MARKET COMMENT 11.03.2026

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Losses persist on the bourse… The market continued to falter in mid-week session weighed down by losses in selected heavies. The mainstream All Share Index slid 1.13% to 355.41pts while, the ZSE Top Ten Index let go 1.46% to 362.83pts. Conversely, the Agriculture Index gained 1.32% to 253.62pts while, the Mid Cap Index added 0.67% to 350.14pts. Tea company Tanganda headlined the risers of the day on a 12.36% surge that took it to $0.7871. Following was TSL that rebounded 12.16% to close the day at $3.6500 with Proplastics jumping 10.54% to $1.2713. Brick makers Willdale edged up 4.23% to settle at $0.0302 as RTG put on 2.59% to end at $1.1797. Lone miner RioZim was the major casualty of the day having lost 12.93% to close the day at $0.6530. Trailing was ZSE Holdings that declined 9.09% to $1.0000 with Star Africa shedding 4.76% to $3.2381. Delta dropped 4.10% to settle at $26.8974 while, milk processor Dairibord trimmed 2.97% to $2.6194. Activity aggregates were depressed in the session as volumes plunged 56.30% to 3.23m shares while, turnover plummeted 64.78% to $3.17m. Tanganda Letters of Allocation and TN Cybertech claimed a combined 83.82% of the total volume traded. Delta and Econet anchored the value aggregate claiming 52.16% and 21.94% apiece. The Cass Saddle ETF let go 1.21% to close at $0.0686 while, the MIZ ETF was stable at $0.0680 on 1,000 units. The Tigere REIT gained 2.54% to close the day at $1.1349 on 332,920 units.

Written by EFE Research

MARKET COMMENT 12.03.2026

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Heavy and Mid-Cap counters weigh the market… Heavy and Mid-Cap counters weighed the market in the penultimate session of the week as the All-Share Index retreated 1.14% to 351.36pts. The Blue-Chip Index was 0.80% weaker at 359.93pts while, the Agriculture Index dropped 5.43% to 239.85pts as three of its constituents dominated in the losers’ list. Leading the laggards of the day was Hippo Valley that eased 14.83% to $7.4700 as scrappy 100 shares traded in the name, trailed by seed producer SeedCo limited that shed 14.35% to $3.9500. Agriculture concern TSL succumbed 11.97% to close at a VWAP $3.2131 while, beverages giant Delta continued to lose ground as it fell 3.28% to $26.0142. Roofing materials producer Turnall shed 1.84% to $0.0962. Partially offsetting today’s losses was Fidelity Life Assurance that garnered 15.00% to $0.4600, followed by mining concern RioZim that advanced 14.85% to $0.7500. Tea producer Ariston was 6.85% firmer at $0.0328 while, sugar processor Star Africa added 6.54% to end the day pegged at $0.0345. Banking group TN ticked up 5.82% to settle at $0.1010 as it fastened the top five gainers’ list of the day. Activity aggregates continued to falter in the session as volumes traded fell by 51.39% to 1.57m shares while, turnover declined 13.85% $2.73m. Leading the volume aggregates of the day was Tanganda that contributed 82.89% of the total traded. The duo of Delta and Dairibord drove the value aggregate as they claimed 76.65% and 14.86% of the turnover traded. The Morgan & Co MCS was 2.95% weaker at $1.7705 while, the Datvest MCS edged up 0.81% to $0.0800. The Tigere REIT was 11.17% up at $1.2617 as 2.04m units traded in the name.

Written by EFE Research

MARKET COMMENT 13.03.2026

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ZSE ends the week in marginal gains… The ZSE market recorded marginal gains in the last session of the week as the primary All Share Index rose 0.09% to 351.69pts. The ZSE Agriculture Index edged up 1.92% to end at 244.46pts while, the Mid Cap Index ticked up 0.84% to 342.49pts. The ZSE Top Ten Index was the only faller amongst the indices we review after a 0.04% retreat to close at 359.79pts. The top gainer of the day was TSL that garnered 14.92% to settle at $3.6925 as it reversed prior session losses, trailed by TN Cybertech that surged 9.12% to $0.1102. Tea company Tanganda grew 7.75% to $0.8481 as Proplastics rose 0.69% to $1.2800. Delta completed the top five risers of the day on a 0.56% uplift to $26.1603. Masimba was the major casualty of the day as it dropped 14.63% to close at $1.8325. Following was Ariston that succumbed 8.08% to $0.0301 reversing yesterday’s gains. Star Africa trimmed 2.20% to $0.0337 while, ART slipped 1.00% to $0.2475. Banking group CBZ was 0.54% lower at $14.0000. Activity aggregates enhanced in the session as volumes ballooned 8419.37% to 133.63m while, turnover jumped 6253.96% to $173.60m. Volume drivers of the day were TN Cybertech and Econet which claimed 88.98% and 10.36% apiece. TN Cybertech and Delta accounted for a shared 91.95% of the value aggregate. The Cass Saddle ETF lost 0.79% to $0.0607 while, the MIZ ETF shed 0.03% to $0.0677. The Tigere REIT slid 7.83% to end pegged at $1.1628 on 48,583 units.

Written by EFE Research

MARKET COMMENT-27.03.2026

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ZSE ends week in losses… The ZSE market closed the week in losses as the primary All Share Index lost 0.18% to settle 362.34pts while, the Blue-Chip Index fell 0.36% to 370.62pts. On the contrary the Agriculture Index rose 1.65% to 252.91pts while, the Mid Cap Index added 0.84% to 353.27pts. Brick maker Willdale led the worst performers of the day on a 11.59% retreat to $0.0305 followed by ZSE Holdings that tumbled 9.26% to $1.2250. FMP dropped 7.41% to close at $1.0000 while, milk processor Dairibord eased 4.94% to $2.6143. Beverage giant Delta capped the laggards of the day on a 1.26% decline to end the day pegged at $26.7219. Partially mitigating today’s losses was sugar processor Hippo that surged 15.00% to $8.6000 on 200 shares while, Mash Holdings firmed up 13.39% to $1.1517. CBZ Holdings ticked up 2.55% to settle at $16.5000 as Proplastics charged 0.80% to $1.2600. Star Africa completed the top performers of the day on a 0.24% uplift to close at $0.0301. Activity aggregates declined in the session as volume traded fell 94.56% to 622,700 shares while, turnover dipped 86.53% to $10.40m. Top volume drivers of the day were Delta (60.85%), Star Africa (17.65%) and Mash Holdings (14.13%). Delta was the most sought after counter in the value category after contributing 97.35% to the total traded. In the ETF category Datvest ETF exchanged 31,800 units flat at a price $0.0520. Tigere REIT lost 10.27% to end the day pegged at $1.0500 after a circa of 2.6m units exchanged hands in the name.

Written by EFE Research

MARKET COMMENT-30.03.2026

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Econet highlights today’s activity aggregates… Telecommunications group Econet that is expected to delist tomorrow from the ZSE highlighted today’s activity aggregates in a negotiated order that saw 75m shares worth $787.50m exchange hands. The trade contributed 98.95% of the volume traded and 98.07% of the turnover traded. Activity aggregates enhanced in the session as volumes traded ballooned 12,079.83% to 75.84m shares while, turnover increased by 7,625.01% to $803.48m. The Tigere REIT was 0.05% weaker at $1.0495 as 333,680 units traded in the name. Construction group Masimba led the risers of the month as it edged up 15.00% to $1.8400, followed by Agriculture concern TSL that edged up 12.73% to $4.0500 post cancellation of its AGM citing that it needs to allow the board sufficient time to consider a potential strategic transaction which may have a material impact on the company and its shareholders. Sugar processor Star Africa was 11.40% higher at $0.0335 while, logistics group Unifreight advanced 11.11% to $3.0000. Proplastics rose by 5.13% to close at a VWAP of $1.3246 as it fastened the top five movers list of the day. Leading the laggards of the day was Meikles that parred off 14.84% to $2.7251 while, First Mutual Holdings retreated 9.08% to $3.8000. Banking group CBZ was 2.76% weaker at $16.0441 while, ZSE Holdings eased 2.04% to $1.2000. Seed technology group SeedCo Limited dropped 0.62% to $3.9759. The All-Share Index was 1.09% firmer at 366.29pts while, the Blue-Chip Index added 1.38% to 375.73pts. The Agriculture Index was 1.57% higher at 256.87pts while, on the contrary the Mid Cap Index was 0.51% down at 351.48pts. Elsewhere, RioZim published an abridged circular to shareholders relating to and seeking approvals for the transfer of mining claims, the sale of immovable property, the disposal of investment in RZM Murowa (Private) Limited and authorisation for additional debt as part of the turnaround strategy of the company.

Written by EFE Research

MARKET COMMENT-31.03.2026

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Econet bids farewell to ZSE after 27 years… Telecommunications group, Econet Wireless Zimbabwe has pulled the plug on its Zimbabwe Stock Exchange listing, closing the chapter on a 27-year public market journey that began in 1998, further shrinking the number of listings on the ZSE. Property concern Mashonaland Holdings led the laggards of the day as it dropped 15.00% to $0.9790 while, sugar processor Star Africa eased 9.69% to settle at $0.0303. Agriculture concern Ariston was 7.69% weaker at $0.0300 while, sugar producer Hippo was 7.00% down at $8.0000. Blue-Chip counter Econet was 6.81% lower at $10.2068 as 146,000 shares worth $1.49m exchanged hands. Trading in the positive was TSL that jumped 14.80% to settle at a VWAP of $4.6493 while, Proplastics was 13.99% higher at $1.5100. Tea producer Tanganda that recently completed a right offer edged up 7.47% to $1.2300 while, roofing producer Turnall firmed up 5.79% to $0.1005. Spirits and wines producer AFDIS added 3.00% to close trading at $14.0000. Elsewhere, the Cass Saddle ETF was 0.50% up at $0.8000 as 2,500 units traded. The Tigere REIT trimmed 2.83% to end pegged $1.0198 as 6.32m units exchanged hands in the session. The Revitus REIT advanced 13.43% to settle at $2.4000. The All-Share Index was 2.11% down at 358.55pts while, the Blue-Chip retreated 2.83% to 365.10pts. On the contrary, the Agriculture Index was 1.14% up at 259.80pts while, the Mid Cap Index was 1.92% higher at 358.24pts. In other news, First Mutual Holdings released it FY25 results in which its revenue rose by 10.24% to settle at US$265.82m and declared a dividend US0.1531cents and ZWG0.9679 cents. The Morgan and Co- Made In Zimbabwe ETF released its FY25 results in which its investment income rose by 35% to $1.19m to translate into a PAT of $552,781 while, no dividend was declared for the fund. FMP also followed suit as its reven

Written by EFE Research

MARKET COMMENT 13.04.2026

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ZSE reverses prior session’s losses… The ZSE market recovered from prior session’s losses mainly anchored by mid cap counters that dominated the top ten risers list of the day. The All-Share Index was 0.67% firmer at 362.89pts while, the Blue-Chip Index was 0.44% up at 365.23pts. The Agriculture Index was 1.64% up at 271.62pts as Tanganda, Dairibord and Hippo continued to soar while, the Mid Cap Index rose by 1.48% to 377.96pts. Headlining the risers list of the day was digital and print media group Zimpapers that charged 14.71% to $0.0780, trailed by Mashonaland Holdings that advanced 13.00% to $1.2995. Packaging company Nampak surged 10.14% to $0.7600 while, tea producer Tanganda edged up 8.85% to $1.4751. Dairy processor Dairibord buttressed prior session’s gains as it inched up 7.52% to $2.8000. Trading in the negative were bankers TNCI that plunged 12.13% to $0.1050 while, NMB eased 3.46% to settle at 5.0200. ART Holdings was 0.97% weaker at $0.2426 while, exchange holdings company ZSE parred of 0.32% to $1.1950 as demand remained constrained in the counter. Meikles Holdings was 0.09% down at $3.3902. Activity aggregates faltered in the session as volumes traded declined by 94.62% to 1.43m shares while, turnover declined by 95.36% to $6.14m. The Trio of TNCI, Nampak and Delta drove the volume aggregates of the day as they contributed a combined 91.35% of the total traded. In the turnover category, activity was mainly skewed toward Delta that claimed 89.59% of the total traded. No trades were recorded in the ETF category while, the Tigere REIT plunged 3.63% to $1.0515 as 175,804 units traded in the name. Elsewhere, construction group Masimba Holdings reported that it is pivoting towards private sector construction projects to strengthen cash flows and reduce reliance on government-funded infrastructure contracts.

Written by EFE Research