Biyam to lead ZSE interim board

Biyam as chair- man.
Mr Biyam replaces Mr Ndodana Mguquka, who remains a board member. Other board members include Mr Peter Shonhiwa, a director of Afre, ZSE chief executive Mr Emmanuel Munyukwi and Mr Mutasa Dzinotizei, a senior official from the Finance Ministry.
Mr Munyukwi yesterday confirmed the latest developments saying the new interim board held its first meeting on Monday. The appointment comes after the Securities Commission nullified the board ZSE board that was appointed by the ZSE committee last year.
SEC was not happy with the appointments and demanded the removal of veteran stockbrokers Mr Seti Shumba and Mr Bart Mswaka from the board.
SEC argued that the ZSE board should be balanced and is composed of independent directors. The matter is pending before the High Court.
Meanwhile, the industrial index rose 1 percent yesterday to 163,37 points, lifted by gains in heavyweight counters. The mining index also closed higher after gaining 1,4 percent or 2,64 to 197,47 points.
Cement manufacturer Lafarge rose US5c to US95c, CBZ, Delta, Innscor and TA gained a cent each to close at US18c, US82c, US63c and US15c respectively.
Meikles rose US0, 99c to US39c while Fidelity Life gained US0,61c to US8,61c.
On the downward side was PPC which slipped US5c to US325c.
RTG retreated US0,40c to US2c on reports that the Securities Commission had questioned the resumption of trading in RTG and Afre shares arguing the counters have not met the conditions precedent to the lifting of the suspension in trading of their shares.
CAPS traded US0,25c lower at US0,45c ahead of its Extraordinary General Meeting in which shareholders’ approval will be sought to delist the pharmaceutical group from the bourse while PGI lost US0,2c to US2c.
RioZim was up US2c at US140c and Hwange gained US1c to US68c.