Zimbabwe’s stock market is riding on a digital wave that has given more citizens access to immense wealth opportunities
The Zimbabwe Stock Exchange was booming last year, but the inflow of capital from overseas seems to be drying up.
A liquidity crunch, a steep drop in consumer spending and uncertainty over Zimbabwe policy has seen company stocks fall for the sixth day in a row.
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The country’s stock exchange is finally going to be automated, but that is no hedge against the uncertainty.
With no stimulus or currency measures at hand, the Zimbabwean government can do little but watch the downward spiral.
The re-election of Mugabe has brought fears of instability and an economic crisis to the fore.
Zimbabwe Reserve Bank governor Dr Gideon Gono says the government has no plans to reintroduce the local currency in the near future.
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Analysts say the problem bedevilling the delisted companies is the result of a liquidity crunch in the economy.
For foreign investors from around the world who are watching Zimbabwe, it is not a question of if but when to jump into the market.
Sound businesses, relatively cheap stocks and good news on the political front provide a solid counter to negative news reports on Zimbabwe.
Firms listed in Zimbabwe may have an opportunity to raise foreign capital through listing on the Pan African Board, local media reported on Tuesday.
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/ 19 February 2009
The Zimbabwe Stock Exchange (ZSE) restarted after a three-month halt on Thursday and trades were in United States dollars for the first time.
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/ 17 February 2009
Zimbabwe’s stock exchange (ZSE) has failed to resume trading, the state-controlled Herald newspaper reported on Tuesday.
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/ 5 September 2008
Mugabe this week gave Morgan Tsvangirai until Thursday to sign the proposed power-sharing agreement.
A ”virulent and vicious” smear campaign is being waged against Zimbabwe over the list of observers invited to witness the country’s elections on March 29, the country’s ambassador to South Africa, Simon Moyo, said on Monday. The campaign is being driven by the West and certain sections of the South African media, he said in a statement.
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/ 11 November 2007
Zimbabwe marks the 10th anniversary this week of ”Black Friday”, when its currency plunged a record 72%, an episode widely regarded as the precursor of its subsequent economic meltdown. Under pressure after street protests, President Robert Mugabe ordered unbudgeted payouts for 50 000 of war veterans.