Zimbabwe's stock market reached a record high last week, driven by local investors looking for a safe haven in an economy facing acute foreign currency deficits, according to a leading financial research firm.
Equity Axis said in the week under review that the shares shot up astronomically beyond the recent highest point ever set in November 2017 as uncertainties rammers investors.
Over the course of the week, stocks rose by an average of 60 percent, which has never been achieved in the post-dollar history of the Zimbabwe Stock Exchange (ZSE).
The financial research firm said that panicky investors dumped RTGS balances and bought them instead for shares in speculative movements, which resulted in a huge premium for the ZSE.
As the cash crisis worsened, there was a monetary crisis that had almost brought the country to its knees when the industry ceased its activities by pointing to currency concerns. Daily news