The Victoria Falls Stock Exchange (VFEX) in Zimbabwe has overtaken the Zimbabwe Stock Exchange (ZSE) in market capitalization, reaching $3.79 billion compared to ZSE's $3.4 billion. This shift follows the historic listing of Econet InfraCo Ltd., valued at $1 billion, which constitutes nearly 25% of VFEX's total capitalization. According to Mary Musariri, an equities analyst at MMC Capital, this transition reflects a structural reordering of Zimbabwe's equity markets rather than an economic expansion. VFEX has become a preferred platform for liquidity in hard currency, attracting foreign and institutional investors due to the stability of dollar-denominated assets and easier dividend repatriation. In contrast, the ZSE is increasingly dominated by local retail investors and is at risk of becoming secondary in the market landscape. VFEX's CEO, Justin Bgoni, expressed optimism about future growth, anticipating at least four new listings this year, although he noted the complexity in comparing the two exchanges.