eBusiness Weekly
Kudzanai Sharara-Taking Stock
It’s not in our culture for one to beat their own drum, but with the way the inaugural Capital Markets Awards (2021) ceremony was conducted, it is tempting for one not to give themselves a pat on the back.
While feedback on whether the awards night met Capital Markets players’ expectations is yet to come, from the organisers’ point of view, the bulk of the boxes were ticked.
Hosted by Business Weekly, in partnership with the Financial Markets Indaba, the awards went as planned on many fronts.
Despite the running around prior to the event, the night itself was almost flawless. More of that later. For now, let me bring you to speed in terms of what the awards were all about.
The awards were meant to highlight and recognise the role played by capital market players in the country’s economic development.
Capital markets, as we know them, contribute to the financing of Government and companies. In other words, they foster economic growth and financial stability.
Locally players in the capital markets include stockbrokers, asset managers, custodial services providers, transfer secretaries, listed firms, stock exchanges, and many others.
Well attended event
On Wednesday night all these players and many more turned up at Meikles Hotel in central Harare.
The event was oversubscribed as the turnout was above expectations. Why wouldn’t it be? It was their night.
An inaugural event after all.
The Zimbabwe Stock Exchange, for example, which is basically the main playground for capital markets players was formed in 1894, and Wednesday’s event was probably the first night recognition was given, in form of awards, to players in the sector. And yes, they toasted with a glass of wine or was it champagne.
Here is to more years of broader and bigger awards nights!
The panel discussion
It was a black-tie event, so I won’t bother you with how well dressed everyone was. The glitz and glamour they say — was mesmerising especially for lady participants. They were stunning.
The event took a departure from the usual speeches given at such events. Apart from opening remarks by the organisers as represented by Business Weekly Editor, Hebert Zharare, there were no other speeches.
Instead, there was a panel discussion moderated by Linda Tsarwe, Investment Manager at DBF Capital.
The major highlight for me was the plea by Securities and Exchange Commission Tafadzwa Chinamo that capital market players need to play an active role in terms of investor education.
He said the sector has to get the general populace to understand that the capital markets mean something to them. Without the general populace and policymakers understanding what the market is all about, then the markets risk crashing down, just like how they were closed last year and some companies like Old Mutual and PPC are still suspended for more than a year now.
“If you don’t act and create that relevance it’s very easy to be done away with,” Chinamo said.
ZSE chief executive, Justin Bgoni, weighed in on that and said “it’s very important as capital markets to get more and more ordinary people to participate and make them (capital markets) relevant to the people and policymakers.”
The awards, in my view, are also to raise awareness about the capital markets and also to bring them to the mainstream economy. To create that relevance. . .
And the winners are!
Feedback is yet to come, but very few would question those who walked away with accolades. Morgan & Co walked away with the Best Innovative Stockbroker of the Year Award and fittingly so.
They are the first, and could still be the only stockbroker with a research app. The app simplifies the investment space for investors by offering in-depth, cutting-edge research content in Zimbabwe’s investment landscape.
They could have easily won the Best Investment Research Provider Award which went to IH Securities. But IH Securities has been in this game for much longer and gives investors that extra depth.
It is hard to question Lynton-Edwards stockbrokers as the Best Stockbroker of the Year.
Among other things, this award looked at the profitability of the firms, which is an indicator of how well they are run. According to the Securities and Commission of Zimbabwe 2020 annual report, Lynton-Edwards Stockbrokers with $33 million was the
most profitable firm and operating level.
It had the highest adjusted liquid capital at $27 million and an adequate capital adequacy ratio at 1:61.
And there was Delta, which scooped two awards, the same number as Old Mutual Investment Group.
One of Delta’s awards was for The Best M&A Transaction of the Year. Its acquisition of Mutare Bottlers won it for the beverages maker.
African Sun’s acquisition of Dawn Properties, Zimplow’s acquisition of Scanlink (Private) Limited, and Tredcor Zimbabwe were the other nominees.
Lifetime
Achievement Award
Another highlight for the night was for the Lifetime Achievement Award category. There were three winners, but the most touching one was that of the late Mark Tunmer (awarded posthumously) and received on his behalf by his wife with the full support of his former colleagues at Imara.
Befittingly there was a standing ovation by the capital market for one of their own. Although they celebrated him in death, the Capital Markets, going forward, will help players celebrate each other while still in practice.
Here is to more Awards Nights!
[email protected]; Twitter handle: @kudzie_sharara; WhatsApp: 0772768370.
