HARARE – The Zimbabwe Stock Exchange delivered a mixed but resilient performance in April 2026, with gains in the benchmark All-Share Index offsetting a steep decline in market turnover and trading volumes as investor activity softened across the bourse.
According to The Herald, market data released for April showed that the All-Share Index rose 1,85 percent to close at 365,17 points, compared to 358,55 points recorded in March, reflecting sustained investor confidence in selected blue-chip and defensive counters despite tightening liquidity conditions.
However, the broader market experienced a pronounced slowdown in activity following an unusually active March dominated by large trades in telecom-linked counters.
Total market turnover fell by 83,74 percent to ZiG510,92 million from ZiG3,14 billion in March, while traded volumes plunged 91,08 percent to 53,63 million shares from 601,48 million shares previously.
The number of trades executed on the exchange also weakened, declining 33,12 percent to 1,953 trades during the month under review.
The exchange’s Top 10 Index, which tracks the largest listed companies, eased marginally by 0,53 percent to 363,18 points, while the Mining Index remained unchanged at 129,42 points, indicating limited movement among mining counters.
Overall market capitalisation declined by 25,71 percent to ZiG83,46 billion from ZiG112,35 billion in March, highlighting broader valuation compression across the market.
Foreign investor participation also slowed sharply during the period. Foreign purchases declined by 82,77 percent to ZiG93,54 million, while foreign sales dropped 90,75 percent to ZiG152,62 million.
In share volume terms, foreign purchases fell from 103,95 million shares in March to just 4,91 million shares in April, while foreign sales dropped from 315,95 million shares to 8,01 million shares.
According to IH Securities, the April market performance reflects a bourse that is gradually stabilising in ZiG terms despite broader pressure from declining US dollar valuations and reduced liquidity.
“The ZSE reflects a market finding its footing in ZiG terms despite meaningful USD compression, with the positive nominal return masking a broadly illiquid and narrowly driven bourse,” IH Securities said in its April 2026 monthly market snapshot.
Among the top-performing counters, Tanganda Tea Company emerged as the strongest gainer after its share price surged 93,14 percent to ZiG2 375 from ZiG1 400 at the beginning of the month.
The rally followed the acquisition of a 27 percent stake in Tanganda by Innscor Africa through subsidiary Rutanhi Beverages, which underwrote the company’s US$8 million rights issue.
The investment is expected to strengthen Tanganda’s agricultural operations, particularly in tea and macadamia production, while improving operational efficiencies and export competitiveness.
Construction and infrastructure group Masimba Holdings also posted strong gains, with its share price advancing 68,51 percent to ZiG3 100.
The company’s momentum has been supported by a US$278 million order book spanning mining, road construction and housing development projects.
Masimba recently reported a 9,6 percent increase in annual revenue to US$61,5 million for the year ended December 2025, driven largely by expansion in the housing segment and new project awards.
Trading activity remained heavily concentrated in a few liquid counters.
Tigere REIT led market volumes after recording 36,90 million shares traded during April, followed by NMB Holdings with 28,99 million shares exchanged.
Meanwhile, Delta Corporation retained its dominance in terms of market value traded, accounting for 63,47 percent of total turnover at ZiG342,33 million.
Delta’s continued strength on the exchange has been underpinned by robust earnings growth. For the first half of the 2026 financial year, the beverages giant reported a 32,2 percent increase in revenue to US$514,21 million, supported by volume growth and the consolidation of Schweppes Holdings operations.
Investment analyst Enock Rukarwa said April trading activity was materially weaker than March, particularly on the ZSE.
“March was dominated by transactions and trading activity around Econet, while in April around 80 percent of activity was predominantly Delta trades,” he said.
“This culminated in a decline in cumulative volumes by around 84 percent for the ZSE.”
Rukarwa added that the migration of Econet-related counters from the ZSE to the Victoria Falls Stock Exchange contributed to a significant increase in trading activity on the dollar-denominated exchange.
VFEX volumes increased by approximately 489 percent during the month, largely driven by growing activity in Econet InfraCo and other liquid counters migrating to the exchange.
Despite weaker overall liquidity, analysts believe the modest rise in the All-Share Index suggests investors remain selectively bullish on fundamentally strong companies with resilient earnings profiles, particularly in consumer goods, agriculture and infrastructure-linked sectors.
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