ZSE main index retreats amid political uncertainity, bitcoin price hits new high

ZSE main index retreats amid political uncertainity, bitcoin price hits new high

HARARE, November 15 (The Source) – The Zimbabwe Stock Exchange’s main industrial index plunged 1,24 percent to close at 527,27 points on Wednesday as companies responded cautiously to worsening political climate in the country.

The southern African country’s military has seized power and placed President Robert Mugabe under house arrest, although it denies a coup.

Most businesses, including banks, mines and the stock market operated normally, but worried investors scaled activities, with several big cap counters retreating.

BAT and Innscor eased 7,5 percent and 1,83 percent to trade at 3,700 cents and 1,66 cents respectively.

Other heavyweights, Delta and Econet slightly lost 0,04 percent and 0,03 percent to close at 317,95 cents and 183,7 cents in that order.

Edgars and Zimre Holdings eased 19,75 percent and 19,62 percent to close at 6,42 cents and 2,13 cents respectively.

PPC also lost 4,5 percent to close at 329,69 cents.

Gains were recorded in TSL and CFI added 3,77 percent and 1,23 percent to trade at 55 cents and 82 cents respectively.

Powerspeed and Padenga also gained 0,13 percent and 0,02 percent to settle at 7,5 cents and 81 cents respectively.

The mining index remained flat at 138,12 points.

Market capitalisation stood at $15 billion while market turnover amounted to $13,7 million in the day.

Foreigners were net sellers in the day, disposing shares worth $2,97 million compared to buys worth $1,5 million.

On a separate note, the price of bitcoin in Zimbabwe on the local bitcoin exchange, Golix hit a high of $13,500 in the day. On the global market, bitcoin is trading around $7,000, representing a 46 percent discount to Zimbabwean price.