The Zimbabwe Stock Exchange recorded a remarkable 146.96 percent year-on-year growth in turnover during 2025, reaching an estimated 220 million US dollars. This performance was largely driven by five listed companies: Econet, Delta Corporation, NMBZ Holdings, CBZ Holdings and the Tigere Real Estate Investment Trust, which collectively accounted for 88.61 percent of total turnover. The trend reflects a market increasingly concentrated around dominant counters and highlights the continuing significance of established domestic corporates in sustaining equity market activity.
The total market capitalisation of the Zimbabwe Stock Exchange reached ZiG91.62 billion, equivalent to approximately 3.5 billion US dollars, marking a 34.29 percent increase from 2024. The ZSE All Share Index rose to 277.86 points, a 27.7 percent increase from the previous year, signalling steady growth in domestic investor confidence. Delta Corporation maintained the largest share of market capitalisation at 31.83 percent, followed by Econet at 21.05 percent. FBC Holdings contributed 9.59 percent, CBZ Holdings 6.89 percent and Rainbow Tourism Group 4.12 percent, illustrating the substantial influence of a few key companies on market performance. Econet’s market share of approximately 23.5 percent further underscores its position as one of the leading equities on the bourse.
Despite these positive developments, foreign investor participation on the 49-counter Zimbabwe Stock Exchange declined to 20.96 percent in 2025, down from 24.68 percent in 2024. Net foreign sales reached ZiG1.16 billion, or roughly 45 million US dollars, reflecting a measured repositioning by international investors amid concerns regarding currency stability, repatriation issues and wider macroeconomic uncertainties. This trend highlights the cautious stance adopted by global investors in Zimbabwe’s equity markets, even as local investor engagement remains strong.
The Victoria Falls Stock Exchange, a wholly-owned subsidiary of the Zimbabwe Stock Exchange operating in US dollars, experienced a notable surge in activity. Total value traded rose from 56.94 million US dollars in 2024 to 111.05 million US dollars in 2025. Its All Share Index advanced 70.18 percent to 177.12 points, and the market capitalisation expanded 63.89 percent to 2.1 billion US dollars. This growth demonstrates the increasing appeal of hard-currency denominated instruments and a gradual diversification of investment options in the region.
The divergence in performance between the local currency-denominated ZSE and the dollar-based VFEX exemplifies the complexity of Zimbabwe’s dual financial architecture. Domestic equities have shown resilience due to concentrated institutional support and robust local investor interest, while dollar-denominated assets continue to attract capital seeking stability and long-term value preservation. This duality underscores a broader African narrative where local markets navigate structural challenges with innovative mechanisms that centre African agency rather than exclusively responding to global capital flows.
Zimbabwe’s capital markets, operating in a constrained macroeconomic context, offer insights into the adaptive capacity of African financial systems. The sustained growth of both the ZSE and VFEX reflects strategic choices by domestic institutions and investors that prioritise internal capital mobilisation and sectoral performance. As regional and international stakeholders reassess risk in frontier markets, Zimbabwe’s financial ecosystem exemplifies how domestic dynamics, currency considerations and investor confidence intersect to shape market outcomes.
The performance of Zimbabwe’s exchanges should be understood as part of a wider African story of resilience and strategic adaptation. Rather than being viewed solely through a lens of volatility, the markets illustrate how concentrated domestic institutions, sectoral leadership and the judicious management of dual currency systems contribute to sustainable growth. This perspective reinforces the importance of local agency and contextualised understanding in shaping the trajectory of African capital markets.
