20 November 1997 - International [Zimbabwe]

Sentiment is bearish in the equity market as individual investors, particularly farmers, show concern about compulsory land acquisition and in the light of a weak currency which has come under strong downward pressure in recent days from speculative selling and strong demand for US dollars. The industrial share index falls 7.3%, its largest one-day fall in at least 25 years, to an eleven month low of 8458. The index has fallen around 16% since the height of the currency crisis on 14 November and about 30% from its peak of more than 12,000 in August 1997.