Online Reporter
Business Reporter
The Victoria Falls Stock Exchange (VFEX) is demonstrating its strength as a US dollar-based bourse, setting a new record for year-to-date performance.
Driven by robust gains in key counters, the VFEX has surged to a remarkable 24 percent year-to-date return, solidifying its position as one of the most rewarding bourses in the region.
Thursday’s trading session was particularly impactful, with the All-Share Index jumping 4,96 percent to establish the new high. The daily rally was led by a 19,7 percent gain in Padenga Holdings, a diversified company with interests in gold and crocodile farming.
Significant contributions were also seen from First Capital Bank, a financial services institution, as well as retail giant Edgars and the quick-service restaurant conglomerate Simbisa Brands.
Last year, the VFEX gained about 15 percent, demonstrating its potential to shield investors from local currency volatility.
The VFEX’s market capitalisation has also seen significant growth, climbing to over US$1,45 billion.
The 17,6 percent increase since the start of the year further highlights the exchange’s growing liquidity and value.
The VFEX’s record-setting performance has been lauded by its chief executive, Mr Justin Bgoni, who took to X (formerly Twitter) saying: “I have met with people who tell me that they will not trade their VFEX shares because they consider them their retirement plan,” he posted, underscoring the high level of investor confidence and long-term commitment to the dollar-denominated exchange.
The sentiment reflects a growing trend of investors viewing the VFEX not just as a short-term trading platform but as a stable and rewarding vehicle for wealth accumulation and long-term financial security.
Part of Mr Bgoni’s tweet read: “VFEX in record return this year. Including dividends getting close to 30 percent year-to-date.”
The VFEX market cap stood at US$1,5 billion on Thursday.
The VFEX Allshare Index also reached its highest level at 128,93 points, compared with the previous high of 123 points recorded in July 2025.
The exchange’s ability to provide a safe haven from local currency volatility, combined with its robust performance, is cementing its reputation as a key player in the country’s financial landscape.
Established in 2020 as a subsidiary of the Zimbabwe Stock Exchange, the VFEX’s unique structure — operating in US dollars within a special economic zone — has proven to be a compelling draw for both local and international investors seeking stable, hard-currency returns.
The VFEX head of markets, Mr Robert Mubaiwa, said the exchange was seeing significant interest from mining houses in need of fresh capital.
He noted that companies have successfully raised substantial amounts of money through the bourse, although he did not specify the exact figures.
Speaking at the Chartered Governance and Accountability Institute of Zimbabwe (CGI Zimbabwe) Summer School in Bulawayo, Mr Mubaiwa highlighted the exchange’s resilience and efficiency, saying that every trade since 2020 has been settled on time, which is a major confidence booster for investors.
Several firms have already leveraged the VFEX to raise capital, including Caledonia, which raised US$12 million from local funds, and Karo Resources, which raised US$36 million with US$25 million coming from local sources.
Other successful raises include Eagle Reit with US$19,5 million and Invictus with US$12 million.
Meanwhile, Kavango Resources has extended the date for its shares to be listed on the VFEX to 05 September 2025.
According to a note filed with the VFEX, the company is actively working to complete all necessary steps in compliance with relevant regulations.
