DIVERSIFIED manufacturer Amalgamated Regional Trading Holdings Limited (ART) emerged as the top-performing counter on the Zimbabwe Stock Exchange (ZSE) in February after its market capitalisation surged 184,09% to ZiG109,24 million, a new market report shows.
The sharp increase from ZiG38,45 million recorded at the end of January made ART the best-performing stock on the bourse during the month.
The surge highlights renewed investor interest in select counters on the ZSE despite subdued overall trading activity, as investors position themselves in companies expected to improve liquidity and earnings prospects.
In real terms, ART’s market value expanded even further over the same period, climbing 188,43% to US$4,24 million by the end of February.
The rally comes as the group expects improved cash flows in the second quarter and half-year ending March 31, 2026, largely driven by anticipated proceeds from planned property disposals.
The expected improvement in liquidity follows a difficult financial year in which ART posted a comprehensive loss of US$3,5 million for the year ended September 30, 2025, mainly due to the discontinuation of its paper and tissue milling operations.
According to IH Securities’ February 2026 Monthly Report, the broader ZSE posted modest gains during the month.
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“The Zimbabwe Stock Exchange’s market capitalisation marginally went up 1,41% from January to close the month of February at ZiG106,12 billion. The All-Share Index rose 0,83% in the period while the Top 10 Index gained 0,15%,” IH Securities said.
“In real terms, the market capitalisation also rose 0,68% to US$4,12 billion, supported by exchange rate appreciation due to culled local currency liquidity during the month.”
IH Securities said ART recorded the strongest share price performance in February, followed by logistics firm Unifreight Africa Limited, whose stock price rose 79% during the period.
Unifreight recently reported a near 124% increase in profit after tax to ZiG202,35 million for the financial year ended June 30, 2025, driven by a 231,5% surge in revenue.
The logistics group is currently implementing a fleet expansion programme that began in the fourth quarter of last year and is expected to conclude at the end of March.
However, some counters experienced significant declines during the month.
ZimRe Holdings Limited’s price went down 55% as market discovery forces took place, while Tigere Real Estate Investment Trust also slid 19% during the month,” IH Securities said.
Trading activity on the exchange was mixed.
“Total value traded declined 103% in nominal terms to ZiG193,21 million, while total volumes fell 80,74% to 185,24 million shares. Average daily traded value in real terms stood at US$0,32 million,” the report noted.
Telecommunications giant Econet Wireless Zimbabwe dominated trading volumes, with 120,18 million shares exchanged during the month. Tigere REIT followed with 32,53 million shares traded.
Econet also accounted for 58,82% of the total value traded, equivalent to ZiG113,65 million, as investor interest intensified ahead of the company’s planned delisting on March 31.
Between January and February, Econet’s market value increased by nearly US$10 million, reaching US$1,04 billion.
IH Securities said the performance of the ZSE remains heavily concentrated in a few liquid counters.
“In our view, performance of the ZSE has been heavily concentrated on its two most liquid counters, with Delta Corporation Limited gaining market share with the advent of Econet’s delisting,” the brokerage said.
“Other counters such as Dairibord Holdings Limited are gaining momentum in anticipation of Econet’s exit as investors seek new havens.”
