ZSE resumes trading but trades in negative territory
Staff Writer
HARARE, Zimbabwe Stock Exchange resumed trading on Monday after a month long suspension and as was expected, the main indices closed in the red as the market opened sellers only.
Turnover was also quite subdued although this is only temporary as the majority of fund managers are liquid following the release of almost $300 million of public service commission funds.
ZSE was suspended on June 26, 2020, two sessions away from the close of the half year and following what Government said was unprecedented speculative and destabilising behaviour, which was in large part contributing to broader macro-economic instability.
The suspension was necessary to facilitate investigations, which the Ministry of Finance said revealed that some market players acted out of line with the norm of the rules of the ZSE and best trading practice in the nature of their activities.
The investigations also observed that there was a strong link between the price behaviour and transaction patterns of dually listed shares and the behaviour of the parallel market. The suspension was subsequently lifted on all except three dual-listed counters; Old Mutual, PPC and Seed Co International.
Fallers outnumbered gainers to leave the All Share Index down 4.49% at 1 708.50. A total of 24 stocks were traded with 20 closing in the negative, two closed in the positive and another two remained unchanged.
Total value traded was $10.25m or US$133 483 at Interbank rate. Foreign sellers were at $2.9 mln against buyers of $57 909.70. The total trade count was at 117. Medtech was the most traded at 500 000 shares, followed by Bindura at 346 500. Innscor led the value traded at $2.36 mln.ONLINE
