Zimbabwe Stock Exchange Resumes Trading Without Three Listed Companies

Trade on Zimbabwe’s Stock Exchange Resumes

The Zimbabwe Stock Exchange (ZSE) resumed trading on Monday after trading was indefinitely suspended in June to protect the country’s currency.

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.

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.