The Zimbabwe Stock Exchange (ZSE) resumed trading on Monday after trading was indefinitely suspended in June to protect the country’s currency.
The ZSE has resumed trading today (03 August 2020). We sincerely apologise to all our stakeholders for the inconvenience caused during the suspension.The ZSE also appreciates the support we received from various stakeholders.
— Zimbabwe Stock Exchange (@ZSE_ZW) August 3, 2020
ZSE CEO Justin Bgoni confirmed on Twitter that the market was open following an “excruciating period” since the suspension.
However, its resumption was without three listed companies: cement manufacturer PPC, financial services company Old Mutual and Seedco International.
The market opened without PPC, OM and Seedco Int. We would like to apologise to the stakeholders affected by this. We are now working on the modalities of getting trading on those companies resuming and we will be in touch shortly.
— Justin Bgoni (@BgoniJustin) August 3, 2020
According to Bloomberg, the three stocks account for a combined 4.9 percent member weighting in Harare’s main industrial index in Harare. Old Mutual, the 175-year-old SA insurer, is the largest company by market value.
Finance and Economic Development Minister, Professor Mthuli Ncube in a statement said an investigation by the Financial Intelligence Unit revealed that investors used these stock prices as a proxy exchange rate.