LuSE Hits Record Highs in May as Investor Confidence Surges and New Listings Loom
The Lusaka Securities Exchange (LuSE) has posted a positive outlook as it tracks new listings that could potentially increase the number of listed companies.
A statement made available by LuSE Chief Executive Officer Nicholas Kabaso in Lusaka today highlighted the exchange’s exceptional performance for the month of May. Kabaso expressed optimism about increased market liquidity as LuSE pursues its objectives.
According to Kabaso, LuSE posted strong gains in May, amidst rising investor confidence and sustained interest in local equities.
He said increased trading activity—supported by positive corporate actions and favourable macroeconomic indicators—propelled the market to one of its most impressive monthly showings this year.
The LuSE All Share Index closed at 18,808.51 points, representing a monthly gain of 13 percent and marking an all-time high for 2025.
“This follows the index similarly crossing 17,000 points within the same month,” Kabaso said.
Year-to-date (YTD), cumulative gains closed at 21.8 percent, placing LuSE among the top five best-performing markets in Africa so far—led by Malawi at 65 percent, followed by Ghana at 25 percent. LuSE ranked third, just ahead of Morocco at 21.7 percent.
“The bullish performance in May was driven by strong gains in Zambia Metal Fabricators (ZMFA), which led the pack, closing at K10.00 per share—denoting a 67 percent increase,” Kabaso said.
AECI Mining Explosives (AECI) followed with a gain of 39 percent, closing at K52.18, while Copperbelt Energy Corporation Zambia (CECZ) rose by 34 percent to close at K18.16.
British American Tobacco Zambia (BATZ) and Zambia Consolidated Copper Mines (ZCCM) each recorded gains of 25 percent, while REIZ Real Estate Investment Trust (REIT) posted a US$0.01 gain—representing a 13 percent increase.
“On the downside, only two counters recorded decreases—namely, Standard Chartered Bank, which declined by 3 percent, and PUMA Energy, which dropped by 4 percent,” Kabaso said.
He also noted a milestone achieved by CECZ in May, which crossed the $1 billion market capitalization mark.
“This is a truly remarkable feat for our stock market as we continue to see a rally of investor confidence across all other counters,” he said.
Total turnover in May reached a record high for 2025, generating K605 million—largely due to REIT, where Kabaso noted a trade of 256 million units for US$20.4 million.
“This is commendably the fourth-highest single-day turnover on the market in the past 10 years,” he said.
According to Kabaso, 4.4 million shares were traded in local currency, generating K46.2 million.
Retail investor engagement through the mobile application also continued on a positive trajectory in May, reflecting growing confidence and interest in direct market participation.
The number of active users rose steadily—driven by digital outreach efforts, improved app functionality, and a broader shift towards mobile-first investing.
“This trend aligns with our strategic objective of deepening retail participation and expanding access to the capital markets,” Kabaso said.
Total turnover in May via the mobile application’s buy side reached K2.7 million—an increase of over 50 percent from the previous month—marking a new record for the highest monthly turnover on the platform.
This surpassed the previous peak set just a month earlier. “Growth was also recorded on the sale side, which rose to K206,000 from K81,000,” he noted.
In secondary bond trades, the total face value traded was K2.0 billion, generating a turnover of K1.9 billion from 147 transactions.
This, however, represents a 30 percent decline from the previous month in both face value and turnover generated.
