It was a terrific year at the Zimbabwe Stock Exchange. The market’s main index climbed 31%.
Surprising, isn’t it? With a disputed election result, tougher indigenization laws, and under-capitalized banks, you’d think investors would be sizing up a good mattress to hide their hard-earned savings under – not investing in stocks.
But while the mood in Harare may have been gloomy, foreign investors saw relatively inexpensive assets, priced in dollars, in an economy with relatively cheap foreign exchange controls. And they swamped the market. Foreigners accounted for more than 80% of trade volume during the second half of the year.
Curious to see what they were bidding on?
Here’s a countdown of Zimbabwe’s top stocks of 2013.Read More...