Finsec turnover down 86pct in January

Finsec turnover down 86pct in January

HARARE, February 1 (The Source) – Zimbabwe’s alternative trading platform (ATP), Financial Securities (Finsec) recorded an 86 percent decline in turnover for January from $553,589 in December to $75,883 as analysts decry lack of investment alternatives on a market that has one company listed.

The ATP, which was designed to broaden and deepen capital market participation by smaller companies, so far has only Old Mutual Zimbabwe Limited (OMZIL) which listed 83,011 818 B Class shares.

Volume of shares traded declined from 674,528 shares in December to 92,461 shares in January.

The Finsec index remained unchanged at its base value, 100 points, with OMZ’s B class shares unchanged at 82.07 cents since their listing on December 1 last year.

Market capitalisation remained at $68,128 million.

Officials said they were making progress in attracting new entrants to the market.

“We do look forward to some new admissions and will make announcements to that effect as soon as we are able to do so,” said the escrow group sales and marketing head, Eliah Sarayi in an emailed response.

“We have a programme for new product deployment which is making due consideration of the market environment and obviously requires regulatory clearance before coming into effect. Announcements will be made as the process evolves,” he said.