Breaking News

Kingdom voluntarily surrenders stockbroking licence

by Business reporter
07 February 2013 | 3709 Views
KINGDOM Stockbrokers is said to have voluntarily surrendered its licence citing viability concerns emanating from low volumes of business.

Kingdom Stockbrokers did not attend ZSE trading today and on Monday triggering rumours there had been a fallout between the brokers and the holdings company.

However FinX is reliably informed that the holding company voluntarily surrendered its operating licence while the two stockbrokers renewed their annual licences individually.

Although the stock market has been on a rally, since the beginning of the year, activity has been confined to those stockbroking firms that have exposure to foreign clients. Due to the liquidity crunch, there are very few local deals and it is the stockbrokers with foreign clients that are making ends meet.

The trades on the stock market have mainly been transacted by not more than five stockbrokers. In terms of special bargains pushed through the stock market last year, LES dominated the trades accounting for almost 23% of deals at 10, followed closely by EFE with 9 deals or 20%. Imara conducted 7 deals and IH Securities 6, Old Mutual 4 while FBC and ISB were on 3 each, Invictus on 2 same as MMC and ABC and suspended Renaissance on 1.




After this move, there are now 13 stockbroking firms on the ZSE. Two, Interfin and Remo, had their licences cancelled, while New Africa and Renaissance failed to meet the capital requirements while Mast was suspended for failing to comply with the directive on nominee accounts.

Generally, the low activity on the stock market has affected the performance of stockbroking companies. The declining brokerage fees mean that some of them are struggling to settle their transactions and are paying for deals piecemeal. Analysts say stockbrokers must consider merging or closing shop than put the market at risk. 

Kingdom Stockbrokers Licence

Source: fxzim

Should airtime and street vendors pay the $1 a day State levy?

Yes
13.7%
No
75.34%
Desperation
10.96%
146

Comments

News Updates

Email:

Latest News

Court official charades as High Court judge, dupes SA national

by Staff Reporter | 01 August 2014 | 107 Views

NRZ demonstrations blocked by police - POLICE have barred National Rai...

by Staff Reporter | 01 August 2014 | 142 Views

Zim man was forced to pray to God before being shot dead in SA - Pleas...

by Concerned SA resident | 31 July 2014 | 2374 Views

31st July to be a solemn day to never again allow rigged elections - T...

by Wilbert Mukori | 31 July 2014 | 875 Views

MDC renewal leaders new found zeal for reform is phony - MDC Renewal T...

by Wilbert Mukori | 31 July 2014 | 1334 Views

Binga and the curse against underdevelopment!!! - If there is a proper...

by Mwinde Melusi | 31 July 2014 | 678 Views

Man who died last year has accident driving bus in Binga

by Staff Reporter | 31 July 2014 | 3166 Views

Attack on Shona teachers should be condemned - The attack on Shona sp...

by Njabulo (impartial) | 31 July 2014 | 1799 Views

Tsvangirai UK Press Conference - Video - The leader of the main opposi...

by Staff reporter | 31 July 2014 | 774 Views

Njabulo Ncube rejoins Bosso on Transfer Deadline Day - NOMADIC striker...

by Ricky Zililo | 31 July 2014 | 1068 Views

35-year-old man searching for a virgin like himself - 35-year-old Phat...

by Staff reporter | 31 July 2014 | 1407 Views

Girl raped by boyfriend in front of her mother

by Staff reporter | 31 July 2014 | 1849 Views

Mujuru lauds Mugabe - Vice President Joice Mujuru has paid tribute to ...

by Staff reporter | 31 July 2014 | 917 Views

Mnangagwa camp slammed - War veterans in the Midlands province have sl...

by Staff reporter | 31 July 2014 | 1012 Views

Mugabe pledges support for mapostori - President Robert Mugabe last we...

by Staff reporter | 31 July 2014 | 713 Views

SA to renew all Zimbabwe dispensation permits - The South African cabi...

by Staff reporter | 31 July 2014 | 3353 Views

Knives out for Joice Mujuru - The plot to elevate Grace Mugabe to lead...

by Staff reporter | 31 July 2014 | 1030 Views

MDC-T youths in anti-Mugabe protests in Harare - Hundreds of youths fr...

by Tichaona Sibanda | 31 July 2014 | 846 Views

Chinoz in zvirikufaya video - http://www.youtube.com/watch?v=G5dEDUcSF...

by Staff Reporter | 31 July 2014 | 2586 Views

Telecel launches Transact & Win promo for its telecash service - Tele...

by Staff Reporter | 31 July 2014 | 659 Views

Mugabe's incomprehensible optimism - Zimbabwe's future prosperity cann...

by Vince Musewe | 31 July 2014 | 1951 Views

Man kills cheating wife - WhatsApp update - 9:55am, 31 Jul - ‪+263...

by Concerned Citizen | 31 July 2014 | 4984 Views

Women matters with Blondie - Gov please get your hands off the struggling women

by Lorraine Blondie Sibanda | 31 July 2014 | 1008 Views

ZIFA personality war denies girls chance to show case their soccer ski...

by Staff Reporter | 31 July 2014 | 1096 Views

Joshua Nkomo should have become Zim's first President - Controversial ...

by Staff Reporter | 31 July 2014 | 3783 Views

Journalists approach minister for housing stands - The Zimbabwe Union ...

by Staff Reporter | 31 July 2014 | 1344 Views

'Zimdollar' reintroduction likely to be tough - THE dumping of the loc...

by AfrAsia Kingdom | 31 July 2014 | 3267 Views

Daniel Shumba causing problems for Zanu-PF in Masvingo - THE gloves ar...

by Staff reporter | 31 July 2014 | 2311 Views

Bruce Grobbelaar nails a coaching job in Canada - BRUCE Grobbelaar has...

by Dave Kearsey | 31 July 2014 | 2718 Views

Entertainment

Miss Zimbabwe UK 2014 aims to raise bar in quality

by Staff Reporter | 29 July 2014 | 2014 Views

Gospel singer wants prostitution to be legalised - Controversial gospe...

by Staff reporter | 27 July 2014 | 4416 Views

Zimbabwean boy revels in Soul Brothers music

by Lovemore Dube | 26 July 2014 | 7544 Views

Carl Joshua Ncube to tour with brand new material - The brand new stan...

by Staff Reporter | 24 July 2014 | 1077 Views

Macheso gears up for UK tours - In an apparent joint preparation for t...

by Entertainment reporters | 23 July 2014 | 2027 Views

DJ Munya is back - After a two-year hiatus, DJ Munya - real name Munya...

by Entertainment Reporter | 23 July 2014 | 4261 Views

White guy plays chitekete - https://www.youtube.com/watch?v=kp16XF-Tcf...

by Staff Reporter | 23 July 2014 | 6055 Views