THE Zimbabwe Stock Exchange (ZSE) had a rough April in ZiG terms, with market capitalisation sliding by 23,57% to ZiG81,38 billion, largely after heavyweight counter Econet walked out of the bourse.
One of the biggest blows came from the exit of Econet Wireless Zimbabwe, which officially delisted on March 31 after more than two decades on the exchange. The company argued that its true value was being left behind in the market’s pricing.
Econet didn’t just leave — it also shifted its infrastructure arm, Econet Infrastructure Company Limited, to the Victoria Falls Stock Exchange (VFEX), taking along assets such as towers, land, buildings and energy systems spread across the country.
Its departure effectively removed a ZiG30,54 billion (about US$1,2 billion) heavyweight from the ZSE, underscoring just how much it had been of the anchors of the bourse.
And Econet may not be alone. TSL Limited and First Mutual Properties are also lining up potential exits, with TSL eyeing a move to the VFEX.
Despite the headline slump in market capitalisation, it was not all gloom on the trading boards. According to IH Securities’ April 2026 Monthly Snapshot, the All-Share Index managed a modest 1,85% gain to 365,17, while the Top 10 index also edged higher.
“In USD terms, however, market capitalisation contracted slightly to US$2,58 billion from US$2,59 billion, as a firmer ZiG interbank rate compressed dollar returns,” IH Securities said.
Trading activity, however, slowed noticeably, with average value traded down 82,75% in nominal terms and volumes plunging 88,98%.
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With Econet stepping out of the spotlight, investors turned their attention to other counters, and Tanganda Tea Company Limited brewed up a surprise — becoming the month’s standout performer with a 93,14% share price jump.
Not to be outdone, Innscor Africa Limited quietly deepened its footprint, emerging as Tanganda’s second-largest shareholder through its beverage investment vehicle, Rutanhi Beverages Limited.
“Tanganda was the top performer in the month with a 93,14% increase in share price in nominal terms, followed by Masimba with a 68,51% increase. Unifreight’s price went down 40%, and First Mutual slid by 23,95%,” IH Securities said.
Volume action was led by the Tigere Real Estate Investment Trust, while NMB also saw strong activity. Meanwhile, Delta dominated value traded, accounting for more than 60% of the month’s turnover.
IH Securities noted that the ZSE is currently “finding its footing” in ZiG terms, even as liquidity remains thin and trading activity increasingly concentrated in a few names.
On the VFEX, things were slightly calmer but still in the red, with the All-Share Index slipping 8,38% and market capitalisation easing to US$3,54 billion. Still, the bourse remains up strongly year-to-date.
Some counters shone despite the dip, with Nedbank Zimbabwe leading gains, while others like Edgars, Padenga and Caledonia were on the losing side — reflecting a mixed bag of fortunes.
IH Securities said Padenga once again stole the show in activity terms, dominating trading volumes, while African Sun also featured prominently ahead of its planned delisting.
Looking ahead, investors are now watching whether companies can maintain US dollar revenue growth in a tougher environment marked by high costs and softer consumer demand — or whether the market’s recent “shuffle” is just getting started.
