Victoria Falls Stock Exchange hits US$1.85 billion high as ZSE Holdings’ profits jump
HARARE – The Zimbabwe Stock Exchange (ZSE) Holdings Limited has reported a strong financial and operational performance for the third quarter of 2025, buoyed by major gains in profitability and increased trading activity across its exchanges, including the Victoria Falls Stock Exchange (VFEX), which celebrated its fifth anniversary with a record-high market capitalization of US$1.85 billion.
According to the ZSE Holdings Q3 2025 newsletter, the Group achieved a 126% increase in profit before tax (PBT), largely driven by cost management and the absence of significant monetary losses recorded in the prior year.
Operating expenses fell by 12%, while total assets rose by 5%.
At the exchange level, the ZSE registered a 1.97 billion ZWG turnover, up 32% from the previous quarter, and a 144% increase compared to the same period in 2024. The ZSE All Share Index climbed 6.8% to close at 210.63 points, while market capitalisation grew to ZWG 68.34 billion.
The most traded counters included Econet Wireless, Delta Corporation, NMB Bank, CBZ Holdings, and TNCI, which together contributed more than 94% of total market turnover.
However, foreign investor participation declined to 17.04% from 26.53% in the second quarter, with the market recording a net sell position of ZWG 399 million.
The Exchange-Traded Funds (ETFs) segment recorded a 16-fold rise in turnover to ZWG 2.85 million, while the Real Estate Investment Trusts (REITs) market capitalisation rose 65% to ZWG 2.55 billion, despite reduced trading volumes.
On the VFEX, the market reached new records as it celebrated its fifth anniversary.
Market capitalisation rose by 43% to US$1.85 billion, while the All Share Index closed at an all-time high of 150.83 points, representing a 42.8% annual increase. Quarterly turnover stood at US$16.79 million, up 11.9% from Q2.
During the quarter, Kavango Resources Plc became the latest listing on the VFEX, joining a growing list of issuers that includes Innscor Africa, Simbisa Brands, Padenga Holdings, and Nedbank ZDR.
Both the ZSE and VFEX depositories also improved their operational efficiency, maintaining a T+2 settlement cycle and achieving 100% settlement success. The ZSE Depository’s dematerialisation ratio rose to 96%, while the VFEX’s reached 72.2%.
ZSE Holdings also highlighted progress on its digital initiatives, including connecting both exchanges to the SWIFT international network and preparing for the migration to a new Automated Trading System (ATS) and Central Securities Depository (CSD) in November 2025.
The Group has pledged its commitment to market innovation, transparency, and growth as it continues to strengthen Zimbabwe’s capital markets through technology and product diversification.
“The Victoria Falls Stock Exchange remains committed to driving market innovation and growth.
“In the quarter under review, the Exchange advanced several strategic initiatives focused on expanding product offerings, enhancing market participation, and building investor confidence.
“Looking ahead, VFEX will continue to pursue new listings while introducing innovative solutions to further strengthen the market and the Victoria Falls International Financial Services Center,” the group stated.
