THE value of shares that exchanged hands on the Zimbabwe Stock Exchange (ZSE) was US$26 million last month, a 40% drop from the October figures attributed to subdued trading on the bourse.
Report by Our Staff
According to statistics from ZSE, turnover was US$26 724 066,76 last month, down from US$37 860 867,70 in October.
Based on the data, turnover for the year would be lower than the US$477 million recorded in 2011.
According to latest data, in the 11 months to November, turnover was at US$422 389 619,74.
To reach last year’s levels, the value of shares that exchanged hands this month should be above US$50 million. December is not a favourite month for investors on ZSE. Since the use of multi-currencies in 2009, turnover for the month had never reached the US$50 million mark.
The revelations could be a fresh set-back for the bourse that had been registering growth in annual turnovers.
It means gloom for the majority of the country’s stockbrokers that derive most of its income from the buying and selling of shares.
Stockbrokers derive their income from the 1% commission levied on the buying and selling of shares and a fixed charge of US$2 per transaction.
Stockbrokers also derive income from advisory works.
Brokers are however constrained by other charges such as the 0,18% SEC levy, 0,25% stamp duty and VAT, at 15% of brokerage.