The ZSE posted a strong February rally to gain 26.39% in market capitalisation in the month. This is more than double the strong growth shown in January 2022. Highlights include the completion of Tanganda’s unbundling from Miekles and a dip in many of the top counters towards the end of the month. This however did not stop the exchange from recording gains overall. Losses and non-movement characterised the Victoria falls Exchange while Old Mutual Zimbabwe Limited pushed the FinSec up.
Gainers
Counter | % change | |
1 | AFDIS | 62.42% |
2 | SeedCo | 59.22% |
3 | NTS | 45.39% |
4 | NatFoods | 38.41% |
5 | Econet | 36.51% |
6 | Axia | 34.21% |
7 | Simbisa | 33.80% |
8 | Cassava | 32.74% |
9 | Hippo | 30.77% |
10 | Innscor | 28.11% |
AfDis led the gainers (62.42%) as there were 32 in total on the ZSE. Some of the names we’ve become accustomed to seeing show up in the top gainers including National Foods (38.41%), Econet (36.51%), Simbisa (33.80%), Cassava (32.74%), Hippo Valley (30.77%) and Innscor (28.11%). Were in the top 10 gainers for February. Tanganda made a triumphant return to the ZSE closing the month at ZWL$75.95, close to analyst expectations of around ZWL$80. Finsec listed Old Mutual Zimbabwe Limited gained 15.38%.
Losers
Counter | % change | |
1 | Willdale | -21.61% |
2 | Medtech A | -14.50% |
3 | ZB | -10.96% |
4 | Fidelity | -8.33% |
5 | GBH | -8.10% |
6 | NMBZ | -7.31% |
7 | Zimplow | -6.96% |
8 | BAT | -5.09% |
9 | FMHL | -4.36% |
10 | Dairibord | -1.64% |
18 counters failed to provide positive returns for shareholders in February 2022. 6 of those were non-movers namely CAFCA, CFI, FBC. Medtech Class B, last year’s King on the hill Unifreight and early pace-setter ZECO holdings. Willdale took the wooden spoon shedding 21.61% and the losses continued for Medtech Class A shares as they shed a further 14.5% in February. Financial counters dominated the losers with ZBFH (-10.96%), Fidelity (-8.33%), NMBZ (-7.31%) and First Mutual Holdings Limited (-4.36%) all featuring in the bottom 10.
Indices and ETFs
Month Change | YTD | |
All Share Index | 24.10% | 38.51% |
Top 10 | 27.32% | 46.24% |
Medium Cap | 15.70% | 20.38% |
Small-Cap | 6.52% | 2.04% |
OMTT | 40.83% | 142.47% |
MCMS | 3.67% | 44.54% |
A quick look at the Indices and ETFs shows that the Top 10 index is very much running things on the ZSE. The All Share Index gained 24.10% in the month to reach 38.51% gains year to date. The top 10 Index added 27.32% in the month to take it to 46.24% year to date. Small Caps drastically lag and posted gains of 6.52% in February to bring them into positive territory for the year so far. Meanwhile, the ETF market heated up in anticipation of the listing of the Datvest Modified Consumer Staples (DCMS) ETF. The Old Mutual Top Ten (OMTT) pushed a further 40.83% up in February to make its year to date return an unbelievable 142.47%. The Morgan and Co Multi-Sector ETF edged out a 3.67% gain to make its year to date return 44.54%.
The ZSE is heating up and there is talk of a market correction to come soon. Eventually, a market correction will come for one reason or another, such as the nature of markets. In the meanwhile, investors continue to enjoy their day in the sun.
