Zimbabwe Loses Close To $3 Billion On The Stock Market In “Military Coup” Week

The Zimbabwe Stock Exchange shares lost close to US $3 billion in value in a single week, following the uncertainty that gripped the country this week.

The market capitalisation of the companies whose stocks are traded on the local exchange fell from $15 billion to $12.3 billion on the back of massive disposal of shares by the investors.

Some of the counters that lost the most were Econet  (lost 19.99% market cap) Delta (19.94%), Old Mutual (19.58%) and Afdis  (18.37%).

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The military took over the control of the government in the early hours of Wednesday, 15 November 2017. The intervention happened two days after military commander, Constantino Chiwenga, announced they would not hesitate to intervene to fix a Zanu-PF situation supposedly threatening the country’s stability

The military has insisted that the intervention is not a coup.

More: ZBC

Zimbabwe Stock ExchangeEconetOld Mutual

The Zimbabwe Stock Exchange Limited (ZSE) is a securities exchange regulated in terms of the Securities and Exchange Act (24:25) to provide for the listing and trading of securities. Securities are defined in the Securities and Exchange Act (24:25) to include shares, debt securities, depository... Read More About Zimbabwe Stock Exchange

Econet Wireless Zimbabwe, a subsidiary of Econet Wireless International, is the first and largest mobile network services provider in Zimbabwe. The telecoms giant became popular with its products and services such as Buddie. It has established branches in different corners of the country and enjoys... Read More About Econet

Old Mutual Limited is one of the largest insurances and financial services companies in Zimbabwe. It is a subsidiary of the South Africa headquartered Old Mutual Limited. Old Mutual Zimbabwe is listed on the Zimbabwe Stock Exchange.. The company started operating in 1895. It has... Read More About Old Mutual

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Zimbabwe Loses Close To $3 Billion On The Stock Market In “Military Coup” Week