VFEX overtakes ZSE

Published: 16 April 2026

Zimbabwe's dollar-denominated bourse, the Victoria Falls Stock Exchange (VFEX), has overtaken the century-old Zimbabwe Stock Exchange (ZSE) by market capitalisation, marking a significant shift in the country's financial markets.

The milestone follows the landmark listing of Econet InfraCo Ltd., a telecommunications infrastructure firm linked to businessman Strive Masiyiwa, which debuted on the VFEX at a valuation of US$1 billion on March 31 - the largest listing in Zimbabwe's history.

The transaction alone now accounts for nearly a quarter of the VFEX's total market capitalisation, underscoring its transformative impact on the exchange.

Established in 2020 at the height of Zimbabwe's currency instability, the VFEX has rapidly gained traction as investors increasingly seek exposure to United States dollar-denominated assets. Its total market capitalisation has now reached approximately US$3.85 billion.

Market performance data for March reflects the growing momentum. The VFEX recorded an 11.9% increase in market capitalisation during the month, while its All-Share Index surged 14.5% to close at 249.86 points.

In contrast, the Zimbabwe Stock Exchange remained largely subdued over the same period, highlighting a widening divergence between the two platforms.

Analysts say the shift reflects deeper structural changes in investor behaviour, with capital increasingly flowing toward the VFEX due to its hard currency trading environment, relatively stable valuations and exposure to export-oriented companies.

The rally has been driven by heavyweight counters, including Padenga Holdings, alongside new listings that are reshaping the exchange's sector composition.

The addition of Econet InfraCo is particularly significant, introducing a large-scale infrastructure and digital assets player to the market. The listing aligns the VFEX more closely with global investment trends that favour telecommunications infrastructure, data services and technology-driven enterprises.

As the VFEX continues to deepen liquidity and diversify its listings, it is increasingly positioning itself as Zimbabwe's primary capital-raising platform, signalling a potential long-term reordering of the country's equity markets.
- Bloomberg

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