ZSE very quiet lately

THE Zimbabwe Stock Exchange (ZSE) has been rather docile during the past month, stock market analysts have said.

"The cash crisis seems to be also affecting the ZSE," a stock market analst said in an interview.

"Most banks except for the foreign-owned ones do not have cash and customers have to wait half the day for as little as US$100. ATMs also do not have cash and thus there is no money to invest right now."

There were long queues at most commercial banks on saturday morning such as First Bank Limited, Kingdom Bank Limited, Interfin Bank Limited, CBZ Bank Limited, as well as Zimbabwe Allied Banking Group (ZABG) Limited in Harare.

Counters that have done well so far on the ZSE include Tobacco Sales Limited (TSL) which recently appointed Washington Matsaire as its new Chief Executive Officer (CEO).

He was formerly CEO of the foreign owned Standard Chartered Bank of Zimbabwe Limited (Stanchart).

TSL shares stood at 7.20 on Friday.

Another good counter was mining concern but struggling Whange Colliery Company Limited (WCCL) which stood at 32.00, Innscor Corporation Limited at 62.50, Hippo Valley Esates Limited (HIppo) at 108.00 and CFI Limited which stood at 6.01 during the week under review.

Counters that won the "wooden spoon" included Interfresh Limited (Interfresh) at 0.30, NicozDiamond Limited at 2.50, Pelhams Limited (0.80), Zimbabwe Newspapers (1980) Limited, publishers of the State-controlled daily newspaper, The Herald and The Sunday Mail at 0.85 and farming concern, Zimplow Limited, which stood at 8.99 on Friday.

The ZSE website is still down having been hacked by "hackers" last year.

Insiders said this could be due to some alleged 'insider trading" on the lacklustre bourse, but bosses at the ZSE have been very tight-lipped on the serious and worrying issue.

"It is sensitive," an official said when questioned when the website would be back online.

"I really do not know when we will get back online but, hopefully, very soon."

Post published in: Business

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