Business / Economy
3 companies proposing to list on the Zimbabwe Stock Exchange
08 May 2012 at 05:23hrs | Views
The Zimbabwe Stock Exchange (ZSE) listing drought is expected to end amid revelations that three new companies are proposing to list on the local bourse.
According to official sources within the market, three new firms have submitted their proposals to list on the ZSE by the third quarter.
The plan is however subject to regulatory authority approvals.
Market watchers say in the event that the listing proposals are approved, the local stock exchange is expected to increase its trading capacity after going for three years without an initial public offer.
This is on the back of capital constraints following the change from the use of the Zimbabwe dollar to multiple currencies.
The market has since 2009 been dominated by listings through reverse takeovers.
In a related development, the stock exchange started the week on a mixed note, buoyed by gains within the industrial index which rose by 0,47 points to end at 130, 37 points.
Econet was US10 cents up to US400 cents, Delta rose by a cent to end at US70 cents, while ZPI was US0,1 cents up to close trading at US1,1 cents.
Shakers on the market included ZB Holdings- US2 cents down to 12 cents, RTG - US0,2 cents weak to end at US2 cents and Padenga Holdings, which shed US0,01 cents to US5,5 cents.
It was not rosy for investors within the mining counters as the overall resources index shed 0,83 points to end at 91,12 points.
Hwange dropped by US0,50 cents to US26,50 cents while other resource counters were unchanged.
According to official sources within the market, three new firms have submitted their proposals to list on the ZSE by the third quarter.
The plan is however subject to regulatory authority approvals.
Market watchers say in the event that the listing proposals are approved, the local stock exchange is expected to increase its trading capacity after going for three years without an initial public offer.
This is on the back of capital constraints following the change from the use of the Zimbabwe dollar to multiple currencies.
The market has since 2009 been dominated by listings through reverse takeovers.
In a related development, the stock exchange started the week on a mixed note, buoyed by gains within the industrial index which rose by 0,47 points to end at 130, 37 points.
Econet was US10 cents up to US400 cents, Delta rose by a cent to end at US70 cents, while ZPI was US0,1 cents up to close trading at US1,1 cents.
Shakers on the market included ZB Holdings- US2 cents down to 12 cents, RTG - US0,2 cents weak to end at US2 cents and Padenga Holdings, which shed US0,01 cents to US5,5 cents.
It was not rosy for investors within the mining counters as the overall resources index shed 0,83 points to end at 91,12 points.
Hwange dropped by US0,50 cents to US26,50 cents while other resource counters were unchanged.
Source - zbc
