HARARE, 12 November 2026 – Zimbabwe equities extended their advance on Thursday, with the Zimbabwe Stock Exchange (ZSE) All Share Index gaining 0.68%, while the US dollar-denominated Victoria Falls Stock Exchange (VFEX) retreated, highlighting divergent investor sentiment across the country’s two markets.
The ZSE All Share Index closed at 497.51 points, supported by gains in large and mid-cap stocks. The Top 10 advanced 0.62% to 491.54 points, the Top 15 rose 0.61% to 502.66 points, while the Mid Cap Index gained 0.88%. The market recorded 85 trades worth ZWG11.08 million, with total market capitalisation reaching ZWG114.80 billion.
Hippo Valley Estates was the session’s strongest performer, surging 14.95% to 1,046 cents. FBC Holdings gained 5.52% to 1,340 cents, while ZB Financial Holdings rose 5.26% to 800 cents. Turnall advanced 3.72% to 10.67 cents, and Afdis added 1.49% to 1,928.26 cents.
Ariston Holdings led the declines, falling 3.31% to 12 cents, while First Mutual Holdings shed 1.34% to 359.80 cents.
Sector performance was largely positive, with the Agriculture Index rising 2%, Materials gaining 1.70% and Financials advancing 1.51%. The Mining Index increased 1.10%, while Consumer Staples added 0.50%. The Real Estate Index fell 1.81%, and the Zim National Index declined 0.49%.
The exchange-traded fund index recorded a sharp 8.58% decline, while the Small Cap and New Industrial indices were unchanged. Tigere Real Estate Investment Trust fell 5.61% to 111.76 cents, contrasting with REV REIT, which remained flat at 200 cents.
On the VFEX, the All Share Index dropped 1.14% to 271.66 points. The exchange recorded 185 trades with turnover of US$685,856.25, while market capitalisation stood at US$8.99 billion. Invictus Energy led the reported gainers, rising 3.54% to US$0.1171, followed by Infralink, up 3.04%, and Seed Co International, which gained 2.67%.
Corporate disclosures included CBZ Holdings’ third-quarter 2026 trading update on the ZSE and Caledonia Mining Corporation’s third-quarter trading update on the VFEX. Pfuma REIT also released a dividend notice and trading update, while Simbisa Brands’ 2026 annual report remained among the exchange’s recent disclosures.
The Zimbabwe Mail’s internal market analysis team is that the contrasting performance points to different trading dynamics between the local-currency and US dollar markets. Gains across several ZSE sectors suggest broad support for selected domestic counters, but the VFEX decline indicates that the advance was not shared across the wider listed market.
Investors will be watching company updates for evidence of earnings strength, operational resilience and the outlook for corporate performance.
