Home Business ZSE to resume trading on August 3

ZSE to resume trading on August 3

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ZSE

ZSE to resume trading on August 3. In a statement, Finance Minister Mthuli Ncube said that following the conclusion of investigations by the Financial Intelligence Unit, trading will now resume.

The Zimbabwe Stock Exchange is set to resume trading on August 3, 2020, without three of the dual-listed stocks, which have been suspended to allow further consultations.

However, Old Mutual PLC, Seed Co International and PPC remain suspended from trading on the local bourse for the time being while further consultations continue on the best way forward regarding their relisting, under suitable rules.

ZSE was suspended on June 26, 2020 following what Ncube said was unprecedented speculative and destabilising behaviour, which was in large part contributing to broader macro-economic instability. Ncube said the investigations found 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.

Meanwhile, The Anchor reports that Old Mutual is agreeable to a listing on a mooted foreign exchange board as part of a solution to deal with concerns raised by Government over the use of an exchange rate derived from the share price, while ostensibly, the move will stop attacks on the company by Zimbabwe’s politicians.

This follows a meeting representatives of the company held with the Ministry of Finance, the Zimbabwe Stock Exchange and the Securities and Exchange Commission, which sought to map a way forward over the listing status of the company. The group is expected to issue an official statement today.

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Source – Bulawayo24

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