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• The Zimbabwe Stock Exchange returned 68.5 percent in US dollar terms year-to-date as of July 31, 2026, making it Africa's best-performing stock market.
• Nigeria had dominated the continent's stock market performance rankings for much of 2026 but was overtaken by Zimbabwe in the last week of July.
• The ZSE's impressive showing is attributed to improving macroeconomic fundamentals and a surge in trading activity on the Exchange.
• 11 out of 17 African stock indices tracked by Mansa Markets outperforming the S&P 500's 9.3 percent return in dollar terms this year.

The turnaround is interesting. Only a few years ago, the country’s equity market functioned largely as a hedge against hyperinflation and rapid currency depreciation, with investors buying shares primarily to preserve wealth.

The Zimbabwe Stock Exchange (ZSE) has emerged as the top performer among African exchanges, returning a staggering 68.5 percent in US dollar terms year-to-date as of July 31, 2026. This marks a significant shift in leadership, with Nigeria having dominated the continent's stock market performance rankings for much of 2026. The ZSE's impressive showing is attributed to various factors, including improving macroeconomic fundamentals and a surge in trading activity on the Exchange. In fact, trading volume rose by 390 percent, turnover increased by 446 percent, and the number of deals climbed by 39 percent compared to the previous session, according to African Stock Exchanges Live.

The shift in leadership among Africa's stock markets has significant implications for investors and lawyers advising clients on investments in these markets. Zimbabwe's improved macroeconomic fundamentals are increasingly driving valuations, signaling a change from its traditional role as a store of value. This development is part of a broader resurgence in African equities, with 11 out of 17 African stock indices tracked by Mansa Markets outperforming the S&P 500's 9.3 percent return in dollar terms this year. Lawyers advising clients on investments in African markets should take note of these changes and consider their implications for investment valuations.

The Zimbabwe Stock Exchange's emergence as the top performer among African exchanges is a significant development with far-reaching implications. As investors increasingly seek opportunities in frontier markets, Zimbabwe's improved macroeconomic fundamentals make it an attractive destination for investment. The country's equity market has evolved beyond its traditional role as a store of value, and improving valuations are driving investor appetite. This trend is part of a broader resurgence in African equities, with 11 out of 17 African stock indices outperforming the S&P 500 this year.

Lawyers advising clients on investments in African markets should note the shift in leadership and consider the implications of Zimbabwe's improved macroeconomic fundamentals on investment valuations.

Source: Original reporting via Businessday NG