20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 

Stock market crashes, loses $1,2 billion as Zim waits on Mugabe exit

16/11/2017 00:00:00
by Source.co.zw
 
 
RELATED STORIES

The Zimbabwe Stock Exchange mainstream index crashed on Thursday, dropping 7,46 percent to 487,93 points while the market saw its market value falling by $1 billion as political tensions remain high after a military takeover of the country. 

As negotiations between President Robert Mugabste, who has been under house arrest at his private residence but has reportedly moved to the State House, the military and South Africa mediators, investors are either in full panic mode or expect normalcy to return to the economy in the expected new political dispensation.

Thursday saw the biggest pull back on the market since the onset of the bull run in October last year.

The mining index, which was constant in the week, also eased 2,69 percent to settle at 134,40 points.

The stock market also witnessed a huge selloff, with $31,5 million worth of shares traded in the day, the the third biggest since dollarisation in 2009.

Market capitalisation dropped by $1,2 billion to $13,8 billion from $15 billion in the previous day.

The largest company by market capitalisation, Delta eased 19,96 percent to settle at 254,50 cents.

Mobile operator, Econet lost 8,83 percent to trade at 167,47 cents while Seedco eased 1,12 percent to settle at 317 cents.

Edgars dropped 19 percent to settle at 5,20 cents.

PPC and Lafarge also lost 17,20 percent and 10 percent to trade at 272,79 cents and 144 cents respectively.

However, Proplastics and RioZim gained 11,84 percent and 0,21 percent to close at 8,5 cents and 120 cents respectively.

On the resources index, Bindura eased 10 percent to settle at 4,50 cents . The other mining counters, Hwange and FalGold remained unchanged at their previous trading prices.

Foreigners were net sellers in the day , disposing of shares worth $7,1 million compared to a paltry foreign purchase of $90,786.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker