VFEX targets accelerated growth

SAMANTHA MADE
The Victoria Falls Stock Exchange (VFEX) says it is poised to accelerate market growth and deepen innovation as it pushes to attract more listings and solidify its position as a key pillar of the Victoria Falls International Financial Services Centre.
In its third-quarter trading update, Zimbabwe Stock Exchange (ZSE) Holdings said the VFEX would continue focusing on “driving market innovation and growth,” building on recent efforts to expand product offerings, enhance market participation, and strengthen investor confidence.
“The Victoria Falls Stock Exchange remains committed to driving market innovation and growth. 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 Centre,” ZSE said.
The VFEX’s optimism comes on the back of a strong third-quarter performance in 2025, underscoring growing investor confidence and the platform’s strategic importance to Zimbabwe’s capital markets.
The exchange recorded a new milestone with the listing of Kavango Resources Plc, a company listed on the London Stock Exchange that focuses on discovering and developing base and precious metal deposits in Southern Africa, particularly in Botswana and Zimbabwe.
The listing pushed the VFEX’s market capitalization to an all-time high of US$1.85 billion as of September 30, 2025, with total trades for the quarter reaching 4,366.
Total market turnover surged 11.92% to US$16.7 million, marking a significant improvement from the previous quarter. The VFEX All Share Index mirrored this momentum, recording a 44.91% year-to-date gain to close at 150.83 points, the highest level since the exchange’s inception.
“The VFEX All Share Index, which is the measure of the overall market performance, recorded a year-to-date upward movement of a massive 44.91% by the end of Q3 2025, closing at 150.83 points,” the report said.
Financially, the VFEX’s performance has been equally robust. Profit before tax rose 22%, while earnings before interest, depreciation, and amortization (EBITDA) jumped 30%, driven by increased trading activity and tighter cost control.
“Profit surged by 22% as a result of increased trading activity and reduced operating expenses,” the newsletter noted.
Total revenue edged up 1%, supported by a sharp rise in trading fees.
“A key driver of this growth was a more than doubling of trading fees. The decrease in operating costs, coupled with revenue growth, contributed to the improved profitability,” the report stated.
The listing of Kavango Resources Plc represents a key milestone for VFEX’s regional ambitions. The company began trading on September 8, 2025, followed by a listing ceremony on September 26, 2025.
The exchange’s solid third-quarter results highlight the success of its ongoing strategic initiatives — broadening investment instruments, enhancing participation from regional and global investors, and positioning the VFEX as a gateway for capital inflows into Zimbabwe and Southern Africa.
With a firm foundation built on improved liquidity, regulatory innovation, and investor confidence, the VFEX is now setting its sights on consolidating its growth trajectory and becoming a leading offshore financial hub in Africa.

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