The Zimbabwe Stock Exchange rallied 35.10% in March to close the 1st quarter of the year in positive territory. The memories of a regulation-induced crash last year are being erased by positive performance across Zimbabwe’s main stock exchange. The exchange said goodbye to the last Innscor affiliate Axia and will soon say goodbye to First Capital Bank and African Sun as they migrate to the VFEX too.

Gainers

Edgars doubled shareholder value to take the spot of top gainer in March. VFEX-bound First Capital Bank gained 69.8% as it prepares to move after posting lacklustre results. Mashonaland Holdings (+69.16%) made the top three after ZB Holdings confirmed the acquisition of a majority stake in the company. In a rare sight, heavyweights Delta (+58.04%) and Econet (+56.30%) made the top 10 gainers for the month.  The rest of the top 10 gainers consisted of Miekles (+67.16%), TSL (+61.16%), Ariston (+53.86%) and Nampak (+43.71%). 39 of the ZSE’s 46 company counters were positive in the month of March. Finsec listed Old Mutual Zimbabwe Limited was also positive.

Counter

Month Change %

Edgars

100.00%

First Capital

69.80%

Mash

69.16%

Meikles

67.16%

TSL

61.16%

Delta

58.04%

Econet

56.30%

Ariston

53.86%

Nampak

43.71%

Losers

On the other end of the spectrum 6 company counters were in the negative. VFEX bound African Sun too a knock to its valuation losing 16.26%. Star Africa lost 15.25%. Truworths (-11.75%), ZB (-11.50%) and CFI Holdings (-9.83%) all lost significant value in the month. Ecocash Holdings lost a marginal 0.01%. Perpetual non-mover ZECO holdings went another month without any movement.

Counter

Month Change %

African Sun

-16.26%

Star Africa

-15.25%

Truworths

-11.75%

ZB

-11.50%

CFI

-9.83%

Ecocash

-0.01%

Zeco

0.00%

ETFs and REIT

Looking at the investment funds and REIT gainers dominated the scene. Morgan and Co Made In Zimbabwe ETF was King of the Hill with an impressive 38.26% gain while the Multi-Sector ETF from the same fund manager gained 34.69%. The Old Mutual Top Ten ETF inspired confidence with a 16.66% gain while the Tigere REIT posted an 8.57% gain. The Cass Saddle Agriculture Index ETF traded horizontally while Datvest Modified Consumer Staples ETF lost 2.23%.

Counter

Month Change %

CSAG

0.00%

DMCS

-2.23%

MCMS

34.69%

MIZ

38.26%

OMTT

16.66%

TIG

8.57%

VFEX

The addition of Axia to the VFEX was one of the few pieces of good news to the West of Zimbabwe. Caledonia’s ZDR gained an impressive 20% in the month while Bindura snapped the losses to gain 17.86%. National Foods traded horizontally on the back of an uninspiring half-year report. Nedbank ZDR (-5.22%), Simbisa (-6.21%), SeedCo International (-17.27%), Innscor (-18.53%) and Padenga (-27.60%) were all in the negative.

Counter

Month Change %

Axia

*NEW*

BNC

17.86%

Caledonia ZDR

20.00%

Innscor

-18.53%

NatFoods

0.00%

Nedbank ZDR

-5.22%

Padenga

-27.60%

SeedCo Int

-17.27%

Simbisa

-6.21%

As migrations to the VFEX mount the ZSE seems to be marching on almost unphased. There are wider macroeconomic factors that may be influencing this so it’s not exactly all good with the ZSE.