DEMAND for the re-listed CFX Financial Services’ stock has pushed the company’s share price to record levels, with stockbrokers saying there i
s still room for an upward swing on the back of news that an unidentified suitor was proposing taking up a large chunk of the company’s equity.
CFX, which was suspended from the bourse in November 2004 after being placed under curatorship by the Reserve Bank of Zimbabwe, was readmitted to the bourse on Wednesday last week.
On the first day of trade, the financial institution traded at $500 a share before closing at $800 the following day.
On the close of trade on Friday, the share price had risen to $1 100.
There was no trade on the bourse on Monday after a stand-off between stockbrokers and the Zimbabwe Revenue Authority over value added tax on share sales, which brokers said overloaded their operations.
The first bid for CFX was for $50 and there were no sellers, forcing bidders to raise their bids to $500 after resistance from sellers for bids below that price.
The share price eventually settled at $1 100.
The CFX share traded at $8 when the company was suspended from the Zimbabwe Stock Exchange in 2004.