NOVEMBER is now behind us, and with just a few weeks left before we step into 2026, it is the perfect moment to reflect on how the markets performed in November and share our expectations for this final stretch of the year.
Financial markets influence nearly every aspect of the economy, and with the recently presented 2026 National Budget, it becomes even more important to understand how policy developments may shape investor sentiment on both the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFEX) going forward.
Budget highlights that matter
First, the Insurance and Pensions Commission reported persistent low compliance with Prescribed Asset Status (PAS) thresholds across the pensions and insurance industry, with pensions funds at just 10,31% compliance versus the required 20% as at September 2025.
The government expects compliance to improve and has committed to strict enforcement. This may channel more institutional capital toward approved instruments —potentially boosting liquidity in government securities and PAS-rated market products, including real estate investment trusts (REITs) and infrastructure-related instruments.
For instance, the government announced that the planned state-of-the-art Convention Centre will be granted Prescribed Asset Status, encouraging pension funds and insurers to co-invest in this long-term project.
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Another one, is that as at September 2025, the ZSE hosted 49 listings (including ETFs and REITs), while the VFEX had 17 listings. With that context in mind, let us unpack how the markets actually performed in November. Shall we?
The Zimbabwe Stock Exchange extended its upward momentum in November, with market capitalisation rising 10,54%, building on October’s 2,98% gain. Out of all listed companies, 20 counters advanced while 13 retreated.
On the downside, NTS led the laggards, following the decision by minority shareholders at the EGM on November 19 to delist from the ZSE on December 31 this year.
Market activity softened slightly, with monthly turnover slipping from ZiG391 million to ZiG375 million. Delta dominated with ZiG305 million (82%), followed by Econet at ZiG31 million (8%).
In October, Delta also led with ZiG182 million (47% of turnover), while Econet accounted for ZiG98 million (25%).
Throughout all four weeks of November, Delta consistently led the weekly turnover rankings, with Econet trailing behind it.
Foreign participation weakened on the ZSE as foreign purchases plunged from ZiG11,6 million to ZiG638 000, while foreign sales rose from ZiG174 million to ZiG268 million — a trend consistent with cautious foreign sentiment amid currency dynamics.
The Victoria Falls Stock Exchange maintained its strong performance, with market capitalisation rising 9% in November, following a 6% rise in October.
Trading activity was particularly vibrant: turnover jumped 35%, climbing from US$6,8 million to US$9,1 million.
FCB, Innscor, and Padenga led the turnover chart, posting US$3,9 million, US$2,3 million, and US$1,7 million, respectively. Innscor and Padenga also dominated in October, posting turnovers of US$3,7 million and US$1,5 million, respectively.
The VFEX recorded 10 gainers and three losers. Seed Co International topped the gainers with a remarkable 48% rally, followed by Zimplow.
Caledonia also climbed, boosted by confirmation that its Bilboes Gold Project hosts 1,75 million ounces of gold reserves and the company’s 243,8% surge in profit after tax to US$53,41 million for the nine months to September 2025 — thanks to record gold prices.
On the losers’ side, Padenga led declines, despite remaining one of the most liquid counters, continuing its trend from October.
Foreign investor activity increased meaningfully. Foreign purchases rose from US$6 700 to US$52 000, while foreign sales grew from US$2,7 million to US$3,3 million.
The first half of November saw especially strong foreign activity, with Innscor and FCB dominating the turnover board.
December outlook
Historically, December tends to see softer price action as investors sell to raise festive-season liquidity and rebalance portfolios ahead of the new year.
This often results in bargain-buying opportunities, particularly in quality counters that experience temporary sell-offs.
On strategy
For VFEX investors: The bourse has rallied steadily throughout the year. While fundamentals remain supportive — especially for hospitality, consumer, and mining counters — investors should be mindful that no rally lasts indefinitely. Strategic positioning is essential.
For ZSE investors: The local currency bourse may offer compelling value in December. With ZiG liquidity still tight and valuations generally more favourable, I believe the local-denominated bourse is still far from reaching its peak.
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.