Zim Stock Exchange sinks further as Mugabe impeachment set in motion

Harare - The Zimbabwe Stock Exchange on Tuesday lost a further 10.36% as the country’s parliamentarians set in motion the plan to impeach President Robert Mugabe for being a “source of instability” in the country.

He is also said to have shown disrespect for the rule of law, and is allegedly to blame for an unprecedented economic tailspin over the past 15 years.

The Speaker of Parliament, Jacob Mudenda, has since outlined rules to guide the motion to impeach the president and has told Parliament that it will have to convene the motion at 16:30 at Rainbow Towers Hotel on Tuesday.

The Zimbabwean Parliament is too small to accommodate a joint sitting of both senate and parliament.

By the close of trading, the ZSE’s main Industrials Index had lost 10.36% to 347.25, while the market capitalisation had lost $5.2bn or 33% since the military stepped in on Wednesday last week.

Old Mutual, which had reached a high of $14.30, has almost halved since Tuesday last week and is now trading at 7.41 cents.



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