Zambian Equities Gain as Turnover Surges on LuSE

The Lusaka Securities Exchange (LuSE) closed the week on a positive note, with the All Share Index (LASI), excluding ZCCM-IH, rising by 1.85% week-on-week to finish at 25,132.96 points.

Market turnover surged significantly to ZMW 53.21 million (USD 2.25 million) on 2.09 million shares traded, compared to last week’s ZMW 21.64 million (USD 913,813) on 1.64 million shares. Chilanga Cement PLC dominated market activity, contributing 82.88% of total turnover.

The listed Real Estate Investment Trust (REIT), Real Estate USD, recorded 47,713 units traded, generating turnover of USD 2,319 (ZMW 54,805), with no price movement during the period.

AECI emerged as the week’s strongest gainer, advancing by ZMW 21.98 (USD 0.93), or 28.17%, to close at ZMW 100.00 (USD 4.22). Other notable gainers included ZAMEFA (+18.78%), Zambrew (+12.20%), BATZ (+8.11%), and ZSUG (+7.59%).

On the downside, CEC dropped by ZMW 0.11 (USD 0.00), or 0.43%, to close at ZMW 25.72 (USD 4.22). ZAFFICO (-1.13%), ZANACO (-1.59%), Airtel (-2.81%), and Bata (-4.76%) also recorded losses.

The Kwacha appreciated against major currencies, strengthening by 1.22% against the British Pound, 0.77% against the US Dollar, 0.72% against the South African Rand, and 0.45% against the Euro. The USD/ZMW exchange rate closed at 23.6783.

Corporate Updates

• Bata Zambia announced unaudited half-year results to 30 June 2025, reporting a 19% increase in turnover to ZMW 179 million. Profit before tax rose 24%, while earnings per share stood at ZMW 0.27. Total assets reached ZMW 276.8 million.
• Madison Financial Services (MFS PLC) confirmed the appointment of Chabala Mumbi as CEO, effective 16 July 2025, following his acting tenure. Jerry Soko joined as an independent non-executive director, while Dr Lawrence Samva Sikutwa retired from the board.
• Puma Energy Zambia reported a net loss after taxation of ZMW 154.29 million for the half year ended 30 June 2025. Revenue stood at ZMW 5.64 billion, down 27% due to lower volumes and persistently weak margins. Management announced plans to enhance operational efficiency.
• Copperbelt Energy Corporation (CEC) announced the retirement of director Mr Hastings Mtine, effective 31 August 2025.
• Chilanga Cement declared an interim dividend of ZMW 2.00 per share for the half year ending 30 June 2025, payable on 13 October 2025. The last day to trade and qualify is 7 October, with record date on 10 October.

Year-on-year inflation eased by 0.40 percentage points to 12.60% in August 2025. The Bank of Zambia maintained the Monetary Policy Rate at 14.5%. Treasury bill yields stood at 12.75% for 182-day and 14.5% for 364-day papers.

Dividend Announcements

• Airtel Zambia declared an interim dividend of ZMW 3.51 per share, payable 22 September 2025.
• Shoprite declared ZMW 6.61 per share, payable 29 September 2025.
• Chilanga Cement’s interim dividend of ZMW 2.00 per share will be paid 13 October 2025.
• CECZ announced ZMW 0.91 per share, payable 17 November 2025.

Stockbrokers Zambia analysts noted that market sentiment remains mixed, with strong corporate results in some counters offset by losses in others. Gains in manufacturing stocks such as AECI, ZAMEFA and Zambrew provided momentum, while losses in financial and telecoms counters weighed on the index.

With inflation moderating and the Kwacha strengthening, analysts expect selective opportunities for investors. However, they cautioned that share prices may fluctuate and advised investors to seek professional advice.

As of 19 September 2025, LuSE’s market capitalisation stood at approximately ZMW 148 billion (USD 6.27 billion).