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Zimbabwe Government Introduces US Dollar Stock Exchange to Lure Investors

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Zimbabwe Introduces US Dollar Based Stock Exchange Market to Lure Foreign Investors

The Government of Zimbabwe has introduced US dollar based Stock Exchange market to lure global investors to the embattled economy.

The new stock exchange known as Victoria Falls Stock Exchange is a subsidiary of the Harare-based Zimbabwe Stock Exchange (ZSE) and will commence trading on Monday, according to the state-run Herald newspaper.

According to the Minister of Finance, Zimbabwe, Mthuli Ncube, The new Exchange based in northwestern Victoria Falls, the country’s premier tourism destination – marked “the foundation stone” for building the town into an “offshore financial hub”.

He said “We saw an opportunity to work with the ZSE in creating a global platform for the trading of stocks in foreign currency, and to do it in a way that promotes foreign investment into Zimbabwe.

The finance minister said the new bourse will cater mainly for mining conglomerates and giant international corporates such as insurance giant Old Mutual.

Zimbabwe continues to struggle with low foreign exchange amid worst economic crisis in more than a decade.

President Emmerson Mnangagwa, who came into power through military coup in 2017, blames the current economic crisis on unnamed “detractors” and Western-imposed sanctions.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Stock Market Extends Bullish Run in December, Opens the Month With 0.30% Gain

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stock bull

Nigerian stock investors continued to dump more funds on Nigerian equities in December as the Nigerian Stock Exchange opened the month on a positive strong note.

The NSE All-Share Index gained 0.30 percent to settle at 35,147.62 index points while the market capitalisation rose by N56 billion from N18.309 trillion recorded on Monday to settle at N18.365 trillion on Tuesday.

Investors traded 308.181 million shares valued at N3.403 billion in 35,147.62 index points during the trading hours of Tuesday.

Access Bank led the most traded stock 43,368,357 shares worth N376,476,921.75. While First Bank followed with 31,934,748 shares valued at N229,789,381.55. See the details below.

Top Trades

Symbols Volume Value
ACCESS 43,368,357 N376,476,921.75
FBNH 31,934,748 N229,789,381.55
MBENEFIT 24,434,500 N5,155,841.00
UBA 24,092,641 N200,213,240.15
GUARANTY 24,056,718 N859,153,111.15

Top Gainers

Symbols Last Close Current Change %Change
GUARANTY N33.2 N35 1.8 5.42%
SEPLAT N400.7 N402.3 1.6 0.40%
ZENITHBANK N24 N24.4 0.4 1.67%
CAVERTON N1.72 N1.89 0.17 9.88%
CUTIX N1.53 N1.68 0.15 9.80%

Top Losers

Symbols Last Close Current Change %Change
GUINNESS N18.9 N18.35 -0.55 -2.91%
FLOURMILL N27.85 N27.6 -0.25 -0.90%
MTNN N155.2 N155 -0.2 -0.13%
FCMB N3.33 N3.21 -0.12 -3.60%
UBA N8.3 N8.2 -0.1 -1.20%

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Insider Dealing: MD of Fidelity Bank Acquires 5 Million Shares of Fidelity

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Nneka Onyeali-Ikpe

Mrs. Nneka Onyeali-Ikpe, the Managing Director and Chief Executive Officer (CEO) Designate, Fidelity Bank Plc, purchased 5,000,000 shares of Fidelity Bank on Monday, November 30, 2020.

The management disclosed this in a statement forwarded to the Nigerian Stock Exchange (NSE).

Onyeali-Ikpe purchased the shares in five different transactions, according to the statement signed by Ezinwa Unuigboje, the Company Secretary, Fidelity Bank Plc.

It said 260,190 shares were acquired at N2.52 per share. While 400,000; 130,000; 2,870,000 and 1,339,810 shares were purchased at N2.55; N2.58; N2.60 and N2.56, respectively.

Aggregate information revealed the 5,000,000 shares were acquired at an average price of N2.56 per share. See the details below.

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Despite Opening in Red, The Nigerian Stock Exchange Closed in Green

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The Nigerian Stock Exchange closed positive on Monday despite opening the day in the red.

The market capitalisation rebounded from the N51 billion decline recorded earlier in the day to close with N21 billion profit at N18.309 trillion market value.

Similarly, the NSE All-Share Index recovered from a 0.29 percent dip to gain 0.45 percent and closed the day at 35,042.14 index points.

Investors traded 415.531 million shares valued at N4.898 billion in 5,267 transactions during the trading hours of Monday.

Airtel Africa led the most traded stocks with a N53.5 gain to close at N588.5 per share. MTN Nigeria came second with a 20 kobo gain to close at N155.2 a single share. See the details below.

Top Trades

Symbols Volume Value
MULTIVERSE 84,009,000 N16,801,800.00
ZENITHBANK 47,021,980 N1,134,491,309.95
TRANSCORP 34,072,114 N34,291,450.53
ACCESS 29,904,160 N256,045,236.40
MBENEFIT 21,566,583 N4,659,761.09

Top Gainers

Symbols Last Close Current Change %Change
AIRTELAFRI N535 N588.5 53.5 10.00%
MTNN N155 N155.2 0.2 0.13%
AIICO N1 N1.1 0.1 10.00%
UBN N5.5 N5.6 0.1 1.82%
FCMB N3.25 N3.33 0.08 2.46%

Top Losers

Symbols Last Close Current Change %Change
GUARANTY N35 N33.2 -1.8 -5.14%
BUACEMENT N56 N55 -1 -1.79%
UNILEVER N13.75 N12.95 -0.8 -5.82%
NNFM N7.7 N6.93 -0.77 -10.00%
FIDSON N5.47 N4.93 -0.54 -9.87%

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