a person referred to only as “Manikai” had personally delivered a cash payment to Moyo on behalf of Kudakwashe Tagwirei, the alleged financier.

Justice Esther Muremba struck the original application off the urgent roll on April 9, finding that the article did not identify the applicant personally, and since “Manikai” is not unique to the applicant, there was no basis for inferring that the reference was to him.

The judge also ruled that the interim relief sought was defective because it was tied to a damages summons to be filed within 30 days rather than to a final order following a future hearing.

Manikai then sought leave to appeal to the Supreme Court on three grounds: that a hearing was required before a matter could be struck off the urgent roll; that the court had effectively found he was not defamed without hearing the merits; and that the judge erred in not finding the interim interdict would have lapsed automatically.

His counsel, Thembinkosi Magwaliba, argued the threshold for leave was low, citing case law that “it does not require much to obtain leave” to appeal to the Supreme Court.

Justice Muremba rejected all three grounds. On the naming issue, she noted the founding papers themselves had acknowledged that some 35 relatives share the Manikai surname, and reasoned that without further identifiers there was no basis for urgent relief.

She insisted her original order made no finding on whether defamation had occurred, only that the application lacked urgency: “There is nowhere in the order where I stated that the applicant was not defamed… My remarks were confined to the issue of urgency and not to the substantive merits of defamation.”

On the hearing point, she held that Rule 60(18) of the High Court Rules does not require an oral hearing before a matter is struck off for lack of urgency where the judge reaches that view on the papers alone.

She also dismissed Mawarire’s preliminary objections – including an argument that no appeal lies at all against a striking-off for lack of urgency – finding that right of appeal exists under section 43(2)(d) of the High Court Act, distinct from the purely administrative effect of Rule 60(19), which automatically transfers such matters to the ordinary roll.

Despite dismissing the application, the judge declined to award costs against Manikai, criticising Mawarire’s lawyer, Lyoba Chiperesa, for pursuing “points in limine that were wholly irrelevant to the present application” and failing to substantively engage with the actual grounds of appeal.

The effect of the ruling is that Manikai’s underlying defamation claim against Mawarire now proceeds on the ordinary court roll, where it can be argued on its merits.

Source: ZimLive

The post Top lawyer Manikai suffers fresh blow in Mawarire defamation case appeared first on The Zimbabwe Mail.

HARARE – Zimbabwe’s platinum industry is enjoying its strongest earnings recovery in years, but delays in settling foreign currency conversion obligations threaten to undermine investment just as the global platinum group metals (PGM) market enters one of its most profitable cycles, according to Equity Axis.

The independent financial research firm warns that more than US$114 million owed to Anglo American Platinum subsidiary Unki Mine by Zimbabwean monetary and fiscal authorities is effectively removing capital from productive mining operations at a time when producers should be expanding capacity and investing in future production.

The receivable stems from Zimbabwe’s foreign currency retention policy, under which mining companies surrender 30% of export proceeds in exchange for local currency. While the framework is intended to support domestic liquidity, delayed settlements have left mining companies financing government obligations with working capital that would otherwise be deployed into operations.

According to Equity Axis, the timing could not be worse.

Global PGM prices have rebounded sharply, with Valterra Platinum reporting an 85% increase in its realised basket price to US$2,801 per ounce during the first half of 2026. The surge helped lift adjusted EBITDA more than fourfold while generating over US$1.5 billion in free cash flow across the group.

Zimbabwe’s Unki Mine participated fully in that recovery. The operation increased its mining EBITDA margin from 23% to 54%, while sustaining economic free cash flow jumped to approximately US$146 million, highlighting the mine’s ability to generate significant cash under stronger commodity prices.

However, Equity Axis notes that Unki’s outstanding receivable is almost equivalent to the mine’s half-year free cash flow, illustrating how cash generated underground is being replaced by an accounting claim whose repayment timetable remains uncertain.

The publication argues that although companies may report healthy profits, delayed settlements reduce immediately available cash needed to replace mining equipment, fund underground development, maintain processing plants and finance future expansion projects.

Valterra Platinum Chief Financial Officer Sayurie Naidoo said the company had made progress recovering current export proceeds through tax offsets and Reserve Bank payments, but acknowledged that more than US$100 million accumulated in previous years remains unresolved despite continued engagement with authorities.

Equity Axis argues that the investment implications extend well beyond Unki.

The research firm says the uncertainty surrounding settlement of export proceeds increases sovereign risk for investors, potentially raising financing costs, slowing project approvals and encouraging multinational mining groups to prioritise capital allocation in jurisdictions where export earnings remain freely accessible.

The issue is particularly significant as Zimbabwe seeks to attract billions of dollars into new platinum developments, including Karo Platinum, while established producers such as Zimplats and Mimosa continue investing in mine replacement, processing infrastructure and power projects.

Mining companies have also argued that although the official foreign currency retention threshold is 70%, exchange losses and settlement delays substantially reduce the practical value of those export earnings. The Reserve Bank’s own 2026–2030 strategy review records industry concerns that the effective retention rate has fallen to around 50%, prompting calls for a higher threshold.

To restore investor confidence, Equity Axis recommends a transparent and automatic settlement mechanism for current export conversions, alongside a dedicated repayment programme or marketable interest-bearing instrument to clear historic arrears. Such reforms, it argues, would allow mining companies to reinvest export earnings into equipment, mine development and future production instead of carrying prolonged receivables on their balance sheets.

As platinum prices recover and profitability returns across the industry, Equity Axis concludes that Zimbabwe’s policy challenge is no longer generating export revenue, but ensuring those export earnings are converted into investable capital that supports long-term growth. Without resolving outstanding settlement obligations, the country risks earning more from each platinum ounce while weakening its capacity to produce the next one.

The post Zimbabwe Risks Missing Platinum Windfall as Receivable Delays Investment, Says Report appeared first on The Zimbabwe Mail.