At a Glance
- ZSE All Share Index up 29% in 2026, reflecting renewed investor demand.
- Delta and Econet dominate, accounting for over half of Zimbabwe Stock Exchange capitalization.
- Banks, agriculture, tourism and property stocks provide diversification despite currency and policy risks.
The Zimbabwe Stock Exchange (ZSE) has emerged as one of Africa’s strongest-performing equity markets, offering investors a hedge against inflation and exposure to asset-backed companies in a volatile economy.
As of January 2026, the ZSE All Share Index is up 29.39 percent year-to-date, driven by renewed demand for consumer staples, telecoms, banking, and hard-asset businesses.
Market concentration remains high, with Delta Corporation and Econet Wireless Zimbabwe accounting for more than half of total market capitalization.
Still, financial services, agriculture, tourism, and property stocks continue to provide diversification for both local and offshore investors. Despite currency instability and periodic policy shifts, select counters have delivered outsized gains.
Companies such as Zimre Holdings and Seed Co have drawn investor attention on strong price appreciation and resilient earnings.
For investors navigating Zimbabwe’s market, scale, pricing power, and asset backing remain more important than short-term volatility.
Below, Shore Africa ranks the 30 most valuable stocks on the Zimbabwe Stock Exchange by market capitalization.
1. Delta Corporation Limited
Market capitalization: ZWL37.7 billion ($1.47 billion)
Zimbabwe’s largest beverage firm, Delta Corporation dominates beer, sparkling beverages, and wines. Iconic brands like Lion Lager, Castle Milk Stout, and sparkling drinks anchor its market leadership. Delta is also a major taxpayer and employer, with deep rural and urban distribution, and continues to invest in production capacity despite economic headwinds. Delta Corporation Limited is currently the most valuable stock on the Zimbabwean bourse, with a market capitalization of ZWL37.7 billion ($1.47 billion), which makes up about 34.9 percent of the entire Zimbabwe Stock Exchange’s equity market.
2. Econet Wireless Zimbabwe Limited
Market capitalization: ZWL25.4 billion ($990.68 million)
Econet Wireless Zimbabwe Limited is the country’s largest provider of telecommunications and digital services, offering mobile/fixed telephony, data, and EcoCash mobile money services. Founded in 1998 by Strive Masiyiwa and listed on the Zimbabwe Stock Exchange, the company is a market leader in technology solutions and financial technology. Econet Wireless Zimbabwe Limited is currently the second most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL25.4 billion ($990.68 million), which makes about 23.5 percent of the entire Zimbabwe Stock Exchange equity market.
3. CBZ Holdings Limited
Market capitalization: ZWL9.28 billion ($361.95 million)
CBZ Holdings Limited is Zimbabwe’s leading diversified financial services conglomerate with a 21.4 percent market share in customer deposits as of 2024. It provides comprehensive banking, insurance, investment, asset management, and property services through subsidiaries like CBZ Bank, CBZ Life, and CBZ Agro-Yield. CBZ Holdings Limited is currently the third most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL9.28 billion ($361.95 million), which is about 8.6 percent of the Zimbabwe Stock Exchange equity market.
4. FBC Holdings Limited
Market capitalization: ZWL8.35 billion ($325.68 million)
FBC Holdings Limited is a renowned Zimbabwean financial services group and investment holding company headquartered in Harare, providing a diverse range of services, including commercial banking, mortgage financing, reinsurance, short-term insurance, stockbroking, and micro-financing through its subsidiaries. FBC Holdings Limited is currently the fourth most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL8.35 billion ($325.68 million), which is about 7.73 percent of the Zimbabwe Stock Exchange equity market.
5. Rainbow Tourism Group Limited
Market capitalization: ZWL3.5 billion ($136.51 million)
Rainbow Tourism Group Limited (RTG) is a leading Zimbabwe-based hospitality and tourism groupmanaging hotels, including the Rainbow Towers Hotel & Conference Centre, A’Zambezi River Lodge, and Bulawayo Rainbow Hotel, and operates the Gateway Stream e-commerce platform. Rainbow Tourism Group Limited is currently the fifth most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL3.5 billion ($136.51 million), which is about 3.24 percent of the Zimbabwe Stock Exchange equity market.
6. First Mutual Holdings Limited
Market capitalization: ZWL2.68 billion ($104.53 million)
First Mutual Holdings Limited (FMHL) is a leading Zimbabwe-based financial services group, established in 1990. It offers diverse services including life assurance, health insurance, short-term insurance, reinsurance, property investment, and microfinance. First Mutual Holdings Limited is currently the sixth most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL2.68 billion ($104.53 million), which is about 2.49 percent of the Zimbabwe Stock Exchange equity market.
7. Mashonaland Holdings Limited
Market capitalization: ZWL2.44 billion ($95.17 million)
Mashonaland Holdings Limited is a Zimbabwean property investment and development company, incorporated in 1966 and specializing in acquiring, developing, and managing a diversified portfolio including commercial offices, retail, industrial, specialized, and residential properties, with operations concentrated in Harare and other parts of Zimbabwe. Mashonaland Holdings Limited is currently the seventh most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL2.44 billion ($95.17 million), which makes about 2.26 percent of the Zimbabwe Stock Exchange equity market.
8. NMBZ Holdings Limited
Market capitalization: ZWL2.06 billion ($80.35 million)
NMBZ Holdings Limited is a Zimbabwe-based investment holding company, established in 1992 and headquartered in Harare, specializing in financial services, banking, and, increasingly, technology and property development. It is best known for its principal subsidiary, NMB Bank Limited, a leading commercial bank, alongside Xplug Technologies and NMB Properties. NMBZ Holdings Limited is currently the eighth most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL2.06 billion ($80.35 million), which is about 1.91 percent of the Zimbabwe Stock Exchange equity market.
9. British American Tobacco Limited
Market capitalization: ZWL2 billion ($78.01 million)
British American Tobacco Zimbabwe (BAT Zimbabwe) is the leading tobacco manufacturer in Zimbabwe and part of the global BAT Group. With over 60 years of operations in Zimbabwe, the company has built a strong legacy of excellence in tobacco product manufacturing and innovation. British American Tobacco Limited is currently the ninth most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL2 billion ($78.01 million), which is about 1.85 percent of the Zimbabwe Stock Exchange equity market.
10. Hippo Valley Estates Limited
Market capitalization: ZWL1.98 billion ($77.23 million)
Hippo Valley Estates Limited is a leading Zimbabwean agribusiness based in the South Eastern Lowveld, specializing in sugarcane growing, milling, and marketing. Founded in 1956 and headquartered in Chiredzi, it operates as a subsidiary of Tongaat Hulett Ltd. Hippo Valley Estates Limited is currently the 10th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.98 billion ($77.23 million), which makes about 1.83 percent of the Zimbabwe Stock Exchange equity market.
11. Zimre Holdings Limited
Market capitalization: ZWL1.76 billion ($68.65 million)
Zimre Holdings Limited (ZHL) is a Zimbabwe-based, Pan-African diversified investment holding company established in 1983. Headquartered in Harare, it operates across the Southern African region, including Botswana, Malawi, Mozambique, and Zambia, with key focus on reinsurance and financial services specializing in insurance, reinsurance, property development, and wealth management. Zimre Holdings Limited is currently the 11th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.76 billion ($68.65 million), which makes about 1.63 percent of the Zimbabwe Stock Exchange equity market.
12. Seed Co Limited
Market capitalization: ZWL1.14 billion ($44.46 million)
Seed Co is a Pan African Seed Company business that develops, breeds, and supplies certified seed species. Seed Co Limited is currently the 12th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.14 billion ($44.46 million), which is about 1.05 percent of the Zimbabwe Stock Exchange equity market.
13. African Distillers Limited
Market capitalization: ZWL1.09 billion ($42.51 million)
African Distillers Limited (Afdis) Afdis is a leading producer of spirits, wines, and ciders in Zimbabwe. Its portfolio includes brands like Hunter’s and Glenfiddich, positioning it as a premium beverages player. Afdis emphasizes quality, local sourcing, and export growth in Southern Africa. African Distillers Limited is currently the 13th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.09 billion ($42.51 million), which is about 1.01 percent of the Zimbabwe Stock Exchange equity market.
14. First Mutual Properties Limited
Market capitalization: ZWL1.08 billion ($42.12 million)
First Mutual Properties Limited (previously Pearl Mutual Properties Limited) is a premier Zimbabwean real estate investment, development, and management company. First Mutual Properties Limited is currently the 14th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.08 billion ($42.12 million), which makes about 1 percent of the Zimbabwe Stock Exchange equity market.
15. TSL Limited
Market capitalization: ZWL1.01 billion ($39.39 million)
TSL Limited is an integral and intelligent handler of all movement and commodities exchange in the Agricultural Value Chain. TSL Limited is currently the 15th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL1.01 billion ($39.39 million), which is about 0.94 percent of the Zimbabwe Stock Exchange equity market.
16. ZB Financial Holdings Limited
Market capitalization: ZWL799 million ($31.16 million)
ZB Financial Holdings Limited (ZBFH) is a leading diversified financial services group in Zimbabwe. It offers a comprehensive range of services including commercial banking, investment banking, mortgage services, and insurance/reinsurance through subsidiaries, operating under a monolithic ZB brand. ZB Financial Holdings Limited is currently the 16th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL799 million ($31.16 million), which is about 0.74 percent of the Zimbabwe Stock Exchange equity market.
17. Meikles Limited
Market capitalization: ZWL749 million ($29.21 million)
Meikles Limited is a premier, diversified Zimbabwean holding company founded in 1892. It operates a major supermarket chain (TM Pick n Pay), luxury hospitality (The Victoria Falls Hotel), commercial properties, and security services. The group, headquartered in Harare, has recently expanded into mining. Meikles Limited is currently the 17th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL749 million ($29.21 million), which is about 0.694 percent of the Zimbabwe Stock Exchange equity market.
18. Dairibord Holdings Limited
Market capitalization: ZWL641 million ($25 million)
Dairibord Holdings Limited is a leading Zimbabwean manufacturer and marketer of milk, food, and beverage products. Formerly a state-owned enterprise, it was privatized in 1997. The company, which operates through subsidiaries, produces a diverse range of items including liquid milks, yoghurt, ice creams, and non-dairy beverages (e.g., Chimombe, Steri Milk, Lacto, Cascade, Lyons Dairibord Holdings Limited is currently the 18th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL641 million ($25 million), which is about 0.594 percent of the Zimbabwe Stock Exchange equity market.
19. Masimba Holdings Limited
Market capitalization: ZWL607 million ($23.68 million)
Masimba Holdings Limited is a leading Zimbabwean contracting and industrial group founded in 1934, specializing in civil engineering, roads, earthworks, and building construction. It provides infrastructure solutions to the mining, agriculture, water, and housing sectors. Masimba Holdings Limited is currently the 19th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL607 million ($23.68 million), which is about 0.562 percent of the Zimbabwe Stock Exchange equity market.
20. Nampak Zimbabwe Limited
Market capitalization: ZWL574 million ($22.39 million)
Nampak Zimbabwe Ltd. is a holding company, which engages in the manufacturing of paper, plastic, and metal packaging products. It also engages in the leasing of land. Nampak Zimbabwe Limited is currently the 20th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL574 million ($22.39 million), which is about 0.532 percent of the Zimbabwe Stock Exchange equity market.
21. CFI Holdings Limited
Market capitalization: ZWL572 million ($22.31 million)
CFI Holdings Limited is a diversified agro-based industrial holding company based in Harare, Zimbabwe. Founded in 1908, it operates in poultry, retail (Farm & City), milling (Agrifoods, Victoria Foods), and property development. The company is a key player in agricultural inputs, food production, and property management, navigating challenges like currency volatility to support food security in Zimbabwe. CFI Holdings Limited is currently the 21st most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL572 million ($22.31 million), which makes about 0.529 percent of the Zimbabwe Stock Exchange equity market.
22. Cafca Limited
Market capitalization: ZWL430 million ($16.77 million)
CAFCA Limited is the sole manufacturer of copper and aluminum electrical cables in Zimbabwe, established in 1947. Based in Harare, the company manufactures over 900 types of cable products for energy and information transmission, including solar cables, for African markets. Cafca Limited is currently the 22nd most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL430 million ($16.77 million), which makes about 0.398 percent of the Zimbabwe Stock Exchange equity market.
23. TN CyberTech Investments Holdings
Market capitalization: ZWL363 million ($14.16 million)
TN CyberTech Investments Holdings Limited (formerly EcoCash Holdings Zimbabwe Limited) is a Zimbabwe-based technology-driven bank holding company, rebranded in July 2025 to focus on digital financial services through its primary subsidiary, TN CyberTech Bank Limited. TN CyberTech Investments Holdings is currently the 23rd most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL363 million ($14.16 million), which makes about 0.336 percent of the Zimbabwe Stock Exchange equity market.
24. Proplastics Limited
Market capitalization: ZWL348 million ($13.57 million)
Proplastics Limited, based in Harare, Zimbabwe, leads in manufacturing high-quality plastic piping systems. Established in 1965, it produces PVC, HDPE, and LDPE pipes for water, mining, construction, and irrigation, and is the only firm in its sector listed on the Zimbabwe Stock Exchange. Proplastics Limited is currently the 24th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL348 million ($13.57 million), which makes about 0.322 percent of the Zimbabwe Stock Exchange equity market.
25. Unifreight Africa Limited
Market capitalization: ZWL190 million ($7.41 million)
Unifreight Africa Limited is a premier, Zimbabwe-based transport and logistics holding company. It operates through subsidiaries like Swift Transport, Bulwark, and SkyNet Worldwide Express, providing comprehensive courier, full-load, and specialised freight services across Zimbabwe and Southern Africa. Unifreight Africa Limited is currently the 25th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL190 million ($7.41 million), which is about 0.176 percent of the Zimbabwe Stock Exchange equity market.
26. Tanganda Tea Company
Market capitalization: ZWL181 million ($7.06 million)
Tanganda Tea Company is the largest producer, packer, and distributor of tea in Zimbabwe, with operations dating back to 1924. Based in Mutare and operating within the Meikles Group, it is a major agro-manufacturing company specializing in tea, coffee, macadamia nuts, and avocados. Tanganda Tea Company is currently the 26th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL181 million ($7.06 million), which is about 0.168 percent of the Zimbabwe Stock Exchange equity market.
27. Star Africa Corporation Limited
Market capitalization: ZWL169 million ($6.59 million)
Starafricacorporation Limited is a key Zimbabwean food processing company founded in 1935, specializing in the production, refining, and distribution of sugar and related products. It operates major brands like Gold Star Sugars and Country Choice Foods, alongside a commercial property division, primarily serving the local market. Star Africa Corporation Limited is currently the 27th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL169 million ($6.59 million), which makes about 0.157 precent of the Zimbabwe Stock Exchange equity market.
28. Old Mutual
Market capitalization: ZWL160 million ($6.24 million)
Old Mutual Zimbabwe is the largest financial services group in Zimbabwe, operating for over 110 years. It provides comprehensive financial solutions including life assurance, asset management, banking (via CABS), and property development to individuals, corporates, and institutions. Old Mutual Limited is currently the 28th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL160 million ($6.24 million), which is about 0.148 percent of the Zimbabwe Stock Exchange equity market.
29. OK Zimbabwe Limited
Market capitalization: ZWL149 million ($5.81 million)
OK Zimbabwe Limited is a leading supermarket retailer in Zimbabwe, established in 1942. The Harare-based company operates a nationwide network of stores under the OK Stores, Bon Marché, and OKmart brands, offering a diverse range of groceries, basic clothing, textiles, and houseware products. OK Zimbabwe Limited is currently the 29th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL149 million ($5.81 million), which makes about 0.138 percent of the Zimbabwe Stock Exchange equity market.
30. National Tyre Services Limited
Market capitalization: ZWL145 million ($5.66 million)
National Tyre Services Limited (NTS) is the largest retailer of tires, tubes, and accessories in Zimbabwe, founded in 1926. It specializes in retreading, new tire sales, and automotive services like wheel alignment and balancing, with a strong branch network across the country. National Tyre Services Limited is currently the 30th most valuable stock on the Zimbabwean bourse with a market capitalization of ZWL145 million ($5.66 million), which is about 0.134 percent of the Zimbabwe Stock Exchange equity market.
