Zimbabwe stock exchange hits lowest trading since 2009

The Zimbabwe Stock Exchange (ZSE) on Tuesday hit its lowest trading since the country adopted the multi-currency regime in 2009 as foreign investors continue to shy away from the bourse.

Barclays Bank of Zimbabwe was the only counter to trade with 6,995 shares exchanging hands at a price of 1.5 cents a share and yielding total revenue of 105 U.S. dollars, the state-run Herald newspaper reported Wednesday.

The local bourse has been performing poorly in recent years due to the harsh macro-economic environment prevailing in the country which is affecting investor sentiment.

Shares on the bourse have lost a cumulative 13 percent of value since the beginning of 2016 and nearly 1 billion U.S. dollars in the past year as foreign investors who form the bulk of the trades take a back seat, the daily newspaper added.

The ZSE chief executive Alban Chirume was recently quoted in the local media as saying that the company was considering retrenchments to cut down on costs.

There are 63 counters listed on the ZSE with a market capitalization of 2.7 billion dollars, down from 4.37 billion dollars in January 2015. Enditem