ZSE Holdings Limited (ZSEH) has reported a solid performance for the quarter ended 31 March 2026, with revenue surging 21 percent to US$2.205 million, buoyed by increased activity on the equities markets.
During the period, group turnover stood at US$279,185 million – US$242.807 million recorded by the Zimbabwe Stock Exchange (ZSE) and US$36,378 million posted by the Victoria Falls Stock Exchange (VFEX).
The group’s market capitalization closed the quarter at US$8.551 billion, with the ZSE contributing US$4.550 billion and the VFEX US$4 billion.
“The group achieved a massive turnaround…,” company secretary Lyndon Nkomo said in a commentary of the financials, adding that “furthermore, the group strengthened its financial position with total assets growing by 22 percent”.
ZSEH – owner of both the ZSE and the VFEX – closed the period with number of trades totaling 15,998, the ZSE with 9,434 and VFEX 6,564.
Total listed entities were 66 for the group, 47 on the ZSE and 19 on the VFEX.
Nkomo said the combination of a sustained single-digit inflation and a stable ZiG exchange rate during the quarter drove good performance of both the ZSE and VFEX.
“In the first quarter of 2026, Zimbabwe’s macroeconomic environment steadily stabilized. ZiG inflation dropped from 4.1 percent in January to 3.8 percent in February, marking the first sustained single-digit inflation in decades,” Nkomo said.
He added: “The ZiG exchange rate held steady at around 25.57 per US dollar, enhancing investor confidence and market predictability.”
“This led to increased activity on both the ZSE and the VFEX,” Nkomo said.
He said the ZSE demonstrated exceptional growth during the first quarter, characterized by a transformative surge in secondary market activity.
“Aggregate turnover for the period increased to US$242.81 million, representing an extraordinary 416.83 percent increase compared to the preceding quarter. Trading liquidity remained highly concentrated within the market’s premier tier.”
“Simultaneously, the VFEX achieved a historic milestone by recording a record high of US$4 billion in total market capitalization,” Nkomo said.
This growth was underpinned by robust investor appetite, as evidenced by a 69.35 percent increase in total value traded, which reached US$36.38 million compared to the US$21.48 million realized in the final quarter of 2025.
This momentum, Nlomo said, was further reflected in the VFEX All Share Index, which registered a year-to-date appreciation of 41.07 percent, signalling profound investor confidence in the listed counters.
The bourse also continued its horizontal expansion through the admission of the Pfuma Fund, the exchange ‘ s second Real Estate Investment Trust, as well as the listing of Econet InfraCo Limited.
To maintain the momentum going forward, Nkomo said ZSEH “will continue prioritising innovation, digital transformation, and product diversification”.