The Zimbabwe Stock Exchange (ZSE) has opened the year firmly in bull territory, with major indices posting strong year-to-date (YTD) gains, reflecting renewed investor confidence and improving market sentiment.
According to ZSE market data, as at 20 January 2026, the All-Share Index has gained 31,02 percent year to date, while the ZSE Top 10 and ZSE Top 15 indices are up 33,74 percent and 35,78 percent, respectively.
The gains underscore a broad-based rally among heavyweight counters.
Econet Wireless Zimbabwe leads the top five YTD gainers with a 61,2 percent rise, despite the counter being in the process of delisting from the ZSE.
Econet’s strong run comes as the company, last week, released its trading update for the third quarter to November 2025, a period where data usage emerged as the most significant growth driver, registering an increase of more than 50 percent compared to the same period last year.
Voice usage also firmed considerably, rising by 35 percent over the comparative prior period.
This surge in volumes underscores the Group’s strategic focus on infrastructure capacitation.
By scaling digital self-service and improving first-contact resolution, Econet is successfully driving digital services usage towards regional peer averages, a key metric for long-term revenue sustainability.
Fintech businesses continued to show high resilience and scalability with EcoCash registering a 28 percent growth in customer activity and a 36 percent increase in transaction volumes, supported by a massive 91 percent growth in wallet funding.
The insurance segment saw volume growth across the board, with short-term insurance policyholders growing by 81 percent and medical aid membership by 9 percent.
The counter’s market strength is also underpinned by aggressive physical growth.
During the period under review, the Group introduced 103 additional base stations, including 27 lightweight sites targeting rural and developing urban areas.
This expansion serves as the “backbone for future innovations,” enabling the business to unlock new markets through the Internet of Things (IoT).
Furthermore, the completion of core network expansion for voice and data services, alongside a new automated billing platform, signals a significant shift towards a modern, customer-centric digital model.
Delta Beverages follows with a 44,63 percent year-to-date gain, while Star Africa Corporation has advanced 43,4 percent.
TN CyberTech Investments Holdings Limited (TNCI) has gained 37,3 percent, with SeedCo completing the top five at 27,58 percent.
Delta seems to be performing well with the beer and soft drinks maker reporting a total tax contribution of US$315,2 million to the national fiscus for the year ended December 31, 2025.
Delta reported strong revenue growth of 5 percent to US$807,47 million, with profit after tax increasing by 15 percent to US$116,15 million, driven by solid lager and sorghum beer volumes despite challenges like high inflation in 2024 and the impact of sugar taxes.
The positive momentum is also evident on the Victoria Falls Stock Exchange (VFEX), a US dollar denominated bourse which has continued to gain traction, with the VFEX All Share Index up 13,75 percent year to date.
On the VFEX, Axia Corporation leads the top five YTD performers with a 41,4 percent gain, followed by Caledonia Mining Corporation at 25,3 percent and Padenga Holdings at 20,1 percent.
Caledonia this week announced it has raised US$150 million from the issuance of senior Convertible Notes (debt securities), providing the company with a strong, flexible source of long-term funding to support its operations.
Caledonia will use the net proceeds from the Convertible Notes offering to pay the approximately US$12 million cost of the capped call transactions, which provides the company additional financial flexibility and enhanced options with respect to several group operations.
The funding will also be used to finance the development of the Bilboes gold project in Zimbabwe, as well as general corporate, operational and working capital requirements.
The Bilboes Gold Project is strategically important to Caledonia, forming the cornerstone of the company’s ambition to transition from a single asset producer into a multi-asset, mid-tier gold producer in Zimbabwe.
“The ZSE’s performance will act as a direct barometer of confidence in the Reserve Bank’s disinflation programme,” the report said, adding that success in achieving single-digit inflation could gradually attract long-term domestic savings, while any loss of policy credibility would undermine market confidence.
Simbisa Brands and Innscor Africa complete the top five with year-to-date gains of 18,3 percent and 14,8 percent, respectively.
Economic analyst, Mr Namatai Maeresera, said the rally on the ZSE reflects improving macroeconomic conditions, particularly stronger economic activity across key productive sectors, which is beginning to translate into better corporate earnings expectations.
“Added to this is greater confidence around currency and inflation dynamics, which has improved investor appetite for equities as a store of value,” he said.
Mr Maeresera noted that not all counters are participating equally in the rally, adding that strong performances in selected sectors have nonetheless provided sufficient momentum to lift the broader indices. Financial analyst, Mr Malone Gwadu, said that current movement is largely emanating from Econet’s recent announcement to delist from ZSE and subsequently re-list on VFEX.
“Hence it’s a combination of buying out of shareholders by Econet and settlement in their new Infrastructure company and given that background, the seeming correlation with Delta share price movement and trades speaks to portfolio rebalancing by traders as Delta will be the remaining blue-chip counter which traders have appetite for,” he said.
He added that the all share index gains are also due to the large market cap of Econet and Delta.
Meanwhile, FBC Securities, in its 2026 stock market outlook, said Zimbabwe’s equity market outlook highlights a clear divergence between its two main exchanges, reflecting the country’s dual-currency system. The firm said the USD-denominated VFEX, which allows free capital repatriation, is positioned to consolidate its role as the preferred platform for foreign currency investments, supported by structural dollarisation.
“This hard currency haven will continue to attract listings from export-focused sectors and serve as the natural entry point for international portfolio investors seeking Zimbabwean exposure while hedging local currency volatility,” reads part of the report.
In contrast, FBC Securities said the ZiG-denominated ZSE faces a period of fundamental recalibration, as the removal of its traditional inflation-hedge premium necessitates a market correction anchored on real corporate earnings.
“The ZSE’s performance will act as a direct barometer of confidence in the Reserve Bank’s disinflation programme,” the report said, adding that success in achieving single-digit inflation could gradually attract long-term domestic savings, while any loss of policy credibility would undermine market confidence. – Sunday Mail
