The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Zimbabwean Finance Minister Mthuli Ncube restricted trading in three companies’ stocks to try and halt a rout of the nation’s currency.
The measure to limit trading of dual-listed shares Old Mutual Ltd, PPC Ltd and Seed Co will be in place for a year, Ncube said in a Government Gazette. The order doesn’t have any impact on the settlement of transactions in
the stocks conducted before March 13, as long as they’re effected by March 18, Ncube said.
Old Mutual’s stock also trades in London and South Africa, PPC in South Africa and Seed Co in Botswana. Such dual listings and differing exchange rates can offer arbitrage opportunities.