Launched in 2020, the Victoria Falls Stock Exchange (VFEX) has quickly become one of Africa’s most distinctive capital markets, a US dollar-denominated bourse built to attract offshore capital and shield investors from Zimbabwe’s currency volatility.
By 2026, VFEX has moved beyond its early experimental phase, growing from a sub-$2 billion market into a credible investment venue with a combined market capitalization exceeding $2.4 billion. Unlike the Zimbabwe Stock Exchange, it trades exclusively in hard currency, a feature that has restored investor confidence and attracted listings across mining, agriculture, banking, retail, and energy.
Its rise has been driven by strong commodity prices, especially gold, regional expansion by consumer firms, and government incentives to position Victoria Falls as a financial hub. Mining stocks dominate the top tier, reflecting Zimbabwe’s resource base, while consumer and banking names add diversification.
Recent listings such as Kavango Resources and Invictus Energy point to rising international interest, alongside local blue chips including Innscor, Simbisa, and Seed Co International.
As it matures, VFEX is emerging as a regional alternative to larger exchanges, offering US-dollar stability, frontier-market growth, and access to strategic Southern African assets.
As VFEX matures, Shore Africa highlights the 15 most valuable stocks on the Victoria Falls Stock Exchange after Friday’s market close, Feb. 04, 2026.
1. Caledonia Mining Corporation Plc
Market Cap.: $965.5 million
Caledonia Mining Corporation, VFEX’s most valuable listing, accounts for more than 40 percent of the exchange’s total market capitalization. The Zimbabwe-focused gold miner holds a 64 percent interest in its flagship Blanket Mine, which underpins its current cash flow and valuation. Beyond Blanket, Caledonia is pursuing a deliberate shift from a single-asset operator to a multi-asset producer. To support this strategy, it fully owns three additional gold projects in Zimbabwe, Bilboes, Motapa, and Maligreen, positioning the company for longer-term production growth and asset diversification.
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.
11. Invictus Energy Limited
Market Cap.: $26.9 million
Invictus Energy Limited operates within the dynamic oil and gas exploration and development sector, with a primary focus on unlocking energy potential in Sub-Saharan Africa. The company is publicly listed on the Australian Securities Exchange (ASX: IVZ) and the Victoria Falls Stock Exchange (VFEX: INV.vx), offering a unique investment opportunity in a critical growth region. Invictus Energy’s core business activities revolve around the exploration and appraisal of its flagship Cabora Bassa Project in Zimbabwe
12. Bindura Nickel Corporation
Market Cap.: $16.1 million
Bindura Nickel Corporation is a mining company operating mines and a smelter complex in Bindura, Zimbabwe; engaged in the mining and extraction of nickel, and production of nickel by-products (copper and cobalt). The company’s current projects include a shaft re-deepening project, sub-vertical service winder and main rock winder drives upgrade project, concentrator plant and sub-vertical medium voltage switch room equipment replacement project, and a smelter restart project.
13. Edgars Stores Limited
Market Cap.: $15.3 million
Edgars Stores Limited is listed on the Zimbabwe Stock Exchange. The company retails a range of high-quality casualwear clothing, footwear and accessories for children, ladies and gents in branded stores in Zimbabwe. The company operates three divisions: Edgars Chain, Jet Chain and Manufacturing. Its fashion retail outlets fall under the Edgars and Jet brands, with the retail brand Express falling under Jet Stores. Edgars Stores Limited also manufacture and retail a range of locally-made clothing; acquiring the Carousel Clothing factory in 1974 and the Jeans Company in 1993.
14. Zimplow Holdings Limited
Market Cap.: $14.1 million
Zimplow Holdings Limited manufactures and markets a diverse range of products for the construction, infrastructure and agricultural sectors in Zimbabwe. It also manufactures and distributes metal fasteners for the mining, construction and agricultural sector, and has interests in property management and leasing. The Farming division consists of three business units; Mealiebrand, Farmec and Afritrac which oversee the manufacturing of animal-drawn equipment and tractors, and spare parts for agricultural equipment.
15. Nedbank Group
Market Cap.: $2 million
Nedbank Group is one of Africa’s largest financial services groups, operating primarily within the Banking and Financial Services industry. Core Business Activities Nedbank offers a comprehensive suite of wholesale and retail banking solutions, alongside specialised financial services such as insurance and asset management, serving over 7.6 million clients. The core business is highly focused on its strong South African franchise, which contributes 90 percent of the group’s R1.4 trillion in assets. Beyond South Africa, the group operates through subsidiaries and banks in five Southern African Development Community (SADC) countries—Lesotho, Mozambique, Namibia, Eswatini, and Zimbabwe, and maintains a financial investment in Ecobank Transnational Incorporated (ETI) in Central and West Africa.
