ZSE posts $60m monthly turnover

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Trading on the Zimbabwe Stock Exchange (ZSE) has defied the pre-election trend to post its highest monthly turnover of $60 million in June since the introduction of a multiple currency regime.

Market watchers say uncertainty regarding the real time gross settlements (RTGS) balances which are depreciating against the US dollar has led to increased activity on the local market.

The prevailing peaceful environment ahead of the polls and the government pledge for free, fair and credible elections seem to have had a positive effect on the market, according to market analysts.

ZSE CEO, Mr Martin Matanda said the highest monthly turnover of $60 million in June since 2009 is a reflection of favourable trading conditions on the market.

“We are still optimistic of what can happen but it is our role to safeguard the interest of the market,” he said.

The stock market is also expected to attract few new listings in the third quarter while one firm is still suspended, with two others set for delisting.