IN September, the Zimbabwe Stock Exchange (ZSE) experienced a mild pullback, with market capitalisation easing by 0,24%, partially reversing the 1,61% gain recorded in August. By month-end, the ZSE posted 14 gainers against 19 losers.
Trading activity softened, as monthly turnover fell to ZiG454 million, down from ZiG721 million in August.
Delta was the most active counter, contributing ZiG220 million, followed by Econet at ZiG181 million. This marked a shift from August, when Econet and Delta led activity with ZiG488 million and ZiG153 million, respectively.
Meanwhile, the Victoria Falls Stock Exchange (VFEX) extended its upward momentum, with market capitalisation rising 21% in September — building on a 3% advance in August and a robust 15% gain in July.
The exchange recorded 11 gainers against 2 losers, while turnover surged 136% to US$8,5 million, from US$3,6 million the previous month.
Market activity on the VFEX was dominated by Innscor, FCB, and Padenga, which accounted for US$5,8 million, US$946 000, and US$863 000, respectively — collectively contributing over 90% of total monthly turnover.
On the ZSE, Unifreight emerged as the top performer, climbing 68%, while TSL was the major laggard, shedding 34% amid its retreat from Nampak Zimbabwe acquisition deal.
On the VFEX, Invictus Energy led the gainers, followed by 10 other advancing counters, including Innscor, Simbisa, Padenga, and Axia. Only Zimplow and SeedCo International closed in negative territory.
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During the month, the parallel market rate remained broadly stable, fluctuating between 32 and 35, reflecting the tight liquidity measures maintained by the apex bank. Meanwhile, the interbank rate strengthened by 42 basis points.
Foreign investor activity on the VFEX was mixed: foreign purchases declined from US$26 500 to US$10 000, while foreign sales surged sharply from US$183 000 to US$4,1 million, as investors moved to realise capital gains following the strong Q3 rally.
On the ZSE, both foreign purchases and sales fell, from ZiG38 million and ZiG104 million, respectively, to ZiG1,2 million and ZiG95 million, amid subdued market activity driven by tight local currency liquidity.
Currently, Delta and Econet account for nearly 50% of the ZSE’s total market capitalisation. On the VFEX, Innscor, Padenga and Simbisa remain the most liquid and influential counters, carrying significant market weight.
To better illustrate the key highlights of Q3 across both the ZSE and VFEX, let us unpack how these heavyweights performed over the 90-day period ending September 30, 2025.
Innscor Africa
Rose by 62,2%, with explosive momentum in the final month. Innscor demonstrated strong and consistent upward momentum, particularly from mid-September onwards.
The share price climbed from US49,17 cents to US79,75 cents, with a significant acceleration in the last two weeks, underscoring strong investor confidence.
Simbisa Brands
Up by 29,4%, showing resilience amid volatility. Simbisa experienced notable fluctuations, including a sharp dip in mid-September, but recovered strongly to close the period 29,4% higher.
This performance highlights its resilience and recovery capability in a dynamic market, finishing at US40cents from US 30,90cents.
Delta Corporation
Gained 5,7% in a period of tight liquidity for its ZiG price, which confined Delta’s movements to a very narrow band and made it the least volatile counter. A notable step-change in early August saw it stabilise at a higher level, highlighting its defensive nature.
Econet Wireless Zimbabwe
Up by 23,1%, with periods of significant volatility.
Econet’s journey was more volatile, featuring a strong rally in July and another peak in late September. Its price movements often reflected specific market sentiments or company-specific news, but it maintained a solid overall upward trend for the quarter.
Padenga Holdings
Surged by 92%, it was the top performer. Padenga was the standout performer, nearly doubling in value over the quarter.
The counter saw dramatic gains, particularly in the final two weeks, rocketing from US25 cents to US48 cents, indicating very bullish investor sentiment, likely propelled by strong earnings prospects linked to booming global gold prices.
Outlook
Activity on the ZSE is likely to remain concentrated around the top five heavyweights by market capitalisation, which continue to anchor overall market movements.
For the rest of the market, trading activity is likely to be driven primarily by retail investors, rather than institutional flows, particularly in counters that are releasing financial results during the current reporting season.
So far, the following companies have published their results; On the ZSE, we have Dairibord, Turnall, BAT, Unifreight, Proplastics, NTS, Fidelity Life Assurance, FMP, FML, ZSE Holdings, RTG, ZECO Holdings, CBZ, NMBZ and FBC Holdings. On the VFEX we have Kavango Resources, Zimplow, Axia, Innscor, Simbisa and FCB.
Activity on the VFEX has high chances of maintaining the same momentum, albeit at reduced upside potential as most counters have been on a bull run, and repricing lately.
Consequently, some retracement is likely to happen in some selected stocks, while solid blue chips are expected to hold their ground.
US$1:ZiG26,64 as at September 20, 2025
Taimo is an investment analyst with a talent for writing about equities and addressing topical issues in local capital markets. He holds a First Class Degree in Finance and Banking from the University of Zimbabwe. He is an active member of the Investment Professionals of Zimbabwe community, pursuing the Chartered Financial Analyst charter designation.
