Zimbabwe’s capital markets in 2025 were largely driven by long-term institutional money, with pension funds and insurers injecting a combined ZiG$21 billion into the market, reinforcing their dominance on the Zimbabwe Stock Exchange.

Data published by Insurance24 shows that pension funds were the single largest investor group during the year, accounting for ZiG$14.728 billion in investments and commanding 31.79 percent of the total market. Their position underscores the growing influence of retirement savings in shaping local capital flows.

Corporate investors followed with holdings valued at ZiG$13.645 billion, translating to 29.45 percent of market share. Insurance companies ranked third, holding investments worth ZiG$5.85 billion, or 12.63 percent of total market value.

Figures from the Chengetedzai Depository Company for the year ended December 31, 2025, paint a picture of a market structure firmly anchored by large institutional players. Nominees and other financial institutions also maintained a strong foothold, holding ZiG$4.33 billion (9.34 percent) and ZiG$4.35 billion (9.38 percent) respectively.

In contrast, retail participation remained relatively limited. Individual investors accounted for just ZiG1.80 billion, equivalent to 3.90 percent of total market assets. Foundations, joint accounts, family trusts and not-for-profit organisations collectively contributed less than one percent, while government institutions and unclaimed shares together made up under 0.5 percent of the market.

During the period under review, 1,290 new accounts were opened on the CDC’s central securities depository, including 93 in December alone. The CDC noted that since inception, a cumulative 49,680 accounts have been created, with local investors representing 95 percent of all accounts opened.

“The cumulative number of accounts created since inception is 49,680. Local investors accounted for 95% of total accounts opened on the CDC CSD since inception,” the depository said.

Electronic holding of securities continued to gain ground, with the average dematerialisation penetration ratio reaching 64.45 percent across all counters as at December 31, 2025.

The CDC reported that 39 issuers were registered on the depository during the year. Of these, 35 were actively trading on the ZSE, three were suspended and one was privately held. 

The total value of dematerialised securities stood at ZiG46.334 billion, against an overall ZSE regular board market capitalisation of ZiG87.257 billion.

Trading activity remained modest. The CDC settled 30,073 trades worth ZiG5.182 billion during the year, compared to total turnover of ZiG5.426 billion recorded on the ZSE regular board.

Despite the dominance of institutional investors, overall activity on the exchange was described as subdued. The depository said the anticipated delisting of Econet Wireless and the listing of Econet InfraCo could reshape trading patterns.

“The expected delisting of Econet Wireless and subsequent listing of Econet InfraCo is expected to significantly impact turnover on the Zimbabwe Stock Exchange,” the CDC said.

“This may also affect turnover on the remaining counters as investors may decide to hold on to their shares and not sell.”

The final quarter of 2025 also saw a rise in United States dollar settlements on the ZSE, signalling evolving trading preferences.