Serrari Group

The Zimbabwe Stock Exchange (ZSE) has announced impressive results for the third quarter of 2023, with market turnover hitting $171 billion. This marks a remarkable 27 percent increase from the preceding quarter, signifying a robust performance within the Zimbabwean financial sector.

Comparing Q3 2023 to the same period last year (Q3 2022), the ZSE experienced an astonishing 418 percent surge in market turnover, soaring from $33 billion in 2022 to $171 billion in 2023. These figures were disclosed in the latest ZSE Markets Newsletter, offering comprehensive insights into the stock exchange’s performance from July 1 to September 30, 2023.

Notable highlights from the report reveal that the top five most traded companies were responsible for an impressive 87.5 percent of the total market turnover in Q3 2023. These companies included First Mutual Life with $52.7 billion, Delta with $14.8 billion, Econet Zimbabwe with $5.8 billion, Meikles with $3.5 billion, and OK Zimbabwe contributing $3 billion to the turnover.

The ZSE Markets Newsletter also disclosed that foreign investors played a significant role in Q3 2023, accounting for 11 percent of the total trades during this period.

Additionally, the ZSE ETF Index, which monitors the performance of listed ETFs, reported an 11 percent increase in Q3 2023, closing at 1,596.31 points. The total value traded on the ETF board reached $84.8 million, with 7.5 million ETF units changing hands. The market capitalization for the ETFs amounted to ZWL$39 billion at the end of Q3 2023.

In contrast, the overall market capitalization of the ZSE declined by 29 percent from the previous quarter, reaching $9.87 trillion by the end of Q3 2023. This, however, still represented a substantial 443 percent increase from the same comparative period the previous year.

The ZSE All Share Index, a measure of the overall market’s performance, experienced a 26 percent drop from Q2 2023 to Q3 2023, closing at 126,642.42 points. Meanwhile, the ZSE top 10 Index, representing the blue-chip companies on the ZSE, retreated by 39 percent, concluding the quarter at 56,560.21 points in Q3 2023.

The ZSE ICT Index reported the most substantial loss for the quarter, registering a 41 percent decrease, ultimately closing at 78,092.73 points. These figures highlight the diverse performance within the various sectors of the Zimbabwean stock market.

The remarkable growth and volatility observed in the ZSE during Q3 2023 suggest that Zimbabwe’s financial markets continue to evolve and present both opportunities and challenges for investors. Market analysts are closely monitoring these trends, eager to see how they will impact the country’s economic landscape in the coming months.

Photo (Leonard Sengere, ZimTech)

By: Delino Gayweh
Serrari Financial Analyst
23rd October, 2023

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