Old Mutual shares return to Zimbabwe exchange

Old Mutual shares began trading on Zimbabwe's Victoria Falls Stock Exchange on Wednesday, ending a six-year suspension. The shares debuted at 76 US cents and rose 2.9% to close at 78.17 cents, valuing the company at $1.2 billion. The suspension was imposed in 2020 to curb a currency rout, as the company's dual listing on the Harare and London exchanges created arbitrage opportunities. The return to a dollar-denominated exchange allows investors to trade without the distortion of Zimbabwe's volatile local currency. The listing provides a new avenue for foreign investors to access Zimbabwe's capital markets, but the broader economic environment remains challenging. The listing signals a cautious thaw in investor sentiment, though the success will depend on sustained market confidence.