At a Glance
- US dollar trading shields investors from currency risk and boosts offshore capital inflows.
- Mining heavyweights dominate VFEX, supported by strong gold prices and resource demand.
- Consumer, banking and telecom stocks add diversification and defensive investment appeal.
Launched in 2020, the Victoria Falls Stock Exchange (VFEX) has emerged as Africa’s fastest-growing US dollar–denominated bourse, built to attract offshore capital and shield investors from Zimbabwe’s currency volatility.
VFEX’s combined market capitalization has climbed from less than $1.6 billion in 2025 to more than $2.4 billion, driven largely by mining heavyweights, resilient consumer companies, and regional banking groups.
Unlike the Zimbabwe Stock Exchange, VFEX trades exclusively in hard currency, restoring confidence among global investors seeking frontier-market exposure with currency stability.
Its growth has been underpinned by strong commodity prices, particularly gold, expanding regional operations by consumer firms, and government-backed incentives aimed at positioning Victoria Falls as a financial hub.
Mining giants dominate the upper end of the market, reflecting Zimbabwe’s resource-driven economy, while consumer and banking stocks provide diversification and defensive appeal.
Recent listings such as Kavango Resources and Invictus Energy signal growing international interest, while blue-chip names like Innscor, Simbisa, and Seed Co International anchor local participation.
Additionally, Econet Wireless Zimbabwe, the second most valuable listed entity on the Zimbabwe Stock Exchange and flagship business controlled by Zimbabwe’s richest man, Strive Masiyiwa, commenced voluntary delisting last year, December 2025, from the Zimbabwe Stock Exchange (ZSE), with plans to list the infrastructure company by way of introduction on the Victoria Falls Stock Exchange.
As VFEX matures, Shore Africa highlights the 10 most valuable stocks on the Victoria Falls Stock Exchange after Friday’s market close, Jan. 31, 2026.
1. Caledonia Mining Corporation Plc
Market Cap.: $965.5 million
The VFEX’s most valuable stock, Caledonia anchors the exchange through its flagship Blanket gold mine, delivering consistent dividends and benefiting from strong global gold prices. Caledonia Mining Corporation Plc is a Zimbabwean-focused exploration, development, and mining corporation. Its primary asset is the gold-producing Blanket Mine (“Blanket”) in Zimbabwe, in which it holds a 64 percent stake. The company is strategically focused on transitioning from a single-asset operator to a multi-asset producer. To this end, it wholly owns three other gold projects in Zimbabwe: Bilboes, Motapa, and Maligreen.
2. Innscor Africa Limited
Market Cap.: $717.1 million
Zimbabwe’s largest consumer group, Innscor spans food processing, retail, and distribution, with regional operations that generate resilient US dollar earnings. It is a focused group of light manufacturing businesses which, together with various strategically integrated agricultural operations, produce several Zimbabwe’s iconic brands in the consumer staple product space.
3. Padenga
Market Cap.: $586.7 million
Once known for crocodile skins, Padenga has transformed into a mining heavyweight through its gold operations, making it a key beneficiary of the commodity upcycle. Padenga, one of the world’s leading suppliers of premium quality crocodilian skins, accounting for nearly 85 percent of the supply of Nile crocodile (Crocodylus niloticus) skins to high end luxury brands globally. Padenga’s Zimbabwean operations consist of three Nile crocodile farms which are all located on the shores of Lake Kariba, approximately 340 km northwest of the capital Harare.
4. Simbisa Brands Limited
Market Cap.: $330.6 million
Simbisa Brands Limited is the largest fast-food restaurant operator in Zimbabwe and owns, operates and franchises a selection of well-known Quick Service Restaurant brands. These include Pizza Inn and Chicken Inn, and Nandos and Steers of South Africa. Simbisa Brands Limited has an extensive footprint in Africa, with outlets in Zimbabwe and 10 African countries including Kenya, Ghana, Mauritius, Botswana, DRC, Malawi, Swaziland, Lesotho and Zambia. The fast-food restaurant group is a spin-off from Innscor Africa, a VFEX-listed manufacturing group in Zimbabwe.
5. WestProp Holdings Limited
Market Cap.: $300 million
WestProp Holdings Limited is a Zimbabwe-based real estate company that offers a range of property services, including property development, sales, leasing, and property management. Established in 2006, the company has a portfolio of prime land and properties in various locations across Zimbabwe, including Harare, Bulawayo, and Victoria Falls. Its property development projects vary from residential, commercial, and industrial spaces.
6. First Capital Bank Limited
Market Cap.: $204 million
First Capital Bank Limited operates within the vibrant and essential financial services sector, providing comprehensive banking solutions across Zimbabwe and the Southern African region. As a customer-centric commercial bank, First Capital Bank offers a wide array of services including consumer banking, corporate and investment banking, and treasury activities. Being a proud member of FMBcapital Holdings Plc, a Mauritius-based holding company, First Capital Bank Zimbabwe facilitates seamless cross-border trade and unique trade finance solutions across five SADC countries, including Botswana, Malawi, Mozambique, and Zambia, showcasing its strong regional presence.
7. Seed Co International Limited
Market Cap.: $118.2 million
Seed Co International Limited is one of the leading certified seed companies authorized to market seed varieties developed by itself, the government and other associated seed breeders in its markets. From years of intensive investment in R&D, the Company is involved in the breeding, multiplication and distribution of mainly hybrid seed varieties. Seed Co International Limited is primarily listed on the Botswana Stock Exchange, alongside its secondary listing on the Victoria Falls Stock Exchange.
8. Axia Corporation
Market Cap.: $74.9 million
Axia Corporation Limited is a retail enterprise that sells specialty homeware furniture and electrical appliances through 38 nationwide retail outlets; and retails automotive spares across multiple channels with a footprint that stretches to Zambia and Malawi. The company’s core expertise lies in providing a reputable service for inbound clearing and bonded warehousing; ambient and chilled/frozen warehousing services; logistics, marketing, sales and merchandising services.
9. African Sun Limited
Market Cap.: $72.2 million
African Sun Limited is a leading hospitality and hotel asset management company headquartered at Monomotapa Hotel, Number 54 Parklane Road, Harare, Zimbabwe. The company is publicly listed on the Victoria Falls Stock Exchange (VFEX). Operating in the hospitality and tourism industry, African Sun Limited is a well-established brand in Zimbabwe’s leisure and business accommodation sectors. The company owns and manages a wide portfolio of hotels and resorts strategically located across the country’s major cities and tourist destinations.
10. Kavango Resources PLC
Market Cap.: $53.4 million
Kavango Resources PLC is an emerging player in the mining and exploration industry, strategically focused on developing and producing base and precious metals in highly prospective regions of Southern Africa. The company’s core business activities encompass gold production in Zimbabwe and exploration for gold, copper, and other strategic elements across extensive licence areas in both Zimbabwe and Botswana. Key operations include advancing the Hillside and Nara Gold Projects in Zimbabwe towards larger-scale, modern mechanised mining.
