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Zimbabwe: Two New Stockbroking Firms Start Trading On ZSE
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Financial Gazette (Harare)
8 May 2008
Posted to the web 9 May 2008
Shame Makoshori
Harare
TWO new stockbroking firms started trading on the Zimbabwe Stock Exchange (ZSE) this week, bringing to 18 the number of securities firms on one of Africa's most vibrant bourses.
ZSE chief executive officer, Emmanuel Munyuki, told The Financial Gazette yesterday that although MMC Capital and Southern Trust Securities had not yet been registered, they kicked off trading this week under the names of their principal stockbrokers.
MMC Capital started trading on Tuesday.
"They have not yet been registered. They are trading in the names of their principal stockbrokers. Z Nyakudya is trading as Southern Trust Securities and E Mapokotera is trading as MMC Capital," said Munyuki.
ZSE insiders told The Financial Gazette that the "market response was positive" on the first day of trading, adding MMC Capital was riding on the success of its three registered stockbrokers already doing work at the exchange and projected bright prospects for the firm.
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They said as new entrants, the securities firms were still studying trends.
The ZSE is one of Africa's most vibrant stock exchanges, which have defied the effects of the economic crisis affecting the country to continue breaking record indices.
In 2006, it was voted among the best performing stock markets in the emerging markets and analysts in Zimbabwe say the ZSE remains the best bet for growing money in an environment where profits from the productive sectors have been severely eroded by hyperinflation, estimated at 165 000 percent in February.
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