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Bob Diamond deal lifts Zim bourse

Harare - The Zimbabwe Stock Exchange (ZSE) closed in record daily turnover on Friday as former Barclays head, Bob Diamond, bought a controlling stake in local banking unit BancABC.

Diamond, through his investment company Atlas Mara on Friday acquired a beneficial interest of 95.84% in BancABC, representing a 58.09% direct interest and a 37.75% indirect interest through ADC.

A total 46 407 480 shares worth $38 054 133 changed hands on the ZSE, resulting in the daily turnover reaching a record high of $40 125 577.16.

The previous one-day record was achieved on January 16 2012 when it reached $21 420 609.49.

The deal comes at a time the ZSE, albeit with subdued volumes, has reached levels last reached in January this year.

By the close of trading on Friday, the ZSE had reached 198.04 points, the highest level since January 22 2014 when it closed at 198.98 points.

 - Fin24

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