HARARE — Zimbabwean stocks rebounded on Thursday, led by sharp gains in Seed Co International and Tigere REIT, although thin turnover underscored the shallow liquidity still constraining the market.
The Zimbabwe Stock Exchange All Share Index rose 1.04% to 451.27 points, while the Top 15 gained 1.10%. The Mid Cap Index climbed 1.99%, its strongest move among the main benchmarks, while the Top 10 added 0.80%.
Only 65 trades were recorded, generating ZWG6.98 million in turnover. Market capitalisation stood at ZWG100.41 billion.
“Thursday’s recovery is largely a story of selective buying rather than a broad return of liquidity,” an equities analyst told The Zimbabwe Financial Mail. “Investors are concentrating on counters where they see value, earnings potential or a clear corporate catalyst.”
Seed Co International jumped 14.91% to 441.23 cents, while Zimbabwe Reinsurance Corporation gained 14.67% to 86 cents. Mashonaland Holdings rose 13.04% to 260 cents, with Standard Chartered Bank Zimbabwe and Ariston Holdings also advancing.
The gains came despite a sharp sell-off in Hippo Valley Estates, which fell 13.39% to 926.73 cents. The divergence helped push the Agriculture Index down 0.93%, highlighting the increasingly stock-specific nature of trading.
“Investors are no longer simply buying sectors,” a second analyst said. “They are differentiating between companies on earnings expectations, valuations, liquidity and currency exposure.”
Property attracts buyers
Listed property was another bright spot. Tigere REIT surged 13.47% to 122.93 cents, lifting its market capitalisation to about ZWG2.3 billion. Revitus REIT was unchanged at 213.25 cents.
The Real Estate Index gained 3.47%, the strongest sectoral advance of the session.
The move comes as investors continue to favour real assets and income-generating investments amid Zimbabwe’s evolving monetary environment.
“The interest in REITs reflects the search for assets that can generate income and preserve value,” the first analyst said.
Financials also strengthened, with the sector index gaining 0.51%. The New Industrial Index rose 4.25%, while the Old Industrial Index added 1.04%. Consumer Staples gained 1.12%.
Mining stocks were unchanged.
The market’s performance comes against a backdrop of improving macroeconomic stability, including moderating inflation and an easing monetary stance. The Reserve Bank of Zimbabwe’s policy rate is now 30%, potentially lowering financing costs if the easing cycle feeds through to corporate borrowing.
But analysts said the stock market needs stronger corporate earnings and deeper liquidity before the macroeconomic improvement can translate into a sustained re-rating.
“The next test is whether monetary stability produces real earnings growth,” the second analyst said. “Investors will reward companies that can demonstrate predictable cash flows and dividends.”
Corporate actions were also in focus. PPC disclosed dealings in securities, while Revitus released its audited 2025 financial statements. NMB issued an interim dividend election form, Dairibord published an AGM notice and Tigere released its scrip dividend results.
ETFs were unchanged, leaving the ZSE ETF Index flat at 597.97 points.
Despite Thursday’s rebound, the low turnover remains a structural weakness for Zimbabwe’s capital market.
“Zimbabwe needs a deeper secondary market,” the first analyst said. “A larger market capitalisation means little if investors cannot efficiently deploy or exit capital.”
The session nevertheless reinforced a central feature of Zimbabwe’s equity market: opportunities remain, but they are increasingly being driven by individual corporate fundamentals rather than a broad market rally.
