Zimbabwe's stock market broke a week-long losing streak on Wednesday amid gains in selected heavyweight counters following news that the government could be softening its stance on indigenisation.

Finance Minister Patrick Chinamasa on Tuesday said cabinet will soon consider a comprehensive indigenization plan that will determine local ownership in foreign owned companies on a sector by sector basis.

Under Zimbabwe's controversial indigenization policy which was enacted in 2010, only black Zimbabweans are allowed to own more than 51 percent of the shares of a joint venture in Zimbabwe.

Critics blame the policy for scaring away foreign investors.

"We have never said it and we will not do it. What we have said is that we want to encourage local participation and they will do it on the basis of a given framework and they will pick their own local partner and decide the price," Chinamasa said. "We are not going to get 51 percent of anyone's money, it is not the policy of this government."

At close, the industrial index rose 1.79 percent to 166.78 points and the mining index was 2.43 percent higher to 29.52 points, its first upward movement in many weeks led by gains in Bindura and Hwange.

Turnover for the day shot up to 3.2 million U.S. dollars from 327,000 U.S. dollars a day earlier. Endi

Go to Forum >>0 Comment(s)