Background to the Zimbabwe Stock Exchange
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) centers 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.
Zimbabwe has a developed capital market with an active institutional base. Zimbabwe has a pension fund industry, an insurance industry, and a local asset management industry supported by nineteen (19) registered stockbroking firms.