Zimbabwe has overtaken Nigeria to become Africa’s best-performing equity market as of July 2026, following several months of sustained gains in local equities.
Zimbabwe Stock Exchange records 68.5% return
The Zimbabwe Stock Exchange (ZSE) reported a year-to-date return of 68.5 percent in US dollar terms as of July 31. This performance places the ZSE at the top of 17 African markets, displacing Nigeria from the leading position.
Drivers behind the market surge
The growth in the ZSE is attributed to a combination of macroeconomic shifts and increased investor confidence. According to available data, the rally was driven by easing inflation and a more stable domestic currency.
These conditions have created a more favorable environment for investors, leading to a renewed appetite for local equities and sustained upward movement in market returns.
The shift in leadership indicates a change in regional investment performance, with Zimbabwe outperforming other major African hubs in equity returns through the first seven months of the year.
Explore more Money stories and analysis from Business Elites Africa.