Traders at the ZSE. Image credit

Traders at the ZSE. Image credit

ZIMSEC O Level Commerce Notes: Business Organisations: People on the Zimbabwe Stock Exchange

The stock broker


  • an agent/middleman between members of the public and the stock jobber.
  • Buys and sells existing shares on behalf of the public.
  • Gets the best prices for clients
  • Advises clients on market conditions.
  • Arranges payment for shares traded.
  • Arranges transfer of share certificates.
  • Drafts a contract note.

The stock jobber

  • A trader/merchant/wholesaler who buys and sells shares, stocks and bonds as well as other second hand securities.
  • Trades in special types of shares e.g. shares in the financial sector.
  • Deals directly with stockbrokers rather than with members of the public.
  • Works on the Stock Exchange floor.
  • Displays share prices.
  • Earns a jobber’s profit which is the difference between the selling and buying price of securities.

Speculators on the Stock Exchange


  • Anticipates that share prices will fall and therefore sells the shares they have in their possession in order to buy them later.
  • A bearish market occurs when share prices are falling in general.


  • Anticipates share prices will go up and buys some shares now in order to sell them later.
  • A bullish market occurs when share prices are rising in general.


  • Buys all new shares of a company which have not been bought by members of the public.

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