November is a storied month in Zimbabwe. Both in historical and spiritual terms. November again proved a banana peel for the ZSE as it failed to make it a 3rd month in the green. The All share index slipped by 3.28%. The ZSE also said farewell to Top 10 member Simbisa which switched the VFEX to join the Nedbank Depository receipt as new listings there.
It wasn’t all bad news in November, as the ZSE had 16 gainers. ZB’s acquisition of Mashonaland Holdings propelled the counter to 165.56% gains in the month. Bridge Fort Capital Class A (+7.96%) shares made a surprise appearance in the top 10 gainers. Innscor (+6.01%) closed out the top 10 on the back of impressive full-year results and a healthy US dollar dividend. The rest of the top 10 featured counters that, for the most part, stay off the radar. NMBZ (+24.98%), Edgars (20.00%), FBC (16.48%), FMP (12.77%), First capital (+10.34%), Getbucks (+8.26%) and RioZim (+7.69%) made up the rest of the top 10. For those wondering, Simbisa bid farewell to the ZSE with a 4.15% gain
Losers dominated the market, as there were 31 in total. Familiar faces dominated the bottom 10. Willdale (-32.67%) was the biggest loser by some margin. Star Africa (-23.22%) continues to leave investors dumbfounded. The Morgan & Co Made In Zimbabwe ETF shed 21.83%. Once high-flying, Axia lost 21.83% as a depressed first-quarter update doused an impressive full-year report. Ecocash (-20.52%) has seen better days. African Sun shed 17.69% as the market starts to digest the loss of the Kingdom hotel lease. Econet (-17.24%) joins Ecocash in the losers. Dairibord (-16.74%), Proplastics (-15.24%) and Unifreight (-15.00%) made up the rest of the bottom 10.
Other than the Morgan & Co Made in Zimbabwe ETF we also saw losses in the Datvest Modified Consumer Staples ETF (-2.69%) and Morgan & Co Multi-Sector ETF (-4.89%). The Cass Saddle Agriculture ETF traded horizontally as did 5 other counters (Bridge Fort Capital Class B, CAFCA, Masimba Holdings, NTS and usual suspect ZECO). The Old Mutual Top Ten ETF bucked the trend to register a marginal 0.59% gain.
The VFEX did not provide good reading in November. Bindura continues to slide, this time dropping 1.64%. Padenga holding shed 7.28% while SeedCo International lost 10.74%. Caledonia Depository receipts traded horizontally. New entry Nedbank depository receipts also traded horizontally. Simbisa will join the VFEX in the following month.
Tigere REIT IPO
Tigere completed its Initial Public Offering and will become the first Real Estate Investment Trust to list in Zimbabwe. The offering was not fully subscribed though 95.427% of the units were subscribed. It listed on the 30th of November and will experience its first day of trading on the 1st of December with the symbol TIG.zw.