HARARE — Caledonia Mining led a rally on the Victoria Falls Stock Exchange (VFEX) on Thursday, climbing more than 13% as Zimbabwe’s US dollar-denominated bourse outperformed the largely unchanged Zimbabwe Stock Exchange (ZSE), where losses in financial stocks offset gains in property counters.
Trading data for October 22 showed the VFEX All Share Index advancing 0.69% to 274.01 points, supported by gains in Caledonia Mining, Invictus Energy and Econet InfraCo.
The ZSE All Share Index, meanwhile, edged down 0.01% to 478.81 points, despite an improvement in trading turnover and selective buying in several heavyweight stocks.
The contrasting performances highlighted the different trading dynamics of Zimbabwe’s two exchanges, with the VFEX attracting stronger activity in US dollar-denominated securities while the domestic-currency market remained narrowly mixed.
Caledonia leads VFEX gains
Caledonia Mining Corporation was the standout performer on the VFEX, advancing 13.24% to US$37.0931 per share.
The gold producer, which operates Blanket Mine in Matabeleland South and is developing the Bilboes gold project, had a reported market capitalisation of US$717.2 million on the exchange.
The increase came days after Caledonia disclosed a reduction in BlackRock’s voting interest from 6.22% to 6.14%. The disclosure did not establish any connection between the institutional holding change and Thursday’s share-price movement.
Energy exploration company Invictus Energy gained 7.17% to US$0.1450, extending investor attention towards its Zimbabwe gas exploration programme.
The company recently announced preparations to move its drilling rig to the Musuma-1 exploration site in the Cabora Bassa Basin, with drilling targeted for November.
The project offers potential exploration upside, although commercial production remains dependent on successful drilling, resource appraisal and subsequent development.
Econet InfraCo rose 4.50% to US$0.2228, while Kavango Resources advanced 2.23% to US$0.0229.
Retail and distribution group Axia Corporation gained 1.37% to US$0.1623.
Kavango’s advance followed its announcement of a November 16 general meeting in London, although the meeting notice did not disclose new operational developments.
VFEX turnover reached US$2.73 million across 199 trades, with total market capitalisation reported at US$9.06 billion.
The stronger turnover indicated a relatively active session, but the market summary did not identify which securities accounted for the largest share of trading value.
Property counters support Harare market
On the ZSE, the Real Estate Index surged 5.45% to 692.25 points, making property the strongest-performing sector of the session.
The advance contrasted with a 1.13% decline in the Financials Index and a 0.58% retreat in the New Industrial Index.
The Materials Index slipped 0.51%, while the Consumer Staples Index gained 0.15%.
Property shares can appeal to investors seeking exposure to underlying physical assets, rental income and potential capital appreciation, particularly in markets where investment alternatives are limited.
However, Thursday’s sector performance alone does not establish whether the gains reflected a broader change in property valuations or price movements in a small number of counters.
Mashonaland Holdings was the day’s biggest individual gainer, rising 13.91% to 172 cents.
Hippo Valley Estates added 0.93% to 1,090 cents, while banking group CBZ Holdings increased 0.74% to 3,246.68 cents.
General Beltings advanced 0.20% and Delta Corporation gained 0.17%.
The ZSE Top 10 Index rose 0.29% to 468.76 points, suggesting that selected larger companies attracted buying interest despite the marginal decline in the wider market.
The Top 15 Index gained 0.12%, while the Mid Cap Index fell 1.12% to 554.24 points.
Zimre and NMB weigh on financial stocks
Insurance and financial services counters were among the day’s principal laggards. Zimre Holdings fell 9.75% to 72 cents, the steepest decline among the reported counters.
NMBZ Holdings lost 3.03% to 717.57 cents, while ZSE Holdings declined 2.76% to 437.58 cents.
Willdale shed 6.65%, and Unifreight Africa dropped 5.13% to 213.45 cents.
The losses in financial stocks outweighed modest gains elsewhere, preventing the broader ZSE index from closing higher.
Total ZSE turnover reached ZiG10.62 million across 91 trades, while market capitalisation stood at ZiG110.76 billion.
The trading figures represent a marked increase in activity compared with the thin volumes recorded in some recent sessions, although turnover remains uneven across the market.
Two exchanges, different investment considerations
The divergent performance of the ZSE and VFEX reflects a broader feature of Zimbabwe’s capital markets.
The ZSE trades predominantly in the domestic ZiG currency, exposing investors to local monetary conditions, liquidity constraints and currency-related valuation considerations.
The VFEX, by contrast, offers US dollar-denominated trading and has attracted companies seeking access to foreign-currency capital and international investors.
That distinction does not automatically make VFEX-listed shares safer or more attractive. Both markets face challenges associated with limited liquidity, concentrated ownership and relatively narrow institutional participation.
In particular, sharp daily price movements in less liquid securities may reflect a small number of transactions rather than a fundamental reassessment of a company’s prospects.
Caledonia’s double-digit gain, for example, should be assessed alongside trading volumes, company disclosures and movements in international gold prices before conclusions are drawn about the sustainability of the advance.
Similarly, the gains in Invictus Energy and Kavango Resources reflect market prices for businesses whose future earnings depend on exploration success and capital-intensive development programmes.
Corporate announcements remain in focus
Investors also received several corporate notices during the session.
RioZim published its 2025 annual report on the ZSE, while recent filings included a cautionary announcement from Unifreight Africa and shareholder circulars from Meikles.
On the VFEX, Zimplow Holdings issued a notice of executive appointment following its third-quarter trading update, while Old Mutual and Caledonia Mining had also published shareholder notices during the week.
Such disclosures remain important in a market where company-specific developments can influence prices more sharply than broad macroeconomic trends.
For investors, the next indication of market direction will come from whether stronger turnover translates into sustained buying across a wider range of securities.
Thursday’s session demonstrated that appetite for Zimbabwean equities has not disappeared. But it also showed how uneven that appetite remains.
The VFEX finished higher on gains in mining, energy and infrastructure-related counters, while the ZSE struggled to establish a clear direction despite renewed activity in property stocks.
For now, the strongest distinction between the two markets is not simply their currencies, but where investors are choosing to concentrate their limited trading capital.
