Simbisa Brands on Friday listed on the Zimbabwe Stock Exchange and immediately firmed up stock market performance by making an 88,76 percent contribution to the day's turnover.
Simbisa Brands made an instant impact contributing $643 253 for the day out of a total market turnover of $724 688,51.
The company's trading opened at 12 cents and at close of trading the price was 14,32 cents.
Speaking at the listing ceremony, ZSE operations executive Mr Martin Matanda said at the close of trading there were outstanding buy orders of a total of 2 305 773 shares, which were carried forward to Monday's (today) trading.
"In terms of volumes, a total of 4 491 994 shares of Simbisa were traded and total turnover was $643 253 out of a total market turnover for the day of $724 688,51. Simbisa contributed 88,76 percent of today's turnover and that is unprecedented," said Mr Matanda.
At the closing price of 14,32 cents, the market valuation of Simbisa was at $77 556 180,61.
Mr Matanda said the valuation makes Simbisa's contribution to the total value of the market at 2,24 percent.
ZSE chief executive Mr Alban Chirume said the stock exchange was excited by Simbisa becoming the first listing in the automated trading environment.
Simbisa listing is the second this year after former Masimba Holdings subsidiary, Proplastics listed in June.
"We are indeed excited and confident that Simbisa, which was out of Innscor, will continue to contribute to the Zimbabwean economy, showcase the Zimbabwean brand throughout Africa and in the process creating wealth for shareholders.
"The listing of Simbisa marks our first listing in the automated trading environment and we are pleased with that," said Mr Chirume.
He said the listing of Simbisa is a testimony that despite the challenges, the stock market still provide an avenue for capital raising and flexible corporate restructuring initiatives.
"It also demonstrates our profound quest for quality listings.
"Our demands for disclosure, transparency and continuing obligation are not always the easiest to meet but demonstrate our stated vision of a world class regulated platform," said Mr Chirume.
He said ZSE is working towards building a capital market, which displays resilience to weather storms of any kind.
Reserve Bank Governor Dr John Mangudya said the listing of Simbisa shows signs of a better future for the country.
