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Trading resumed yesterday at the country’s stock exchange and investors reportedly lost a whopping $10 Billion on the first day of trading since the government suspended trading pending investigations into black market activities fueling the runaway exchange rate, the Chronicle reports.
According to the publication, the market cap closed the day at $218 Billion yesterday down from $228 Billion on 26 June the last day of trade before the month-long suspension.
Only Bindura and ZB Financial services traded in the black yesterday according to the publication as all other stocks succumbed to a sell-off according to the publication:
<blockquote>By close of Monday trades, all indicators were in the negative as stocks across the board succumbed to sell off. The primary indicator, the ZSE All Share Index shed four percent to settle at 1 708 points while the ZSE Top 10 eased five percent to 1 163 points as the market’s heavy cap counters faltered. The ZSE Top 15 reduced by 75 points to close at 1 337 points. At 3 213 points, the Medium Cap was 89 points less. The Small Cap went down four percent to close at 5 313 points.
Weighing down the market were Powerspeed that lost 20 percent to $1,16. Padenga and MedTech lost 19 percent each to settle at $11,05 and 9,5 cents respectively. TSL eased 17 percent to $3,40 while Mashonaland Holdings wrapped the top five shakers with a 16 percent decline to 60 cents.</blockquote>
Fungible counters Old Mutual, PPC and Seedco remain suspended until further notice.
More: <a href="https://www.chronicle.co.zw/bloodbath-as-zse-resumes-trading/">Chronicle </a>

Pindula News

Investors Lose A Cumulative $10 Billion On The First Day Of Trading

The government has reportedly allowed ZSE to resume trading but 3 counters  Old Mutual, PPC and Seed Co International will not be allowed to trade on the country’s stock exchange when trading resumes, Business Times reports.
The fungible securities according to the publication were suspended in March:
<blockquote>The three fungible securities that will not be allowed to trade are Old Mutual, PPC and Seed Co International which will have to trade on a to-be established foreign currency exchange, according to people familiar with the developments.
The trio’s fungibility was suspended for a year in March. Modalities on how the trades in the fungible securities will work are being worked out with a series of meetings being held this week.</blockquote>
In explaining fungibility and fungible stock Investopedia said:
<blockquote>Fungibility is the ability of a good or asset to be interchanged with other individual goods or assets of the same type. Fungible assets simplify the exchange and trade processes, as fungibility implies equal value between the assets.
Fungibility implies that two things are identical in specification, where individual units can be mutually substituted. For example, specific grades of commodities, such as No. 2 yellow corn, are fungible because it does not matter where the corn was grown; all corn designated as No. 2 yellow corn is worth the same amount.
<div class="comp mntl-sc-block mntl-sc-block-adslot mntl-block" id="mntl-sc-block_1-0-7">
<div class="comp mntl-block" id="mntl-block_5-0">Cross-listed stocks, which are identical shares of stock listed on the home country exchange and multiple global exchanges, are also considered fungible. The shares represent the same ownership interest in a firm, whether you purchased them on the New York Stock Exchange or the Tokyo Stock Exchange. Although fungibility is commonly associated with finance, it is also found in other disciplines, such as quantum physics.</div>
</div>
</blockquote>
Old Mutual share price’s fungibility was being used by different organisations to determine the parallel market exchange rate what was called the old mutual implied rate(OMIR).
The ruling party <a href="https://news.pindula.co.zw/2020/07/14/zanu-pf-clarifies-and-reaffirms-position-on-old-mutual-shares-full-statement/">Zanu PF is already lobbying for the delisting of Old Mutual </a>as they blame the property giant for fuelling the runaway exchange rate.
More: <a href="https://businesstimes.co.zw/zse-resumes-trading/">Business Times </a>

Fungible Securities Old Mutual, PPC & Seed Co International Will Not Be Allowed To Trade On The ZSE When Trading Resumes Next Week - Report

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