• Tue. Apr 23rd, 2024

REITs Association of Zimbabwe launched as stocks continue downward spiral

ByEconomic Times

Jul 22, 2023

By ETimes

The Zimbabwe Stock Exchange (ZSE) fell 2.95% on Thursday, continuing its long, rough stretch.

In other market developments, the ZSE and other capital market participants have come together to establish the Real Estate Investment Trust (REIT) Association of Zimbabwe following the growth of interest in this security.

The main objectives of the REITS Association include promoting the growth of the REIT market. To educate investors about REITs and advocate for the interests of REITs with regulators and policymakers.

The interim board of the REITs Association of Zimbabwe is composed of Chief Executive Officer of Integrated Properties, Mike Juru, who comes in as chairperson, deputised by Director General of the Zimbabwe Association of Pension Funds, Sandra Musevenzo.

Group legal manager at Terrace Africa Christabel Shava was appointed secretary.

Bevin Ngara, managing director, Fidelity Life Asset Management, was appointed a board member.

The other board members include Alfred Mthimkhulu, executive director, Bard Santner Investors (Private) Limited; Chipo Hlabangana, deputy principal officer, NRZ Contributory Pension Fund; Isaac Isaki, Head: Structured and Corporate Finance, National Building Society; Farai Chizengeni, senior manager, Enerst and Young; and Patience Dhliwayo, who is principal officer at NRZ Contributory Pension Fund.

Hamandishe Nhiwatiwa, from the Association of Investment Managers, was appointed to the board.

Welcome Mavingire, managing consultant at Intellego; Tendai Muzadzi, managing director at CBZ Asset Investment Consultants; and Beatrice Moyo were also appointed to the board.

“The ZSE is confident that the establishment of the REITS Association will go a long way in promoting REITS in Zimbabwe.

“The ZSE remains grateful for the continuous support from various market participants in the establishment of the association and wishes the interim board a successful tenure,” ZSE chief executive Justin Bgoni said in a statement.

The Top 10 Index was down 5.35% to close at 55,995.40 points.

EcoCash gained 3.02% to close at $134.83. Dairibord added 0.97% to close at $298.78.

On the flip side, CAFCA and Masimba plunged 15% apiece to end at $2,822.10 and $768.80 respectively.

OK Zimbabwe shed 14.92% to $150.70 while CBZ eased 10% to close at $810.00.

Delta was down 6.02% to $1,780.92.

Cass Saddle Agriculture ETF was the only gainer, up 0.84% to close at $5,9890. Morgan & Co Multi Sector ETF slid 14.89% to $200.0000. OML ETF was off 3.81% to $23.9800. Datvest ETF depreciated by 2.17% to $9.0000. Morgan & Co Made In Zim ETF fell 0.20% to $6.5500.

On the VFEX, BNC gained the most, up 19.80% to US$0.0121. First Capital Bank was 7.52% higher at US$0.0200. Padenga followed with a 2.41% gain at US$0.1950. Axia garnered 2% to US$0.0510.

Simbisa and Innscor Africa Limited were down 1.39% and 0.29% to US$0.3545 and US$0.4395 respectively – Harare

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