By Staff Writer
The Victoria Falls Stock Exchange (VFEX) has signed a Memorandum Of Understanding with the Dubai Gold and Commodities Exchange (DGCX) which is expected to pave way for the creation of an international exchange in the country.
The one year agreement was signed in Dubai by chief executive officer of DGCX, Les Male and VFEX chief executive officer Justin Bgoni during the visit of a high level Zimbabwean ministerial delegation, which also included Treasury chief Mthuli Ncube.
Under the strategic MOU, DGCX will extend technical support, knowledge and skills to VFEX with the aim of establishing an international commodities exchange in Zimbabwe. Also DGCX will support VFEX with the development of a clearing and settlement commodities exchange framework.
“We are delighted to forge a partnership with the VFEX as part of our wider strategy to strengthen commodities trading across Africa. We are confident that our deep knowledge and expertise will bring value to VFEX as they kick start the Offshore Financial Services Centre (OFSC) for the special economic zone in Victoria Falls.
“The partnership also builds on our expanding international footprint and represents another opportunity for us to build stronger inroads into Africa, a rapidly growing market with enormous potential,” said Male.
The DGCX’s strategic geographic location in Dubai between the Far East, Europe and Africa serves as a unique, global window for traders and investors.
“On behalf of the VFEX, I am pleased to be part of this momentous occasion of the signing of the MOU between our exchange and the DGCX. We are looking forward to a fruitful exchange of ideas and technical know-how that should culminate in us being able to replicate the success of the DGCX in our own country and under the proposed VFEX-driven commodities exchange,” said Justin Bgoni, VFEX chief executive officer.
Meanwhile, the stock market rose significantly on Wednesday as bullish sentiment persisted. Turnover improved from yesterday to ZWL$104.92 million after 5.64 million shares traded.
The wider market; the All Share was up 1.02% to 6,712.96pts. Top Ten Index close with a 0.41% rise to 3,572.39pts.
African Sun led the risers, gaining 19.37% to ZWL$9.5494. FMP added 14.07% to ZWL$15.0000. Axia was up 12% to ZWL$22.5000. Brick maker Willdale was 11.58% higher to ZWL$3.3523. As a result the Medium Cap Index went up 1.97% to 17,582.97pts.
GetBucks was the worst performer losing 6.54% to ZWL$7.6167. Ariston followed, slumping 2.99% to ZWL$3.0046. Meikles and Starafrica plunged 2.37% and 1.10% to ZWL$91.4649 and ZWL$1.8672 respectively.
Gold miner RioZim gained 17.86% to ZWL$33.0000.
The Small Cap Index lost 0.05% to 223,897.45pts on Medtech which fell 3.92% to ZWL$0.2452 – Harare