Breaking News

Kingdom voluntarily surrenders stockbroking licence

by Business reporter
07 February 2013 | 3161 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

Comments

Latest News

Quotable quotes on Zanu PF #MillionManMarch

by Staff reporter | 25 May 2016 | 195 Views

Mugabe claims Zimbabweans are 'angry' at talk of him retiring

by Staff reporter | 25 May 2016 | 348 Views

Zanu-PF's million march, a spectacular flop - claims MDC-T

by Obert Chaurura Gutu | 25 May 2016 | 691 Views

Mugabe's show of force

by Agencies | 25 May 2016 | 1503 Views

Sarah Mahoka 'gives' Zanu-PF men permission to rape women - Listen to ...

by Staff Reporter | 25 May 2016 | 3031 Views

WATCH: Man undresses, feeds himself to lions

by online | 25 May 2016 | 2827 Views

WATCH: China unveils bus that can drive over the TOP of other cars

by Staff reporter | 25 May 2016 | 3982 Views

Border Strikers finally scores and win, Caps United plucks Chicken Inn...

by Staff reporter | 25 May 2016 | 2359 Views

POEM: Africa, our land - A land of peace loving and united people,Who ...

by Wilson Chipangura | 25 May 2016 | 715 Views

'Factionalist are trading on treasonous territory,' says Mugabe - Pres...

by Thobekile Zhou | 25 May 2016 | 2120 Views

Mtukudzi attacked by MDC-T for singing for Mugabe

by Thobekile Zhou | 25 May 2016 | 4581 Views

Sangoma's wife killed for helping taxi drivers

by Staff Reporter | 25 May 2016 | 2234 Views

Ministers disrespect Mugabe - Zanu PF youth

by Thobekile Zhou | 25 May 2016 | 2476 Views

Zanu-PF youth want Harare airport named after Mugabe - ZANU PF Youth l...

by Staff reporter | 25 May 2016 | 1093 Views

Zimbabwe should not panic over my illness - Tsvangirai

by Thobekile Zhou | 25 May 2016 | 2411 Views

Tsvangirai's statement to the people of Zimbabwe

by Morgan R Tsvangirai | 25 May 2016 | 2202 Views

WATCH: Live streaming of million man match

by youtube | 25 May 2016 | 3800 Views

LIVE: Million-Man March

by Staff reporter | 25 May 2016 | 2527 Views

One Million Man March in pictures

by Thobekile Zhou | 25 May 2016 | 3336 Views

Zanu PF members fight for t-shirts - pictures

by Thobekile Zhou | 25 May 2016 | 4007 Views

Mugabe sneaks back into the country - THERE was neither a rally nor th...

by Staff reporter | 25 May 2016 | 2810 Views

Zanu PF grabs school buses for million man march

by Staff reporter | 25 May 2016 | 2434 Views

Swallow a balloon to lose weight, say experts

by Digestive Disease Week® (DDW) | 25 May 2016 | 2007 Views

Am not gunning for presidency, says Banana - THE son of first Presiden...

by Thobekile Zhou | 25 May 2016 | 2124 Views

Africa has been stabbed in the back by its rogue leaders - Africa is a...

by Tendai Ruben Mbofana | 25 May 2016 | 1404 Views

Grace Mugabe descends on Bulawayo

by Staff Reporter | 25 May 2016 | 3412 Views

Entertainment

Zimbabwe-born Olivier excels in SA music contest - Zimbabwe-born Jerem...

by Staff reporter | 25 May 2016 | 1003 Views

After Flashbacks and Setbacks press brief - A EDZAI ISU Theatre Arts P...

by Staff Reporter | 25 May 2016 | 278 Views

Gringo turns to music - "I am an artiste and have passion for acting. ...

by Sophia Chese-Msowa | 25 May 2016 | 1117 Views

Dj Zinhle dying to be in Bulawayo

by Thobekile Zhou | 24 May 2016 | 2231 Views

How Oskido fell in love with Kwaito - SOUTH African music mogul Oscar ...

by Bongani Ndlovu | 24 May 2016 | 1815 Views

Gospel divas upbeat ahead of Malope show - LOCAL performers billed for...

by Nhlalwenhle Ngwenya | 24 May 2016 | 1384 Views

DJ Sbu rips the stage at Pabloz VIP - South African deejay‚ philanth...

by Staff reporter | 24 May 2016 | 1660 Views
iBlog

Greatsoftline For All Of Your Software Needs

coupon and promo codes: greatsoftline for all of your software needswhile some online sellers have promotional services that reduce the overall amount you spent, others do not .you need to be on the lookout for the best outlets in order to chase th... Read More
ITnews 25 February 2015 ago

Five Reliable Outlook Pst File Repair Tools

Outlook pst files can become corrupted -- and when that happens, work grinds to a halt. if your organization relies on outlook, one of these tools could save the day. outlook is the industry standard groupware tool. let's take a look at five that can... Read More
ITnews 04 May 2015 ago