The market value of Zimbabwe stocks may rise to $5 billion by the end 2009, a 500% gain from an estimated $1 billion in February, when trading resumed after a three-month closure, according to Renaissance Capital.
The market capitalization of shares on the Zimbabwe Stock Exchange has a 10% chance of reaching $5 billion by the end of this year and a 60% possibility of increasing to $4.5 billion, from $4.08 billion yesterday, analysts led by Harare-based Dzika Danha wrote in a research note today.
Reserve Bank of Zimbabwe Governor Gideon Gono ordered the shutdown of the Zimbabwe Stock Exchange in November, alleging some traders were engaged in fraud, as President Robert Mugabe blamed pressure from western countries for pushing the economy toward collapse. The Zimbabwe Stock Exchange resumed trading in U.S. dollars on Feb. 19, a week after a new coalition government was sworn in under a power-sharing agreement between Mugabe and opposition leader Morgan Tsvangirai. Read the rest of this entry »
