Zimbabwe’s equity markets ended the trading session on June 26, 2026, in positive territory, with gains recorded on both the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX), according to MMC Capital (Pvt) Ltd’s weekly market intelligence report, THE FRIDAY CLOSE.

ZSE closes stronger

The Zimbabwe Stock Exchange posted broad-based gains, with the ZSE All Share Index rising 1.63% to 398.63. The ZSE Top 10 Index also advanced by 1.63% to 401.20. Market capitalisation increased by 1.45% to ZWG 91.9 billion, supported by improved investor sentiment across selected counters.

Masimba Holdings led the gainers’ chart after rising 13.89%, followed closely by Rainbow Tourism Group, which gained 13.84%, and ART, up 9.73%. On the losing side, Mashonaland Holdings recorded the steepest decline of 14.82%, while Delta Corporation fell 2.69% and Zimre Holdings shed 1.89%.

Sector performance was mixed, with the consumer sector emerging as the strongest performer, gaining 1.69%. In contrast, the real estate sector was the weakest, declining by 6.02%.

VFEX posts marginal gains

The Victoria Falls Stock Exchange also closed higher, though with more subdued momentum. The VFEX All Share Index rose 0.16% to 243.24, while market capitalisation increased by 0.17% to US$3.71 billion.

Zimplow led the gainers on the VFEX with a 1.37% rise, followed by Padenga Holdings, up 1.29%, and Invictus Energy, which gained 0.87%. On the downside, Caledonia Mining Corporation dropped 5.76%, Simbisa Brands fell 4.60%, and Econet Infraco declined 3.84%.

Corporate developments shape market activity

Several corporate announcements influenced market sentiment during the session.

Rainbow Tourism Group (RTG) reported first-quarter FY26 results showing revenue of US$11.40 million, representing a 32% increase from US$8.7 million in the prior comparable period. Revenue per available room (RevPAR) rose 19% to US$57, while occupancy levels improved to 51%.

Unifreight is pursuing the acquisition of an 86.67% stake in Cheetah Express Logistics for US$2.08 million, subject to approval by the Competition and Tariff Commission.

Dairibord Holdings announced plans to voluntarily migrate its listing from the ZSE to the VFEX, in a strategic move aimed at repositioning its capital market presence.

Meanwhile, TSL declared an interim dividend of US$0.51 for the financial year ending October 31, 2026, payable on July 9, 2026. Separately, the Zimbabwe Revenue Authority (ZIMRA) issued a backdated tax assessment against Masimba Holdings amounting to US$2.47 million and ZiG 2.71 million following a tax review covering the 2019–2022 period.

Market and economic backdrop

Funds under management in Zimbabwe rose 26% to ZWG 123.77 billion, with equities accounting for 44.85% of total allocations, while property holdings declined to 26.55%.

ZSE turnover surged 432%, accompanied by a 462% increase in brokerage income. Trading activity was largely concentrated among Morgan & Co, Bethel Equities, and Imara Edwards Securities.

Global factors support sentiment

Internationally, oil prices fell to four-month lows, with Brent crude trading at US$75.71 per barrel and West Texas Intermediate at US$72.13. The decline was driven by easing geopolitical tensions in the Middle East and expectations of increased supply.

The drop in oil prices is expected to ease inflationary pressures and reduce fuel import costs for economies such as Zimbabwe, further supporting market stability.