12 July 2019

Zimbabwe: CDC Targets Product Development

Chengetedzao Depository Company (CDC) says it is continuing to prioritise new product development with efforts to engage potential issuers regarding the integration of securities on the platform as the number of on-boarded securities has remained unchanged in the past few months.

This has been necessitated by the fact that there have not been new listings on the Zimbabwe Stock Exchange (ZSE), with the last one being Econet subsidiary Cassava Smartech in December 2018.

In a June 2019 monthly update, CSD Campbell Musiwa said the company was working with ZSE to give both company a competitive edge.

"The development of new products remains a priority and CDC will work closely with the ZSE in this area to ensure that the two companies maintain their competitive advantage. The number of securities on-boarded on the CSD remained unchanged as there were no new listings on the ZSE. Efforts to introduce new products and engage potential new issuers regarding on-boarding their securities continue," he said.

The total number of accounts opened on the CSD increased to 27 607 after a total of 180 new accounts were opened in June 2019 with local investors accounting for 94% of CSD. During the period under review, the ZSE market capitalisation recorded a gain of 11,9% closing the month of June 2019 at $27,885 billion compared to $24,920 billion in May 2019.

The market value of the securities placed on the CSD also increased by 8,19% to ZW$12,357 billion from ZW$11,422 billion prior month while dematerialised securities accounted for 45,3% of the ZSE equities market capitalisation as at June 28, 2019.

The average dematerialisation penetration ratio (demat ratio) across all counters remained unchanged at 45% as at June 30, 2019.

Turnover on the ZSE equities market increased to ZW$235,594 million from ZW$119,524 million in May.

Musiwa said the cumulative number of securities deposits processed since going live is now at 82 773 after CDC processed 583 securities deposits during the month under review.

Total ZSE trades received and processed during the month stood at

3 708 and 11 877 respectively.

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