LuSE Sees Mixed Market Performance in November 2025
The Lusaka Securities Exchange (LuSE) recorded a mixed performance in November 2025, marked by uneven price movements across listed equities and a significant decline in market turnover compared to October. Despite the overall slowdown, several counters registered strong gains, while retail investor activity through the LuSE Mobile App continued to strengthen.
According to a statement issued by Nicholas Kabaso, Chief Executive Officer, the Lusaka All Share Index (LASI) closed the month at 25,168.25, representing a 1.07% decline from 25,441.23 recorded in October. The Free Float Index also fell sharply by 4.90% to 14,750.23, signalling a period of selective investor repositioning and softer demand.
Chilanga Cement (CHIL) was the standout performer, surging 55% to close at K62.00. Pamodzi (PMDZ) gained 9.74%, closing at K4.62, while ZMRE and ZFCO rose 3.85% and 3.48%, respectively. Marginal gains were also noted in BATA, MAFS, ZCCM, CCAF, ZABR, ZSUG, and AEL.
On the downside, British American Tobacco Zambia (BATZ) recorded the steepest decline, falling 16.13% to K13.00. Copperbelt Energy Corporation (CECZ) dropped 12.45% to K20.04, and Zambia Metal Fabricators (ZMFA) slipped 9.09%. Zambeef (ZMBF) eased marginally by 0.89%, while the dollar-denominated REIZUSD REIT closed unchanged at $0.09.
Total market turnover fell sharply to K27.4 million, down from K59 million in October. However, several counters still posted robust trading activity. CECZ led with K4.95 million in turnover, followed by Chilanga Cement with K4.62 million, and Zambia Breweries (ZABR) with K4.37 million. Airtel (ATEL) and ZCCM posted K3.25 million and K2.46 million, respectively.
Trading in the REIZUSD Real Estate Investment Trust remained active, recording 48 trades amounting to 1,283,272 units, and generating a turnover of $109,244.48.
The secondary government bond market continued to show resilience, supported by strong institutional investor participation and consistent demand for medium- to long-term bond maturities.
Kabaso noted that yields remained broadly stable across most tenors, reflecting improved investor confidence following Zambia’s recent sovereign credit rating upgrades. Total bond market turnover reached K1.27 billion, representing a 5% month-on-month decline.
Retail participation via the LuSE Mobile App strengthened further in November. Buy-side turnover increased to K5.5 million, up from K4.6 million in October, while sell-side turnover held steady at K621,881.21. Total mobile-generated turnover reached K6.12 million, reaffirming the platform’s growing role in broadening access to capital markets.
Looking ahead to the first quarter of 2026, LuSE anticipates a more stable trading environment supported by improving macroeconomic fundamentals, better corporate earnings prospects, and renewed offshore investor interest following recent rating improvements.
Kabaso added that growing retail participation, particularly via digital platforms, and ongoing market development initiatives are expected to bolster market liquidity and depth. However, investor sentiment is likely to remain sensitive to inflation movements, currency stability, and global commodity price trends.
