ZSE November indices close weaker

INDICES on the Zimbabwe Stock Exchange (ZSE) closed the month of November weaker due to subdued performance by counters on the bourse.
Statistics from the ZSE shows that since the beginning of the year the industrial index was lower in November at 171,45 points.

VICTORIA MTOMBA BUSINESS REPORTER

The industrial index has been ranging between 173 points to 196 points between January to October this year.

The mining index declined in November to 64,39 points from 70,38 points in October.

The mining index has had a mixed performance throughout the year starting the year at 30 points and rising to 105 points in May and coming down to 64,39 in November.

Despite the decline in the indices, the total value of the ZSE was up to $34,7 million compared to $28,3 million through the transaction of BancABC that was undertaken during the month of November.

The indices were affected by the liquidity challenges that continue to affect the local market resulting in the market being foreign driven.

Market capitalisation for the ZSE stood at $4,5 billion end of November as compared to October where it stood at $4,6 billion.

Finance minister Patrick Chinamasa in his budget presentation said the country was expected to finalise the demutualisation process in the first quarter of next year.

The process will see government reducing its shareholding to 16% from 32%, while stockbrokers will reduce their shareholdings to 32% from 68%.

The remaining 50% will be shared among private financial institutions and individuals.

The demutualisation process will see the ZSE being capitalised and becoming more flexible in decision making processes.

“Work is currently on going to make the necessary legislative amendments to facilitate the registration of ZSE as a company in line with the Memorandum of Understanding,” Chinamasa said.

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