Zim stock market picks up pace in the midst of political drama

The Source

HARARE: With the country in the midst of a political drama that saw Emmerson Mnangagwa axed as vice president on Monday and adding to the political uncertainty, the stock market stretched gains to a new high on Wednesday.

The main industrial advanced 0,49 percent to 530,08 points while the industrial index remained unchanged at 135,38 points.

Beverage maker, Delta added 0,74 percent to settle at 320,08 cents in the day.

Econet gained 0,88 percent to trade at 185,72 percent while SeedCo advanced 0,23 percent to settle at 319,75 cents.

Unifreight, Padenga and FML advanced 9,23 percent, 2,19 percent and 2,17 percent to trade at 1,42 cents, 79,71 cents and 20,25 cents respectively.

ZB gained 1,27 percent to close at 40 cents.

Innscor also added 1,24 percent to settle at 168,08 cents.

Market capitalisation amounted to $15 billion while turnover stood at $6,7 million.

Foreigners were net sellers in the day, disposing shares worth $2,5 million compared to buys of $1,4 million.

Losses were recorded in Ariston, Barclays and Dairibord which eased 8,57 percent, 3,12 percent and 1,30 percent to trade at 1,92 cents, 8,7 cents 17,50 cents in that order.

No trades were recorded on the resources counters.

Unrelenting political drama

On the political front, the drama is unrelenting.

Addressing supporters his ZANU-PF party headquarters in Harare, Zimbabwe’s 93-year old President Robert Mugabe accused Mnangagwa of plotting to unseat him by consulting witchdoctors and prophets.

While ZANU-PF’s executive politburo was meeting on Wednesday to decide whether to fire Mnangagwa and his allies from the party, the former vice president said he had fled the country because of death threats and was safe.

“My sudden departure was caused by incessant threats on my person, life and family by those who have attempted before through various forms of elimination including poisoning,” he said in a statement from Johannesburg on Wednesday.


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