EFE Securities •

4 days ago •

Monthly Reports

MAY MONTHLY REPORT

ZSE REVIEW… 
ZSE firms up despite the pending delistings of FMP and TSL… 
The ZSE market continued with its rising momentum in the month of May, despite continuing to face mounting 
pressure of delistings, as FMP and TSL acquired shareholder approval to delist from the bourse. This prompted the ZSE 
to issue a practise note in which it reduced listing fees, minimum capitalisation, minimum free float requirement and 
the number of public shareholders as a means to lure more listings on the ZWG denominated bourse.  The ZSE Market 
advanced 6.60% to end the month of May pegged at 389.26pts while, the Agriculture Index recorded double digit gains 
as it rose by 12.63% to 323.79pts, mainly anchored by Tanganda. The Blue-Chip Index was 5.53% higher at 384.31pts, 
while the Mid Cap Index grew by 12.69% to 437.76pts, extending its YTD gains to 57.38pts. 
Risers and fallers for the month were equally distributed sixteen while, three sailed stable. Headlining the gainers list 
of the month was agriculture concern Tanganda that ballooned 151.57% to close at a VWAP of $5.9763 as investors 
remained upbeat that the new management and board will turnaround the company. Banking group TNCI charged 
44.23% to $0.1450 while, agriculture concern Ariston garnered 30.87% to $0.0600. Exchange Holding company ZSE 
recovered from prior month’s losses as it edged up 16.94% to settle at a VWAP of $1.1925 while, banking group CBZ 
was 15.40% higher a $17.5000. Spirits and wines producer Afdis firmed up 14.53% to close trading at $15.8048, trailed 
by Delta that close pegged at $30.0055, following a 11.95% ascent. Cable manufacturer Cafca was 11.54% up at 
$14.5005, post the release of its HY26 results in which it reported a PAT of US$1.83m, and no dividend was declared 
while, seed producer SeedCo Limited was 6.81% firmer at $4.0200. Sugar processor Hippo was 5.38% up at $10.0005 
as it fastened the top ten gainers list of the month.   
Leading the laggards of the month was life assurer First Mutual Limited that plunged 42.71% to close at $1.6557, where 
demand could be found, trailing behind was dairy processor Dairibord that eased 20.70% to $2.3630, despite reporting 
that it recorded a 26% revenue increase to $39.40m for Q1 FY27. Pipe and fittings manufacturer Proplastics retreated 
16.78% to close trading at $1.2325 while, logics group Unifreight parred off 16.67% to settle at $1.5000. Zimre Holdings 
was 13.79% weaker at $0.6900 as demand remained constrained in the counter while, ART trimmed 10.93% to close 
pegged at $0.2200. Cigarette producer BAT continued to lose ground as  it dipped 7.38% to $184.9995 while, FMP was 
6.39% down at $1.0508, following a circular to delist from the ZSE and offer minority investors a cash buyout of 
US$0.033 per share. General Beltings was down 5.71% to $0.1100 while, banking group FBC lost 5.66% to close trading 
at $9.3396.