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Home Capital Markets

Zimbabwe stocks slowing down after a 370% rally this year

Mark-Anthony Johnson by Mark-Anthony Johnson
November 5, 2021
in Africa, Capital Markets, Economy, Finance, Inflation, Stock, Zimbabwe
Reading Time: 2 mins read
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Caledonia Mining to list in Zimbabwe’s Victoria Falls Exchange

Zimbabwe stocks have paused for breath after soaring about 370% in 2021, a breakneck rally spurred by investors turning to the bourse as a haven against inflation.

Harare’s All Share Index posted a rare, four-day decline last week, with local market watchers saying the eye-watering gains had become overdone and a pullback was needed.

“The market does seem to be cooling off,” said Thedias Kasaira, managing director at Imara Edwards Securities.

The excessive increase in share prices was captured in at least one technical indicator: the 14-day relative strength index on the benchmark Harare stock gauge peaked at almost 99 on Oct. 21, when stocks took their gains to 367% since the start of the year. That’s well above the level of 70 that some technical analysts see as suggesting a market has risen too far and may be about to swing lower.

To be sure, it seems stocks may soon resume their ascent, given that investors have few other options and locals with cash prefer to buy shares to avoid their money losing value. Annual inflation in October quickened to 54.5% and the central bank last week raised its main lending rate to 60% in an attempt to tame that increase and to stabilize the free-falling Zimbabwe dollar.

Also read: To dollarize or not? Zimbabwe’s monetary headache

More details here: https://lnkd.in/e7QMiXAH

#Zimbabwe 🇿🇼 is an #AfCFTA member country

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Tags: #AfCFTASecretariat#AfCFTATrading#AfricaMeansBusiness#AfricanSolutionsToAfricanProblems#AfricaOnTheMove#BetterAfricaBetterWorld#BrandAfrica#BuildBackBetter#IA#JoinAfCFTA#MakeItInAfrica#RoadMap#SMMEs#StrongerTogether#TheAfCFTAEffect#TradeFair#TradeInAfrica#TradeNotAid#TradeUnderAfCFTA#TransAfricanHighway#TransformingAfrica#TravelToAfricaACFTAAfCFTAAfCFTATVafdbAfreximbankafricaAfricanUnityAfricaRisingAgenda2063AIAUAUCcapital marketsCOVID19diasporaFDIFeatureFinancefutureGDPGrowthIFCIMFInfrastructureIntraAfricanTradeinvestInvestInAfricainvestmentITMadeInAfricaMark-Anthony JohnsonOneAfricapartnershipsroadroadsSAATMSEZSMEsStock exchangeStockstariffsTechTheAfricaWeWantThisIsAfricaTourismTradeVisitAfricaWBWTOzimbabweZimbabwe stocks slowing down after a 370% rally this yearзимбабвеزيمبابويジンバブエ津巴布韦
Mark-Anthony Johnson

Mark-Anthony Johnson

MARK-ANTHONY JOHNSON is the founder and CEO of JIC Holdings, an innovative private holding company established in 2009 which he has built into an international asset and investment management company with offices, associates and investments around the globe. This followed the success of the JIC Group which he founded in 1985. He was educated in the UK at Mill Hill School and then achieved a BA (Hons) in Business and International Finance at University of Westminster. Mark-Anthony’s vision has long been towards emerging and frontier markets with particular emphasis on Africa, Latin America and the Caribbean and his philosophy can be summed up in the phrase “knowledge is power”. Mark-Anthony is also enthusiastic about the latest communication tools, which he uses intensively to keep in touch with up to the minute data. With a deep-rooted connection to the African continent, Mark-Anthony has been passionate about developments in Africa for over 30 years. He has worldwide interests in mining, infrastructure, power, electricity, shipping, commodities, agriculture and fisheries and is currently looking to develop farms across Africa. Mark-Anthony has a vision for a future Africa as the breadbasket of the world. For many years Mark-Anthony has been active on the ground in Africa through his charitable foundation, the Johnson Foundation. Created in 1989, it first provided assistance to people in his ancestral home country, Sierra Leone, even before the civil war. Once the war started, his aid was even more necessary and became focussed on Mark-Anthony’s major concerns for Africa -education, clean water and medical assistance. Over the years, the Foundation’s work has been extended into many parts of Sub-Saharan Africa and has been instrumental in setting up new clinics and rehabilitating villages, schools, places of worship, water facilities etc.

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