• VFEX turnover more than quadruples to US$58.5 million in Q1 2025, a 383% increase from US$12.11 million in Q1 2024
  • Achieved a record daily turnover of US$40.1 million on February 26, 2025, surpassing the previous high of US$17.5 million
  • Foreign investors contributed 3.32% to the quarter’s turnover

Harare-The Victoria Falls Stock Exchange (VFEX), a dynamic subsidiary of the Zimbabwe Stock Exchange (ZSE), has solidified its role as a catalyst for Zimbabwe’s ambitious International Financial Services Centre (IFSC) in the special economic zone of Victoria Falls.

In the first quarter of 2025, the VFEX delivered a stellar performance, recording a total market turnover of US$58.5 million a 383% surge from US$12.11 million in Q1 2024 and a 120% increase from US$26.9 million in Q4 2024.

The VFEX’s standout moment came on February 26, 2025, when it achieved a record daily turnover of US$40.1 million, eclipsing the previous high of US$17.5 million set in December 2024.

This single day feat accounted for a significant portion of the quarter’s total turnover, with a trading volume of 1.13 billion shares.

Overall, Q1 2025 saw a trading volume of 1.21 billion shares, a 1205% leap from 92.4 million in Q1 2024.

The number of trades also rose modestly, reaching 3,350, a 17.71% increase from the comparative period.

The VFEX All Share Index, a barometer of overall market performance, climbed 5.99% in Q1 2025, closing at 110.32 points. This marked a 9.16% improvement from 101.06.

Market capitalisation also grew, reaching US$1.29 billion by March 31, 2025, up 5.74% from $1.22 billion in Q1 2024 .

Launched to head the development of Victoria Falls as a global financial services hub, the VFEX operates within Zimbabwe’s special economic zone, leveraging the region’s strategic location and tourism appeal.

Since its inception, the exchange has aimed to attract both domestic and international investors by offering a platform for trading equities, debt securities, and other financial instruments in a stable, dollar-based environment.

The VFEX’s growth aligns with Zimbabwe’s broader economic strategy to diversify its financial markets and bolster investor confidence amid historical challenges like hyperinflation and currency volatility.

The exchange’s performance in Q1  reflects a maturing market, with 15 listed companies, up 7.14% from 14 in Q1 2024 but down slightly from 16 in Q4 2024 due to delisting of National Foods.

Despite the slight decline in listed firms, the VFEX’s strong turnover and trading volume signal strong investor engagement.

Foreign investors played a modest but notable role, contributing 3.32% to the quarter’s turnover.

The VFEX maintained one listed debt security in Q1 2025, issued by Karo Mining Limited. Priced at US$2,500 per unit with a 9.5% coupon rate and maturing in December 2025, the instrument saw no trades during the quarter.

This lack of activity in debt securities contrasts with the equity market’s vibrancy.

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