|  NEWS

Zimbabwe’s Stock Exchange (ZSE) performed well in U.S. Dollar terms compared to regional peers last year, according to the African Financials’ sub-Sahara Africa Top 30 Companies report.

According to the findings, regional stock markets – not taking into account South Africa – increased by 4.5% on average in USD terms last month.

This growth level is a considerable achievement, says the report, as it’s fuelled by robust earnings growth and overvalued stocks.

That said, they are down 11.6% on average to date. Zimbabwe’s Stock Exchange increased the fastest in December with a 43% rise, followed by Ghana with 31% and Seychelles with 18%.

Zimbabwe’s bourse has registered more gains than its peers over the past year, despite the headwinds such as strict regulations and elevated transaction costs.

In addition, the report features businesses from the region that hit $800 million capitalisation over the year, such as Australia Stock Exchange-listed platinum producer, Zimplats valued at $1,87 billion, Zimbabwe Mail reports.

“The key markets in sub-Saharan Africa that have done well include Nigeria and internationally listed stocks, which make up about 35% of the top 30 companies,” the report states.

“Additionally, the telecoms and technology sector has also seen growth with new listings, including companies such as UAC foods in Nigeria, UAC cement in Nigeria, Orange Code d’Ivoire, and African Oil.

“However, there are very few companies from South Central Africa, including Zimbabwe, Zambia, Malawi, Botswana, and Namibia, that have reached the critical level of market capitalisation of US$800 million,” the report adds.

However, the findings show that although there are firms in the regions trailing behind the $800 million capitalisation level, 2022 saw all-time high earnings growth.

“In the year to September 2022, sub-Saharan Africa’s markets, excluding South Africa, have performed relatively well compared to international markets. This is a significant achievement as it is driven by strong earnings growth,” states the report.

News you might like

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

Zimbabwe’s currency fell to a new record low on Tuesday, declining past 10.160 per US Dollar in the spot market for the first time since 2019.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Politics

Zimbabwe commits to free and fair elections in August

​​​​​​​Zimbabwe is committed to providing free, transparent and credible elections next month, according to a statement on Monday by Minister of foreign affairs and international trade Fredrick Shava.

Economy

Opposition party leader vows economic prosperity in campaign launch

The main opposition leader in Zimbabwe, Nelson Chamisa, has pledged economic prosperity and no more corruption during the launch of his party's campaign

Markets

Zimbabwe’s inflation rises to 176% in June

Zimbabwe’s blended consumer price index increased 175.8% in June from 86.5% in May

Economy

Zimbabwe’s inflationary pressures to ease by end of June: CZI

The Confederation of Zimbabwe Industries (CZI) has stated inflationary pressures in the country should begin to ease from the end of this month thanks to the implementation of a series of policy measures.

Economy

Zimbabwe fears return to hyperinflation

Prices of basic commodities in Zimbabwe are soaring following a weakening of the local currency, leading to fears of hyperinflation.

Economy

Finance minister unveils new measures to stabilise economy

Zimbabwe’s minister of finance, Mthuli Ncube, has unveiled additional measures to bolster the stability of the country’s economy and local currency. 

Economy

Zimbabwe’s 2024 growth forecast at 3.6%, says AfDB

Zimbabwe’s economy is within the range of the regional growth forecast for this year, according to the latest report by the African Development Bank (AfDB).

Markets

Steps to halt ZimDollar's decline on the way says President

President of Zimbabwe, Emmerson Mnangagwa, has signalled that measures will shortly be announced to halt the decline in the local currency

Markets

Zimbabwe Dollar plunges to new low

Zimbabwe’s currency fell to a new record low on Tuesday, declining past 10.160 per US Dollar in the spot market for the first time since 2019.

Markets

Zimbabwean Dollar plummets 40% on black market

The Zimbabwean Dollar has kicked off 2024 by falling over 40% on the parallel market as elevated demand for foreign exchange continues to exceed supply.

Economy

President forecasts Zimbabwe's economy will turn around in 2024

Zimbabwe's president forecasts the country's economy will turn around this year following the recent oil and gas discovery close to the border with Mozambique and Zambia,

Markets

RBZ urges govt incentives on diaspora investments

Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), called on the government on Monday to provide fiscal and non-fiscal incentives to diaspora investments due to their massive contribution to total foreign currency inflows in the country.

Economy

Zimbabwe’s annual inflation rises to 21.6% in November

Zimbabwe’s inflation continued to move up in November, with annual and monthly rates rising due to increasing accommodation, water, electricity and fuel costs.

Business

Zimbabwe’s banking sector loses 75% of jobs since 2000

Up to 75% of jobs have been lost in Zimbabwe’s banking sector since 2000, according to the Zimbabwe Banks and Allied Workers Union (ZIBAWU).

Economy

Zim Dollar stability to take priority in 2024 budget

Stabilising the Zimbabwe Dollar further and consolidating economic growth will be a main priority in the 2024 budget, according to Finance, Economic Development and Investment Promotion Minister,

Markets

Zimbabwe’s economy to grow 4.8% in 2023: IMF

Zimbabwe’s real GDP is forecast to grow 4.8% this year, bolstered by a strong performance in mining, as well as the positive impact of structural reforms in the country’s agriculture and energy sectors.

Economy

Zimbabwe seeks IMF staff-monitored programme by April

According to the country's finance minister, Zimbabwe hopes to agree on a new staff-monitored programme with the International Monetary Fund by April 2024.

Economy

RBZ unveils gold-backed digital currency

Zimbabwe’s central bank has unveiled a gold-backed digital currency aiming to increase the economy’s options in carrying out daily transactions and bolster the Zimbabwean Dollar (ZWL).

Economy

Zimbabwe keeps key rate unchanged at 150%

The Zimbabwe central bank held the benchmark interest rate at 150% for the second consecutive meeting on Thursday, according to Governor John Mangudya.

Politics

Zimbabwe’s new Cabinet facing uphill battle, says ZCPD leader

Zimbabwe’s new Cabinet sworn in this week faces an uphill struggle in dealing with the country’s economic challenges, said Zimbabwe Coalition for Peace and Development (ZCPD) leader Trust Chikohora.

Politics

Zimbabwe's President Mnangagwa sworn in for second term

President Emmerson Mnangagwa was sworn in on Monday for a second term after winning last month's election, as he vowed to bring millions of Zimbabwe's citizens out of poverty.

Politics

Zimbabwe's President Mnangagwa denies election fraud

Zimbabwe's re-elected President, Emmerson Mnangagwa, has been accused of "gigantic fraud" by an opposition leader

Business

Zimbabwe banks profitable in H1 2023

Banks in Zimbabwe reported aggregate profits of $4.55 trillion in the first six months of the year, predominantly fuelled by non-interest income which made up 92.51% of total income.

Markets

Zimbabwe aims to clear overseas debt by end of 2025

Zimbabwe's finance minister Mthuli Ncube says the country will do everything possible to clear its foreign debt by December 2025 in order to open new lines of credit to help revamp the economy

Politics

Zimbabwe commits to free and fair elections in August

​​​​​​​Zimbabwe is committed to providing free, transparent and credible elections next month, according to a statement on Monday by Minister of foreign affairs and international trade Fredrick Shava.

Economy

Opposition party leader vows economic prosperity in campaign launch

The main opposition leader in Zimbabwe, Nelson Chamisa, has pledged economic prosperity and no more corruption during the launch of his party's campaign

Markets

Zimbabwe’s inflation rises to 176% in June

Zimbabwe’s blended consumer price index increased 175.8% in June from 86.5% in May

Economy

Zimbabwe’s inflationary pressures to ease by end of June: CZI

The Confederation of Zimbabwe Industries (CZI) has stated inflationary pressures in the country should begin to ease from the end of this month thanks to the implementation of a series of policy measures.

Economy

Zimbabwe fears return to hyperinflation

Prices of basic commodities in Zimbabwe are soaring following a weakening of the local currency, leading to fears of hyperinflation.

Economy

Finance minister unveils new measures to stabilise economy

Zimbabwe’s minister of finance, Mthuli Ncube, has unveiled additional measures to bolster the stability of the country’s economy and local currency. 

Media contact

deVere Zimbabwe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Zimbabwe’s Head of Public Relations on [email protected] or call +44 2071220925