Online Reporter
Nelson Gahadza
The Zimbabwe Stock Exchange (ZSE) registered mixed performance in April 2026, with the market showing resilience through gains in the All-Share Index despite a sharp slowdown in trading activity and weakening market turnover.
ZSE market statistics for April indicate that while liquidity conditions softened significantly compared with March, selected counters continued to attract investor interest, helping the benchmark All-Share Index to close the month higher.
Analysts contend that the performance underscores sustained confidence in defensive and fundamentally strong stocks, even as the market navigates structural shifts, lower trading volumes and reduced foreign participation.
The ZSE All-Share Index advanced by 1,85 percent to close April at 365,17 points, up from 358,55 points recorded in March.
The increase in the All-Share Index came at a time when broader market activity weakened.
The ZSE statistics show that total market turnover declined by 83,74 percent to ZiG510,92 million in April from ZiG3,14 billion recorded in March, highlighting reduced trading activity across the market after a relatively active March.
Similarly, volume dropped by 91,08 percent to 53,63 million shares from 601,48 million shares traded in March, reflecting subdued participation from both institutional and retail investors.
The number of trades also softened during the month, falling by 33,12 percent to 1,953 trades from 2,920 trades previously.
The market’s Top 10 Index, which tracks the performance of the exchange’s largest and most influential companies, eased marginally by 0,53 percent to 363,18 points in April from 365,10 points in March.
Meanwhile, the Mining Index remained unchanged at 129.42 points in both March and April, reflecting limited price movement among mining counters during the period.
The exchange’s total market capitalisation declined by 25,71 percent to ZiG83,46 billion in April from ZiG112,35 billion in March.
For the month under review, foreign investor activity slowed significantly, with foreign purchases dropping by 82,77 percent to ZiG93,54 million in April from ZiG542,99 million in March.
Foreign sales similarly declined by 90,75 percent to ZiG152,62 million from ZiG1,65 billion previously.
In terms of share volumes, foreign shares bought declined from 103,95 million shares in March to 4,91 million shares in April, while foreign shares sold decreased from 315,95 million shares to 8,01 million shares over the same period.
According to IH Securities, in its April 2026 monthly snapshot, the ZSE continues to find its footing, with the positive movement in the All-Share Index indicating a market that is gradually consolidating and positioning for longer-term growth.
“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 said.
It noted that Tanganda Tea Company emerged as the top performer, registering a significant 93,14 percent increase in its share price to ZiG2 375 from ZiG1 400 at the beginning of April.
The rally comes after Innscor recently took up a 27 percent stake through its subsidiary Rutanhi Beverages, which underwrote Tanganda’s US$8 million rights issue, making Innscor a major shareholder.
The acquisition aims to boost Tanganda’s agricultural output, particularly in tea and macadamia nuts, while improving efficiency and supporting growth.
Tanganda’s expansive operations, spanning tea, macadamia nuts, avocados, coffee and spring water, position it as a key beneficiary of both domestic and international demand trends.
Masimba Holdings also delivered an impressive performance, with its share price rising by 68,51 percent to ZiG3 100.
The group’s growth is anchored in a strong US$278 million order book covering mining, road construction and housing development projects.
Revenue for the year ended December 31, 2025 increased by 9,6 percent to US$61,5 million, driven by robust activity in the housing segment and new project awards.
The company’s strategic pivot towards private sector contracts, as highlighted by chairperson Mr Gregg Sebborn, is beginning to yield results, contributing to a more diversified and sustainable revenue base.
According to IH, Tigere Real Estate Investment Trust (REIT) led in volumes traded, with 36,90 million shares exchanged during the month, followed by NMB Holdings at 28,99 million shares. This level of activity reflects sustained investor appetite for income-generating and financial sector assets.
Delta Corporation remained the anchor of market value, contributing 63,47 percent of total turnover at ZiG342,33 million.
The company’s strong financial performance continues to underpin its dominant position on the exchange.
For the first half of the 2026 financial year, Delta reported a 32,2 percent increase in revenue to US$514,21 million, supported by volume growth across its product portfolio and the consolidation of Schweppes Holdings.
Investment analyst Mr Enock Rukarwa said that for the month of April, there was depressed activity, especially on the ZSE, when comparing March and April.
“March was dominated by transactions and trading activity around Econet, while in April, 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.”
However, he noted that the migration of Econet from the ZSE to the VFEX saw volumes increase on the VFEX by 489 percent, which was primarily a result of an increasing number of liquid counters in the form of Econet InfraCo.
“Overall, month-on-month, the ZSE All-Share Index shows marginal growth of 1.5 percent, and this activity has been concentrated on a few blue-chip counters. These are Delta,
Seed Co, Hippo Valley and TSL to some extent,” said Mr Rukarwa.
