LuSE Index Rises 31% in First Half of 2025 as Investor Confidence Builds
The Lusaka Securities Exchange (LuSE) recorded a 31% gain in the first half of 2025, with the LuSE All-Share Index (LASI) closing June at 20,214.88 points. The rally reflects strong market momentum driven by impressive performances from several listed companies and increasing retail investor activity.
Leading contributors to the growth included Airtel Networks Zambia with a 122% rise, Metal Fabricators of Zambia at 100%, AECI Mining Explosives at 65%, and British American Tobacco Zambia at 62%. ZCCM Investment Holdings, Copperbelt Energy Corporation, Shoprite Holdings, and Standard Chartered Bank also recorded notable gains ranging from 39% to 55%.
June equity market turnover reached K123 million, marking the fifth month in 2025 to exceed the K100 million threshold. Trading volumes surpassed 13 million shares across over 6,000 transactions. Cumulative turnover for the first six months of 2025 now stands at K1.2 billion.
Retail investor participation via the LuSE mobile trading application also showed continued growth. June saw an all-time high of K3 million in buy-side turnover and K442,000 on the sell side, representing a 17% monthly increase and more than double the previous month’s sell-side activity. Total buy-side turnover via the app for the first half of the year reached K10 million, already exceeding the 2024 full-year figure of K6.5 million.
Corporate disclosures played a key role in sustaining investor interest. Airtel released its first-quarter interim results and announced an interim dividend of K2.61 per share. Zambeef issued its half-year financials, while ZCCM Investment Holdings and BATA published their full-year results for 2024.
In the bond market, trading activity increased by 54% to 226 trades in June. However, the total face value and turnover declined to K16 billion, driven by smaller trade sizes from retail investors.
The outlook for the Zambian capital market remains positive. Continued dividend declarations, transparent earnings updates, and increased mobile trading are expected to support further growth.
LuSE Chief Executive Officer Nicholas Kabaso emphasized that financial innovation, investor education, and regulatory stability will be essential in maintaining the market’s upward momentum into the second half of the year.
