By ETimes
HARARE – The Zimbabwe Stock Exchange (ZSE) extended gains on Wednesday as Zimbabwe Gold (ZiG) continued to gain against the greenback amid rapid dollarisation of the economy.
It comes as ZiG notes and coins will start to circulate in the economy by month-end, despite growing impatience.
The ZSE All Share Index was up 0.11% to 100.90 points, as the ZiG strengthened by a negligible 0.24% against the greenback to ZiG13.5012.
The Top 10 Index was flat at 100.81 points after Delta lost 0.01% to end at ZiG679.95c.
The Medium Cap Index gained 0.32% to close at 101.19 points.
Starafrica appreciated the most, up 47.87% to ZiG2.0000c. ART was 10.95% higher at ZiG9.0000c.
The Small Cap Index was flat at 100.00 points.
Market capitalisation increased by ZiG33.74 million to ZiG29.68 billion from ZiG29.65 billion previously.
Turnover declined by 61% to ZiG20 623 from ZiG53 440 in the previous session. There were 4 trades in the session.
Meanwhile, the Reserve Bank of Zimbabwe (RBZ) stated that the banking sector and payment service providers have made “significant and satisfactory progress” towards currency conversion from ZWL to ZiG.
“Commendably, over 90% of the banking institutions and mobile bank service providers have successfully configured their systems and processes from ZW$ to ZiG, with banking services now being accessible for the convenience of the transacting public.
“The Reserve Bank is also encouraged by the positive response and enthusiasm from the business community and the public at large to embrace and use ZiG,” reads the statement.
RBZ added that the ZW$ notes currently in circulation are still “valid and remain legal tender” until 30 April 2024 despite mass rejection by the public and businesses.