The local bourse went into negative territory after the Zimbabwe Electoral Commission announced Zanu (PF) and President Robert Mugabe’s victory in the elections.
ZSE’s main index cumulatively lost 13,99 percentage points between Monday and Friday last week. On the first day of trading after the announcement of the results, the industrial index plunged 11 percent, representing its hardest fall since the adoption of the multiple-currency system in 2009.
ZSE last week said it expects to stabilise after the formation of a new government. Analysts, however, said the stock exchange’s performance signified lack of confidence in a Zanu (PF) government.
Economist, John Robertson, told The Zimbabwean the bourse was likely to see continuation of trade in existing shares.
“Trade in existing shares does not improve the economy. Unfortunately the new investors needed to boost the economy are being discouraged by unfavourable polices such as indigenisation,” he said.
Zimbabwe’s growth projections have been revised downwards from 5 percent to 3,9 percent. Morgan Tsvangirai is challenging Mugabe’s victory and has filed papers at the constitutional court.
While the indigenisation policy remains high on the list of concerns for investors, the possibility of the return of the Zimbabwean dollar is causing anxiety in the market. Central Bank Governor Gideon Gono and Zanu (PF) have tried to quell speculation on the return of the local currency.
Post published in: Business
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