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VFEX sees massive jump in Q1 turnover
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The Victoria Falls Stock Exchange (VFEX) recorded a significant jump in trading activity during the first quarter of 2025, with market turnover reaching US$58.5 million — a 383 percent increase from US$12.11 million recorded in the same period last year.
The surge signals continued improvement in trading volumes on the US dollar-denominated bourse, which was established as part of the Victoria Falls International Financial Services Centre (IFSC) under the Zimbabwe Stock Exchange (ZSE).
According to the VFEX's first quarter newsletter, the record turnover was driven by a peak daily turnover of US$40.1 million in February 2025, compared to US$17.5 million recorded in December 2024.
"The VFEX All Share Index, which measures overall market performance, recorded a 5.99 percent gain in Q1 2025 to close at 110.32 points," the exchange reported.
The VFEX's total market capitalisation stood at US$1.29 billion at the end of the quarter, up 5.74 percent from US$1.22 billion in Q1 2024.
Foreign investor participation during the period accounted for 3.32 percent of activity, with a net sales position of US$3.8 million recorded.
The exchange maintained one debt security listing — the Karo Mining Limited bond — although no trades for the bond were recorded during the quarter.
VFEX's depository currently holds securities for 16 issuers, comprising 11 listed equities, one privately held unlisted equity, three depository receipts (DRs), and one bond. The average dematerialisation rate stood at 67.74 percent, promoting liquidity through easier share trading.
In terms of trading volume, the number of trades executed in Q1 2025 rose by 0.87 percent compared to the fourth quarter of 2024, mirroring an identical increase in settled trades. The total value of securities traded also surged by 116.98 percent over the same period.
The VFEX revealed it has been collaborating with the Bond Market Association of Zimbabwe to revive the debt market, including work on developing a yield curve for unlisted debt instruments intended for onboarding onto the Exchange.
"The fixed income pipeline looks positive, and the exchange will engage methods to make sure there is secondary market participation, which has been missing in our market," the newsletter said.
On the commodities front, VFEX reported ongoing work towards launching commodities trading, despite no listings being recorded during the quarter. The exchange is working with key stakeholders — including miners, warehouse operators, logistical companies, and policymakers — to develop a hybrid model for commodities and derivatives trading.
Notably, on January 31, 2025, VFEX experienced its first delisting when National Foods Holdings Limited exited the market. The current number of listings stands at 15.
While there were no new listings during the quarter, VFEX said efforts to expand the listings pipeline remain active, with continuous engagements aimed at growing the market.
The surge signals continued improvement in trading volumes on the US dollar-denominated bourse, which was established as part of the Victoria Falls International Financial Services Centre (IFSC) under the Zimbabwe Stock Exchange (ZSE).
According to the VFEX's first quarter newsletter, the record turnover was driven by a peak daily turnover of US$40.1 million in February 2025, compared to US$17.5 million recorded in December 2024.
"The VFEX All Share Index, which measures overall market performance, recorded a 5.99 percent gain in Q1 2025 to close at 110.32 points," the exchange reported.
The VFEX's total market capitalisation stood at US$1.29 billion at the end of the quarter, up 5.74 percent from US$1.22 billion in Q1 2024.
Foreign investor participation during the period accounted for 3.32 percent of activity, with a net sales position of US$3.8 million recorded.
The exchange maintained one debt security listing — the Karo Mining Limited bond — although no trades for the bond were recorded during the quarter.
In terms of trading volume, the number of trades executed in Q1 2025 rose by 0.87 percent compared to the fourth quarter of 2024, mirroring an identical increase in settled trades. The total value of securities traded also surged by 116.98 percent over the same period.
The VFEX revealed it has been collaborating with the Bond Market Association of Zimbabwe to revive the debt market, including work on developing a yield curve for unlisted debt instruments intended for onboarding onto the Exchange.
"The fixed income pipeline looks positive, and the exchange will engage methods to make sure there is secondary market participation, which has been missing in our market," the newsletter said.
On the commodities front, VFEX reported ongoing work towards launching commodities trading, despite no listings being recorded during the quarter. The exchange is working with key stakeholders — including miners, warehouse operators, logistical companies, and policymakers — to develop a hybrid model for commodities and derivatives trading.
Notably, on January 31, 2025, VFEX experienced its first delisting when National Foods Holdings Limited exited the market. The current number of listings stands at 15.
While there were no new listings during the quarter, VFEX said efforts to expand the listings pipeline remain active, with continuous engagements aimed at growing the market.
Source - The Herald
