New data from the Zimbabwe Stock Exchange indicate that banking, property and consumer-facing companies continue to anchor the equities market in the first quarter of 2026, accounting for a disproportionate share of constituents across the Top 10, Top 15 and Top 25 indices. 

The composition underscores persistent market concentration, with limited representation from smaller and emerging sectors.

The ZSE Top 10 Index remains firmly controlled by large, liquid counters drawn mainly from financial services, telecommunications, consumer goods and property. Banking groups feature prominently, with CBZ Holdings, FBC Holdings, NMBZ Holdings and First Mutual Properties accounting for four of the ten constituents, reflecting the sector’s dominance in both market capitalisation and trading activity.

Consumer-facing heavyweights such as Delta Corporation and Econet Wireless Zimbabwe retain their positions, reinforcing their role as core blue-chip stocks and key drivers of index performance.

Property-linked counters also feature strongly. Tigere Property Fund REIT, Mashonaland Holdings and First Mutual Properties together make up roughly 30 percent of the Top 10 Index, highlighting the growing importance of real estate and inflation-hedged assets in investor portfolios.

The ZSE Top 15 Index introduces broader sectoral exposure, adding agricultural and hospitality stocks such as Hippo Valley Estates and Rainbow Tourism Group, alongside Seed Co and Meikles Limited. While this signals some diversification beyond financial and consumer stocks, overlap with the Top 10 remains significant, limiting the overall breadth of exposure.

Further down the market, the ZSE Top 25 Index widens representation to include industrial and manufacturing companies such as Dairibord Holdings, Nampak Zimbabwe, Turnall Holdings and TSL Limited. Financial services remain influential at this level, with ZB Financial Holdings and Zimre Holdings reinforcing the sector’s systemic weight across market tiers.

The Medium Cap Index, which comprises 30 companies, offers a clearer reflection of Zimbabwe’s domestic industrial and agro-processing base. Counters such as Tanganda Tea, Ariston Holdings, RioZim, Masimba Holdings and Proplastics provide exposure to agriculture, mining, construction and manufacturing. The continued inclusion of REITs and property firms points to sustained investor preference for assets perceived as hedges against inflation and currency volatility.

By contrast, the Small Cap Index remains thinly populated, with just four companies—Cottco Holdings, Hwange Colliery, Old Mutual and Pretoria Portland Cement—highlighting limited depth, liquidity and new listings at the lower end of the market.

The Zimbabwe National Stock Market Top 10 Index further reinforces concentration trends, with consumer goods, banking and services stocks such as Delta Corporation, Innscor Africa, Simbisa Brands and Padenga Holdings dominating the basket alongside major financial institutions. This weighting suggests that consumer demand and financial intermediation continue to shape overall market performance.

Taken together, the index composition points to a market that remains heavily reliant on a narrow group of large, established firms, raising questions around diversification, liquidity and the pace of capital formation outside the dominant sectors.