ZIMBABWE Stock Exchange (ZSE) turnover volumes recorded ZW$19 billion in the first quarter of 2022, surpassing the ZW$11, 26 billion recorded in a comparative period last year, a recent report by Wealth Access has revealed.
The good performance corresponds with the impact of ongoing economic policy reforms currently under implementation in Zimbabwe since 2019, testifying the brick by brick resurgence of the ailing economy.
The report further notes that during the year’s first quarter ZSE gained $648,28 million in value.
Wealth Access said the rise was underpinned by institutional investors in heavyweight counters and underscored that all major indices traded positively during the first quarter.
“The ZSE closed 1Q FY2022 (first quarter of 2022) with gains across the board headlined by the Top 10 Index as investors took positions in counters with strong fundamentals and solid balance sheets,” the report said.
“Turnover and volume levels were higher than comparable period in 1Q FY2021. The top 10 Index added 53,81% and the Top 15 Index also added 53,16%. The medium cap index gained 28,30% and the benchmark All Share Index gained 46,54%. Volume traded totalled 340 million shares compared to 2,5 billion traded in the same period in FY2021,” the report added.
It said major gains during the period included industrial firm, ZECO Holdings and aggressively expanding fast foods outlets outfit, Simbisa Brands, which added 316,67% and 146,16% respectively. Retailing outfit, Axia Corporation, and Art Corporation were up 139,61% and 91,39% respectively, the report added.
“Innscor also added 89,35% Mitigating gains were losses in GB Holdings and Medtech with losses of 42,51% and 40% respectively. ZB Holdings and Fidelity also went down by 22,08% and 17,65% respectively. The Old Mutual Top 10 ETF closed the 1Q at 856,15c after adding 94,15%. The Datvest Modified Consumer Staples ETF closed at 188c after adding 88%. On the VFEX, Padenga added 0,24% and Bindura was down by 9,09% to US0,5c,” the report noted.
“The period saw two new ETF listings namely, Datvest Modified Consumer Staples ETF listed on March 4, 2022 and the Morgan and Co Multi Sector ETF listed on January 3, 2022.