-
What is ATS
What is ATS? ATS (“Automated Trading System”) is an electronic platform offered by the ZSE for the purchase and sale of securities (shares, bonds, debentures and so on). The ATS has an order matching engine and replaces the manual trading of shares that we have all been used to in Zimbabwe. How does the ATS work? ATS electronically matches and executes “buy” and “sell” orders that stockbrokers would have brought into the system, in order for both buying and selling clients to get the best bargains available on the market for their shares. It is different from manual trading in… Read More -
Buying and Selling Shares
Who do I contact if I want to buy shares?Buying or selling of shares on the ZSE is done through a registered stockbroking firm. Do I get charged to buy shares and who pays the brokers for their services?There are transactions costs which are charged on each and every purchase and sale transaction. How can I learn about shares and investing?There are many online resources dedicated to shareholder and investor education. If you interested in investing and the investing process we recommend you contact a registered broker or advisor. Here are some investor education resources online:- Begin investing Better investing… Read More -
Dividends
What is the tax on dividends?The withholding tax on dividends is 10%. What is the best way for me to keep track of my dividends?You may view this page on the ZSE Data Portal which only tracks the release of dividend information or you may sign up to the ZSE Dividend Email Alert. How can I get information on dividend declarations and payment dates?Sign up to the ZSE Dividend Declaration Email Alert or sign up to Twitter. This page on our website streams dividend announcements. Read More -
Electronic Trading System
When will electronic trading be implemented on the ZSE?A formal announcement by Authorised Officials of the ZSE will be made in due course. What is happening with the ZSE demutualisation process?A formal announcement by Authorised Officials of the ZSE will be made in due course. When is the new CDS going to be implemented?The Government of Zimbabwe has agreed with the ZSE and other key stakeholders on the scope and structure of the Central Securities Depository. Work is currently underway to have a fully functional Central Securities Depository. Is the information on the ZSE Data Portal from the new electronic… Read More -
Finding information on the ZSE data portal
Where do I find information of all listed companies on the ZSE?This list enables you to click through to all of the ZSE Company Data pages. Can I ask for PDF annual reports and other releases?We have associated ourselves with www.africanfinancials.com to undertake to procure that every annual report of every listed company post-2009 dollarisation is available online through the ZSE Data Portal and www.africanfinancials.com. Whilst all efforts have been made some annual reports remain un-located. Should investors have them in their possession they are requested to forward them to the ZSE if in hardcopy or notify us here that… Read More -
Investor protection
Which investor protection mechanisms apply?The market has the following investor protection mechanisms:- Investor Protection FundThis fund is managed by trustees appointed by the Securities Commission of Zimbabwe, with representatives from ZSE, SECZ, institutional investors, a judge and a member of the public. It is funded by 0.05% of the transaction value of every trade on the ZSE. The Fund is meant to cushion investors from loss in circumstances specified in the rules of the Fund.Professional Insurance PoliciesEach broking firm is required to carry a professional indemnity policy to make good any losses resulting from professional negligence or dishonesty by any… Read More -
Investor data
Does the ZSE offer Data services?Yes. Apply if you are interested. Does the market capitalisation for dual listed companies include the shares on the global registers?The market capitalization of dual listed companies include shares that are in the local register only The ZSE’s market capitalisation calculations differ to mine? Why is this so?The ZSE market capitalization can differ for the following reasons: The ZSE uses the latest prices of securities. In the absence of a recent traded price, either the last traded price or an improved or deteriorated market indication is taken instead. So, if a security has not traded… Read More -
Foreign investment
What are the market entrance requirements in Zimbabwe for foreign investors? There is no requirement for registration with any institution before a stockbroker can commence trading for a foreign client. However, there might be identification document and other requirements to be met by the client as required by stockbrokers. Are there foreign restrictions on repatriation of initial invested capital and dividends? There are no restrictions on repatriation of capital and dividends. The sub custodian must confirm proof of inward remittance prior to repatriating funds. Delays may occur if the position was transferred from another custodian or the original foreign exchange… Read More -
General trading & market information
What instruments or products are traded on the ZSE? Common stock, preferred stock and convertible debt instruments are currently traded on the ZSE. Is short selling permitted? Short selling is permitted but prior authority is sought from the ZSE. What is the settlement cycle? The settlement cycle is T+3. What are the market /exchange trading hours? The ZSE trading hours are as follows: Market State Time (Local time) Pre-Opening Session 09h00 to 10h00 Continuous Session 10h00 to 12h30 Market Closes 12h30 Are margin trading and securities lending practised on the ZSE? Margin trading and securities lending are not practised. Can… Read More -
Legal & regulatory
Who regulates the capital markets in Zimbabwe? The Securities Commission of Zimbabwe is the capital markets regulator. Is the ZSE a registered or a self regulatory organisation? The ZSE is a Registered Exchange with the Securities Commission of Zimbabwe and in the efforts are underway to adopt a self-regulation structure. What legislation affects Zimbabwe’s capital markets? The following are various pieces of legislation which investors should be aware of as they affect securities markets (directly or indirectly) but are not administered by the commission: Banking Act (Chapter 24:20) Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24) Building… Read More -
Social media
What social media accounts does the ZSE have and how can I access them? The ZSE uses Twitter, Facebook, and Google+. Read our Social Media and Disclosure Policy. I want to follow ZSE companies on Twitter. What are their hashtags? Hashtags are used by the ZSE in disseminating information on Twitter. The short name code for each listed company excluding ‘.zw’ and preceded by the ‘#’ symbol will enable you to track individual companies e.g #NMB will enable you to track updates related to NMBZ Holdings Limited. How is the ZSE using Twitter, Facebook and Linkedin? These social media channels are… Read More -
Listed company questions
How often is the Zimbabwe Old Mutual share register updated? The local register for Old Mutual shares is updated as and when changes occur. Can I attend analyst presentations and investor events? As a policy the ZSE Data Portal does not advertise or disseminate the date of any investor events or analyst presentations of its listed companies. Typically these events are attended by company-invited analysts and not open to the general public and their event details are not communicated to the ZSE. Announcements to which these events relate are published in the traditional press and ZSE Data Portal immediately prior… Read More -
Taxation & costs of trading
Is there capital gains tax on the profits from the sale of listed shares? Capital gains withholding tax on the sale of listed shares is 1% of the sale proceeds. Are there market penalties and fines imposed on any breaches? There are currently no fines or penalties imposed on any breaches. How are listed securities identified, i.e. is each counter assigned an International Securities Identification Number (ISIN)? Each security traded on the ZSE is identified by an ISIN code in addition to a short name code assigned by the ZSE. The short name codes excluding ‘.zw’ and preceded by ‘#’ are… Read More -
ZSE Membership
How do I become a member of the ZSE? Members of the ZSE can have either individual or corporate status. To become an individual member, one has to go through a rigorous training process within the industry, in addition to having a recognised degree in business related studies and having passed specified modules of the Registered Persons Examinations of the South African Institute of Financial Markets. The individual must also be at least 21 years of age and be ordinarily resident in Zimbabwe, in addition to owning assets in excess of his/ her liabilities by an amount stipulated in the… Read More
- 1