Zim's stock exchange fails to resume trading

Zimbabwe’s stock exchange (ZSE) has failed to resume trading, the state-controlled Herald newspaper reported on Tuesday.

This was in spite of assurances by the Securities Commission last week that the bourse would commence business.

ZSE chief executive Emmanuel Munyukwi told the Herald that regulatory authorities were still working out pricing modalities and he was not sure when trading would resume.

“We have sent our proposal of the share price per unit in foreign currency to the regulatory authorities and are awaiting their response,” he said.

He told the newspaper that it was in the public interest for trade to be conducted in hard currency.

Trade on the local bourse was suspended last year when it emerged that “wild” share\-price movements had become the order of the day, with unfunded bank cheques driving the prices up.—Sapa