August was a month of big move its, cautious optimism, and mixed signals on the ZSE and VFEX, with infrastructure, property, and mining deals setting the tone.
Morgan & Co, a securities firm and investment banking partner that offers trading, market intelligence, and sponsoring broker services issued it’s August 2026 Monthly Brief.
Last Month’s Highlights
The market started the month with capital raising news as CBZ Holdings pressed ahead with its US$600 million infrastructure bond programme. The aim is to mobilise long-term funding for major projects across Zimbabwe. With US$75 million already secured from the first US$100 million tranche, management expects to close the remaining US$525 million shortly. CBZ also plans to list the bonds regionally and internationally to tap into foreign capital.
In property, Pfuma Real Estate Investment Trust expanded its portfolio after acquiring Cork Corner in Avondale, a 1,203sqm retail property. The deal was funded by issuing 69.4 million new units, diluting existing unitholders by 12.84%. Despite the dilution, the acquisition is earnings accretive, delivering a 7.8% yield and an estimated 16.71% annualised income growth per unit starting Q3 FY26.
Zimplow Holdings kept investors on alert after issuing a cautionary statement about negotiations for a potential acquisition that could materially impact its share price.
In retail, Edgars Stores Limited got shareholder approval for a voluntary delisting from the VFEX. Controlling shareholder Amunaki Investments will now execute a minority buyout at US$0.0248 per share.
On the corporate action front, Dairibord Holdings saw its key shareholders, Equivest, Asset Management, Mega Market and Mutare Mart notify the Competition and Tariff Commission (CTC) of a proposed sale of their combined stake to an unnamed third party. The company also confirmed plans for a voluntary delisting from the ZSE and a subsequent migration to the VFEX.
In mining, Karo Platinum signed a binding 5-year offtake agreement for platinum group metals and base metals from its Great Dyke project. With a 2.1 million ounce reserve and 50+ year mine life, the deal follows the recent Special Mining Lease Agreement with government.
Nampak Zimbabwe also reminded shareholders that its parent company still classifies its 51.43% stake as “held for sale” as discussions with potential buyers continue.
Both the ZSE and VFEX ended the month mixed, with gainers almost balancing losers.
Market Movers
On the ZSE, momentum was strong. The top gainers were led by the ZSE itself at 290.00 ZWGc, up 114.81% for the month and 99.95% YTD. Willdale jumped 40% to 7.00 ZWGc, while Tanganda gained 34.22% to 440.90 ZWGc and is up 622.79% YTD. CAFCA rose 31.58% to 2,500.00 ZWGc and RioZim added 15.29% to 98.00 ZWGc.
The losers were led by Ariston down 29.88% to 5.33 ZWGc, followed by GBH -28.74%, Meikles -16.44%, ZHL -13.52% and Dairibord -12.32%.
On the VFEX, SeedCo International was the star performer, up 27.32% to 44.51 USc and 96.95% YTD.
Zimplow gained 11.55% to 11.40 USc, Old Mutual rose 10.32% to 89.36 USc, First Capital added 6.91% to 15.00 USc, and Simbisa Brands climbed 3.57% to 71.73 USc.
The VFEX losers included TSL -13.79%, Nedbank -11.53%, Padenga -10.64%, Edgars -7.34% and Axia -5.54%.
REITs and ETFs were also active. Revitus led ZSE REITs with a 7.7% gain, while CSAG.zw was the top ZSE ETF, up 34.67%. On the VFEX, Eagle REIT surged 16.86% and FMWG.vx was the top ETF, up 1.72%.
What To Expect In September
Morgan & Co says expects a re-rating of financial services counters across both the ZSE and VFEX in September. The driver will be incoming half-year earnings reports and dividend announcements, which should give more clarity on valuations and income prospects.
