ZSE Turnover Fell In April
In February, turnover was US$47 477520.86.
The dip in the value of trade came at a time more shares had been traded during the month. According to ZSE data, 357 058 030 shares exchanged hands in April up 2% from March figures of 349 977 640.
This can be attributed to a fall in share prices caused by uncertainty after government announced amended regulations governing the empowerment in the mining sector.
According to an extraordinary Government Gazette published in March, a controlling interest or 51% of any foreign owned mining company with a net asset value of at least US$1 is required to be held by either the National Indigenisation and Economic Empowerment Board (NIEEB), or the Zimbabwe Mining Development Corporation (ZMDC); or any company or other entity incorporated by the ZMDC or NIEEB; or a statutory sovereign wealth fund that may be created by law.
It can also be transferred to an employee share ownership scheme or trust, management share ownership scheme or trust or community share ownership scheme or trust.
The mines have up to Monday to submit plans on how they would transfer majority ownership to locals amid allegations that senior politicians are angling to the stake.
Statistics from ZSE shows that foreign investors were the main actors on the bourse buying shares worth US$18,645,790.15 and sold shares valued at US$12,779,833.17.
The fall in value of shares traded is bad news for the 20 stockbrokers who derive their income from commission from the trade of shares.