Fintech group, Cassava Smartech, has jumped to top company on the Zimbabwe Stock Exchange (ZSE) by market capitalisation, replacing Delta from its long held position.
Figures from the local bourse show that the fintech group is now valued at $8,366 billion as at close of Wednesday trade.
This means Cassava now accounts for 13,63 percent of the ZSE total market value. Occupying second position on the bourse is Econet with a total market value of $8,205 billion and accounting for 13,37 of ZSE's total market capitalisation.
Market watchers are of the view that Covid-19 highlighted the vulnerabilities associated with cash based transactions and markets built on outdated technologies. As such, the pandemic may narrow investors' focus to new calls technologies that address those vulnerabilities that arise during this outbreak and beyond.
The mass - work-from-home phenomenon prompted by the Covid-19 pandemic seem to augur well for tech companies like Cassava and Econet.
Mobile money and data services are seen maintaining a growth trajectory as the market continues to embrace the use of e-commerce, further propelled by the Covid-19 induced national lockdown with people using digital platforms for making payments, sending and receiving money as well as holding online meetings.
Following movements on bourse, beverages giant Delta, now becomes the third biggest company with a total market cap of $7,704 billion and accounting for 12,55 percent of total market value. With a total value of $7,131 billion, diversified industrial giant, Innscor is now the fourth biggest company contributing 11,62 percent of ZSE's value.
Crocodile breeder Padenga wraps up the top five companies with a market value of $3,013 billion and accounting for 4,91 percent of the bourse's worth.
The other five counters to complete the market's heavy cap counters' club, the ZSE Top 10 Index are Old Mutual, OK Zimbabwe, National Foods, BAT and Simbisa in that order.
Cumulatively, the ZSE Top 10 Index, with some of the market's most watched stocks, account for $44,248 billion or 72,09 percent of total market value.