• Tue. Jul 16th, 2024

Treasury advises NRZ Contribution Pension Fund to list another REIT on VFEX

ByETimes

Dec 19, 2023

…as ZSE opens week with $414.2 billion loss

By ETimes

HARARE – Equities trading at the Zimbabwe Stock Exchange (ZSE) opened the week bearish as the All-Share Index (ASI) relapsed by 2.77% to close at 187,499.78 points.

Equities investors, therefore, lost $414.2 billion from their overall investment as the market capitalisation settled at $14.9 trillion at the end of the day’s trading activities.

Market breadth closed negative as 8 stocks gained relative to 9 losers.

Today’s performance comes Revitus Real Estate Investment Trust (REIT) becomes the second REIT to list on the ZSE.

In August 2021, the Securities and Exchange Commission of Zimbabwe registered the Revitus and to date, it has registered 7 REITs.

CBZ Holdings Asset Management Unit is the Fund Manager of Revitus REIT, an ambitious project that aims to raise funds from investors to revive a number of central business district (CBD) properties held under the property portfolio of the National Railways of Zimbabwe Contribution Pension Fund.

Beginning in January 2024, Revitus REIT has earmarked 10 months for the refurbishment of Chester House.

“I think this one is a test case in our view because once investors see what we are trying to sell on the market, they will actually have more appetite going forward,” Revitus REIT fund manager Brighton Mutingwende said.

Treasury chief Mthuli Ncube advised the National Railways of Zimbabwe Contribution Pension Fund to reconsider United Kingdom asset disposal but to “buy more” and list another REIT on VFEX.

Meanwhile, from January 1, 2024, VFEX waives the requirement for listed companies to have their unaudited half-year interim reports reviewed by external auditors.

They are now required to submit these reports directly to the VFEX. However, the waiver will remain in effect for 2 years.

Accordingly, the Top 10 Index suffered the most, dropping 3.65% to close at 77,127.43 points.

The Medium Cap Index lost 1.15% to end at 879,725.55 points.

The Small Cap Index was flat at 5,344,423.84 points.

A total of 1.39 million shares valued at $2.13 billion were exchanged in 186 deals.

Delta led the volume chart with 615,700 units traded as well as the value chart at $1.82 billion.

By ETimes

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