The first stock exchange in Zimbabwe opened in Bulawayo in 1896. It was however only operative for about six (6) years. Other stock exchanges were also established in Gweru and Mutare. The latter, also founded in 1896, thrived on the success of local mining industry, but with the realization that deposits in the area were not extensive, activity declined and closed in 1924. After World War II a new exchange was founded in Bulawayo and dealing started in 1946.
A second floor was opened in Salisbury (Harare) in December 1951 and trading between the two (2) centres was by telephone. They continued operating until it was decided that legislation should be enacted to govern the rights and obligations of both members of the Exchange and the general investing public.
Change in functional currency in 2009
In November 2008, the Zimbabwe Stock Exchange temporarily stopped trading following intervention by The Reserve Bank of Zimbabwe and reopened on 19 February 2009. The Zimbabwe economy dollarized in 2009 and the ZSE similarly adopted the US Dollar as its primary trading currency. Indices were rebased to 100 for both the industrial and mining indices.
Market Regulator: Securities and Exchange Commission of Zimbabwe (SECZ)
Currency: US Dollar (USD)
Clearing and Settlement: T+3
Trading session hours: 09:00 - 12:30 (GMT+2)
Main Index: ZSE industrial index, ZSE Mining index, ZSE Top 10 index, ZSE All share index
Tax Rates: Dividend withholding taxes 10% (domestic investors) 10% (foreign investors); Withholding tax on interest income 15%; capital gains taxes 1% on the sale side.
Mode of Trading: Automated Trading System (ATS)
African Securities Exchange Association (ASEA)
Committee of SADC Stock Exchanges (CoSSE)
Sustainable Stock Exchanges Initiative (SSE)