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.
Bank Stocks Top Charts Amid Strong Third Quarter Performance
Bank stocks top both gainers’ and top traded stocks’ charts on Tuesday as investors at the Nigerian Stock Exchange continues to increase their holdings of banks’ stocks amid strong third-quarter financial results.
Zenith Bank led the most traded stocks for a second consecutive day on Tuesday following a declaration of N509 billion gross earnings and N177 billion profit after tax in the first nine months of the year.
Investors traded 71,933,841 shares of Zenith Bank valued at N1,730,151,404.20 during the trading hours of Tuesday.
Transcorp, the only non-bank stock on the top five trades, followed Zenith Bank with 37,172,526 shares worth N32,853,263.27.
Guaranty Trust Bank Plc, Access Bank and United Bank for Africa (UBA) exchanged 30,003,182 units, 29,549,235 units and 29,332,033 units estimated at N1,022,126,997.60, N243,311,726.70 and N236,303,261.20, respectively.
Investors exchanged a total of 365.414 million shares valued at N4.692 billion in 6,325 deals on Tuesday to return the bourse to the green zone after two days of consecutive declines.
The Nigerian Stock Exchange market capitalisation rose by N114 billion from N17.829 trillion it closed on Monday to N17.943 trillion on Tuesday. While the NSE All-Share Index gained 220.82 index points or 0.06 percent to 34,349.56 index points it settled on Tuesday, up from 34,119.74 index points on Monday.
Stanbic IBTC Bank led gainers with N2.8 or 7.08 percent gain to finish the day at N42.35 per share. See the details below.
Insider Dealing: Paul Miyonmide Gbededo, MD Flour Mills, Purchased 1.95 Million Shares in Flour Mills
In a disclosure statement filed with the Nigerian Stock Exchange, the management of Flour Mills of Nigeria Plc said Paul Miyonmide Gbededo, the Group Managing Director, purchased 1,949,839 shares in the company.
In a statement signed by Umolu Joseph, the Company Secretary and Director, Flour Mills of Nigeria, Gbededo bought the 1,948,839 shares at N28 per unit on November 17, 2020.
The Managing Director invested N54,567,492 in Flour Mills of Nigeria Plc in a move that suggested confidence in the future of the company.
The disclosure is in line with the Nigerian Security and Exchange Commission’s new policy on insider dealings. See the transaction details below.
Insider Dealing: Chide Agbapu Buys 1 Million Shares in Fidelity Bank
The management of Fidelity Bank on Friday said Mr. Chidi Agbapu, a non-executive director, bought 1,000,000 shares of Fidelity Bank Plc.
In line with the Nigerian Stock Exchange (NSE) disclosure policy, the lender said Agbapu purchased the shares in two different transactions on November 9, 2020.
According to a statement signed by Ezinwa Unuigboje, Company Secretary, Fidelity Bank, the shares were purchase in two deals of 500,000 units each at N2.75 per share. See the details below.
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