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US$ VFEX market capitalisation jumps 25% in Q3

by Staff reporter
18 Oct 2022 at 05:57hrs | Views
The Victoria Falls Stock Exchange (VFEX) market capitalisation increased by 25 percent to US$345 million in the third quarter to September 30, 2022 from US$273,24 million in the previous quarter.

In its latest quarterly newsletter, the VFEX said year on year, the stock exchange's market capitalisation went up by a weighty 76 percent.

The VFEX is a subsidiary of the Zimbabwe Stock Exchange (ZSE) established to kick-start the Offshore Financial Services Centre (OFSC) earmarked for the special economic zone in Victoria Falls.

Currently, four companies have their shares listed on the VFEX and these are SeedCo International, Bindura Nickel Corporation, Padenga Holdings and Caledonia Mining Corporation.

During the quarter under review, the VFEX's market turnover declined 81 percent to US$0,595 million from US$3,19 million in the previous quarter.

Compared to the same period last year, the market turnover recorded a 26 percent increase from US$0,437 million while on a year-to-date basis, the turnover stood at US$9,05 million.

The latest update from the VFEX shows that the VFEX All Share Index increased by 24 percent from the second quarter of 2022 tally to 143,16 points in the third quarter.

In the quarter to September, total trades on the VFEX were 336 trades compared to 328 trades in the previous quarter, and on a year-to-date basis, the trades amounted to 1 343 trades.

VFEX said during the quarter under review, it introduced VFEX Direct, an online trading platform specifically designed for retail investors.

VFEX Direct provides investors with an easy and convenient way to buy and sell securities listed on the VFEX Stock Exchange.

The US dollar-denominated equities market continues to evolve since its launch in October 2020 as the bourse has witnessed growth while interest from potential listings has increased.

VFEX was also launched as part of efforts to attract global capital and restore foreign investor confidence in Zimbabwe's capital markets and help companies raise capital in foreign currency.

Source - The Herald