LuSE Records Strong Equity and Bond Market Performance in July
The Lusaka Securities Exchange (LuSE) recorded a robust performance in July 2025, driven by bullish trends in both equity and fixed-income markets, signaling renewed investor confidence in Zambia’s capital markets.
According to LuSE Chief Executive Officer Nicholas Kabaso, the Lusaka All Share Index (LASi) reached a new all-time high of 21,041.02, representing a 4% monthly increase and a 36% year-to-date gain. The rally was led by Zambia Metal Fabricators (ZMFA), which surged 50% to K15.00, followed by AECI Mining Explosives (AEC) up 34% to K70.00, British American Tobacco Zambia (BATZ) up 12% to K10.00, and Copperbelt Energy Corporation (CECZ) up 11% to K23.26.
Other notable gainers included ZCCM-IH (29%) and REIZ preference shares (233%), although the latter do not impact the index.
However, the month also saw losses for a few counters. Zambeef (ZMBF) declined by 22% to K1.75, PUMA Energy (PUMA) fell 89% to K4.59, and Standard Chartered Bank Zambia (SCBL) dropped 19% to K2.73. The REIZ Real Estate Investment Trust (REIZUSD) ended the month down 11% at $0.08.
Market turnover surged to K299 million, a 143% rise from K123 million in June, making July the second-highest turnover month of 2025. CECZ led trading volumes with K252 million, followed by BATZ (K16 million) and Zanaco (K13 million).
Retail participation through the LuSE mobile app continued to climb, with buy-side turnover hitting K3.2 million, up 196%, although sell-side activity decreased by 279% to K324,000. This marks the fourth consecutive month of increased mobile trading, with cumulative turnover surpassing K13 million.
On the fixed-income side, the secondary bond market saw a total face value of K1.97 billion traded, up 169% from June. Corresponding turnover was K1.9 billion, reflecting a 99% rise, as institutional investors continued to favor government bonds for their stability and predictable returns.
Kabaso expressed optimism about the outlook, citing Zambia’s stable macroeconomic environment, growing retail investor engagement, and strong demand for fixed-income instruments. “While some investors may look to rebalance after recent gains, we expect sustained momentum driven by both institutional and retail activity,” he said.
