The firm had a year-to-date return of 536,4 percent making it the best performing firm in Africa, according to a survey conducted by leading company S&P500.
This survey tells the world where to invest or not in Africa and is done in Botswana which has the Botswana Stock Exchange (BSE) among the fastest growing bourses in Africa.
According to the survey it had been a tough year for Africa investors. "Most sub Saharan indexes were in the red and some had dramatically underperformed the S&P500," the Report said.
"But a handful of frontier listings managed to buck the trend." It said Fidelity Life, which is listed on the Zimbabwe Stock Exchange (ZSE) stood head and shoulders above the rest in Africa.
"Africa's top performing stock this far was Zimbabwe's oldest insurance company," the report said.
"Fidelity Life Assurance Company Limited made its shareholders extremely happy by growing profits by 431 percent during its 2011 fiscal year on the back of strong local demand for insurance products and a growing operation in Malawi."
Four other ZSE-listed firms made it into the top 10 of the S&P500 survey. At number two was Truworths Zimbabwe Limited (Truworths) which had a year-to-date return of 137,1 percent.
Others were ZB Financial Holdings Limited (ZB) with 100 percent year-to-date returns, First banking Corporation Limited (FBC) with 62,9 percent and at number nine on the S&P500 survey, and finally ABC Financial Holdings Limited (ABC) which is also listed on the BSE.
It had a year-to-date return of 61,5 percent. "The Botswana Stock Exchange's top performer thus far is a top regional performer," the report said.
"ABC Holdings grew after-tax earnings by 33 percent during the first half of 2011 thanks to a stablising economic environment in its largest market – Zimbabwe."
Other firms that made it onto to top list were from Ghana, Tanzania and the Democratic Republic of the Congo (DRC).Post published in: Business