• Sun. May 26th, 2024

Equities maintain bullish run amid massive executive changes in listed counters

By Stephen Chandisareva

HARARE – At the Zimbabwe Stock Exchange on Tuesday, equities trading closed positively, extending its bullish streak as the mainstream All-Share Index (ASI) gained 0.14% to close at 96.47 points.

Market breadth index was positive after yielding 9 gainers and 6 losers. Tuesday’s gainers were led by Starafrica while the top loser was SeedCo Limited.

A number of listed companies have been rocked by executive changes.

Vimbayi Nyakudya has resigned as the group chief executive of Zimplow Holdings effective April 1, 2024, after eight years of service. He is replaced by Willem Swan in an acting capacity.

Swan is currently the group chief operating officer and is a sales and marketing practitioner with 36 years of working experience.

Kudakwashe Musundire has been appointed acting managing director for Mashonaland Holdings, following the resignation of Gibson Mapfidza. A chartered accountant with 15 years’ experience in financial management and auditing, he is the current chief finance officer of the company.

Mapfidza leaves Mashonaland Holdings after serving the company as its managing director for six years, contributing to its turnaround and growth.

CBZ gained 0.06% to close at ZiG363.2500c after appointing Luxon Zembe as Chairman effective April 19. Zembe has been acting since December 1, 2023. He is a highly experienced business management consultant who has consulted for many reputable private, public and non-governmental organisations for over 30 years.

Accordingly, the Zimbabwe Stock Exchange has granted CBZ Holdings a 90 day dispensation for an extension of time to make the mandatory offer to the remaining shareholders of FMHL.

CBZ Holdings is still in the process of engaging with the Competition Tariff Commission in relation to the approval.

The Top 10 Index rose 0.50% to close at 93.88 points.

Market capitalization declined by 2.38% to ZiG27.15 trillion.

The value of transactions increased by 10.26% to ZiG127.09 million.

On the other hand, there was bloodshed on the VFEX.


By ETimes

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