Paul Nyakazeya, Group Digital Editor 
ZSE chief executive officer Alban Chirume was send on forced leave in January last year.
THE Zimbabwe Stock Exchange (ZSE) is looking for a substantive chief executive officer (CEO) following the dismissal of Alban Chirume who was in suspended in January last year. Chirume was suspended for allegedly sanctioning a listed entity’s cash call, despite reservations from the listing committee.
Martin Matanda is been acting CEO February last year.
Speaking to The Financial Gazette on Monday, ZSE vice chairman, Bart Mswaka said the local bourse was looking for a substantive CEO after parting ways with Chirume this year after a legal battle which lasted for almost a year.
“We are now actively looking for a substantive chief executive. As you are aware we have been having an acting CEO Mr Matanda. All the necessary steps are being taken and we are confident of landing the right person,” he said.
Matanda has acted as ZSE CEO before in 2013 when Emmanuel Munyukwi who had been CEO since 2001 left.
“We have names we are targeting after Chirume left. The sooner one is appointed the better for the Zimbabwe Stock Exchange and Capital Markets,” Mswaka said.
Mswaka said he could not talk or comment about ZSE’s separation with Chirume to the media as it involved lawyers.
Chirume was being investigated over a litany of allegations, some of which were unrelated to the latest debacle, which involves Econet Wireless Zimbabwe’s rights issue to raise US$130 million to pay offshore debts. The loans were guaranteed by Econet Global, the major shareholder in the company. Chirume, had been appointed ZSE CEO in May 2013. He took over from Munyukwi.
Meanwhile, ZSE stocks solidified recovery on extending gains to two straight weeks this month amid improved participation.
All of the four ZSE indices picked last week up gains which were broadly firmer than the previous week. The cumulative gains which were led by heavy caps, however came short of reversing loss accrued in the corresponding prior two weeks which significantly reduced the exchange premium.
According to Equity Axis, the stock market has been trading at huge premiums since September 2017 and the margins subsided as company earnings reported earlier in the year, significantly improved.
“Despite the growth in underlying earnings, the market remained overbought. This discrepancy is related to the upcoming harmonised elections which typically exerts a premium on stocks as investors seek cover from vulnerable asset classes,” said Equity Axis. The line of investing follows that stocks are less prone to shocks accompanied by negative outcomes from significant political events such as a presidential election.
“The depth of risk aversion gravitates in line with the level of uncertainty. Other key drivers of the sustained momentum include inflationary pressures which reduce the real return earned from some assets mainly in money market. The preference in money market instruments has been stimulated by high discount margins for Treasury Bills and as a risk free feature attached to the asset. It is likely that the stock market will maintain positive trading up to elections,” Equity Axis said.
