Old Mutual Returns to Zimbabwe Trading on Dollar-Based VFEX

AFRICAN STOCKS AND FINANCESeptember 1, 2026 at 12:49 PM UTC

TLDR

Old Mutual shares resumed trading on Victoria Falls Stock Exchange at $0.76, rising 2.9% to close at $0.7817 in the first session.
VFEX settles transactions in US dollars, reducing currency risk for investors trading shares in Zimbabwe.
The shift to VFEX adds Old Mutual to attract local and international investors, supporting price discovery in a dollar-based market.

Old Mutual shares resumed trading in Zimbabwe on August 12 after a 6-year suspension, with the insurer moving its secondary listing from the Zimbabwe Stock Exchange to the US dollar-based Victoria Falls Stock Exchange. The shares opened at $0.76 and rose 2.9% to close at $0.7817 in their first session.

Zimbabwe suspended Old Mutual and several other dual-listed shares in 2020 as authorities sought to stop investors using differences between local and foreign share prices to determine an implied exchange rate. The action came as the Zimbabwean dollar lost value and foreign-currency shortages disrupted markets.

Old Mutual announced the VFEX migration in July and received regulatory approval in August. The first trading price was determined through buy and sell orders without the exchange’s normal limits. From the second session, the shares became subject to the VFEX’s standard daily price-movement limit of 20%.

The VFEX settles transactions in US dollars, reducing the currency risk faced by investors trading shares on Zimbabwe’s main exchange. Old Mutual said dollar trading could support price discovery and attract local and international investors. The company retains listings in South Africa, London, Malawi and Namibia.

The return also adds another large company to the VFEX, which was launched in 2020 as Zimbabwe sought to attract foreign capital. The exchange passed the ZSE in market value earlier in 2026 after companies including Econet InfraCo moved their listings to the dollar-based market. The shift comes as some companies are also leaving the VFEX because of listing costs and changes in Zimbabwe’s economy.

Key Takeaways

Old Mutual’s return shows how Zimbabwe’s capital markets have changed since its shares were suspended in 2020. The VFEX gives companies and investors a way to trade in US dollars inside Zimbabwe, reducing one of the main problems that affected the ZSE: changes in the value of the local currency. For foreign investors, dollar settlement makes it easier to compare a Zimbabwe-listed share with the same company on another exchange and reduces the risk that local-currency losses erase investment returns. That does not remove all risks. Investors still need enough market liquidity to buy and sell shares, and Zimbabwe’s rules on moving capital remain important. The VFEX is also competing with the ZSE for listings, creating a split between a dollar-based market and the country’s main exchange. Old Mutual’s return could help the VFEX attract more trading because the company already has investors and listings outside Zimbabwe. But the bigger test is whether trading remains active after the first sessions. A dollar quotation can improve pricing, but the exchange will need regular buyers, sellers and new listings if it is to become a deeper source of capital rather than mainly a venue for companies moving away from local-currency exposure.

Finance