admin
Oliver Kazunga Business Reporter
THE Zimbabwe Stock Exchange (ZSE) has started searching for a consultant to undertake a project to install an automated trading system.
According to the Securities Commission of Zimbabwe, automation and computerisation of the stock exchange is long over due and has been delayed by a lack of skills know how.
“ZSE announces that it wishes to recruit a consultant for its Automated Trading System Project,” said the stock exchange on its website.
It said the closing date for submission of bids was 20 June.
“Expressions of interest are sought from suitably qualified persons with appropriate experience inter alia: membership of a professional body, previous consultancy in financial services sector in implementation of Information Communication Technology systems, minimum of three active reference sites and a proven project management skills.”
The automation and computerisation of the ZSE is expected to see daily trades rising from an average of $1 million to between $5 million and $6 million.
Since the introduction of a multi-currency system in February 2009, few individuals were buying and selling shares on the market, with most of the trades being done by foreigners.
As a result of continued foreign investor participation, ZSE market capitalisation a few weeks ago surpassed the $6 billion mark, making it one of the biggest bourses in the region.
While the industrial index in 2012 closed up at 4,5 percent, the index was now 39 percent in the year compared to other countries in the region, Botswana, Malawi, and Zambia are all around 15 percent.
The Nigerian market has in the year to date gained 36,4 percent.
The value of trade on the ZSE in 2012 declined by 6,1 percent to $447 million, the figure, however, remained four times the amount traded in Botswana.
Online Reporter