A total of 892 000 shares valued at $116 million were traded on the Zimbabwe Stock Exchange (ZSE) in the first quarter of this year despite anxiety from investors over the country’s indigenisation drive.
While more shares were sold compared to the same period last year, totalling 2,3 million, there were less in value at $102 million.
The market capitalisation for the bourse as of the end of March stood at $4,1 billion.
According to figures availed by ZSE ,blue chip mining companies Hwange, Falgold, Bindura and Riozim were the main drivers of the mining index. The ten companies with the biggest market capitalisation levels remained the same during the period under review when compared to last year. These include SeedCo, Econet Wireless Private Limited, Innscor, Hippo Valley Estates, CBZ Holdings Limited, Barclays Bank Zimbabwe Limited, Meikles Limited, Aico Africa, Hwange Colliery and Delta. Last month the government gazetted the indigenisation regulations giving foreign-owned mining companies 45 days to submit proposals on how they intend to regularise their share structure and six months to implement the agreed proposals, a move that has negatively impacted on ZSE trade. Turnover of shares on the ZSE fell by 23% in March to $36 374 501,59 as foreign investors took a back seat. In February, turnover was $47 477 520, 86. In January turnover was valued at $32 553 129,74.