LuSE Records Strong March Performance as Klapton Re Lists on Main Board
The Lusaka Securities Exchange (LuSE) recorded a strong performance in March 2026, marked by a significant new listing, modest market gains and increased retail investor participation.
The highlight of the month was the debut of Klapton Reinsurance, which commenced trading under ISIN ZM00000000599. The company listed 2,821,875,000 ordinary shares at K0.35 per share, representing 25% of its issued share capital. Notably, Klapton Re becomes the first Moody’s-rated entity to list on the LuSE Main Board, signalling growing investor confidence.
According to LuSE Chief Executive Officer, Nicholas Kabaso, the listing follows closely on the heels of DotCom Zambia’s debut in December, reflecting renewed listing momentum on the Exchange.
Market capitalisation stood at K341,874,473,257.74 (approximately US$17 billion) at the end of March, highlighting the Exchange’s expanding market value.
The LuSE All Share Index recorded a modest 1% increase from the previous month, reflecting continued steady capital appreciation. On a year-to-date basis, the market delivered gains of 5.30% in local currency, reinforcing its position as an attractive frontier market for both domestic and international investors.
Several stocks registered gains during the month. AECI rose slightly from K129.67 to K129.88, Zambeef Products (ZFCO) increased from K4.50 to K5.00, while Zambia Sugar (ZSUG) advanced from K72.80 to K74.98 per share.
However, some counters experienced declines. Bata closed at K8.39 from K8.50, British American Tobacco Zambia (BATZ) fell from K14.37 to K12.99, and Chilanga Cement (CHIL) declined from K80.50 to K77.60. Puma Energy dropped to K2.50 from K3.00, while Standard Chartered Bank Zambia (SCBL) fell to K1.30 from K1.97. ZCCM Investments Holdings (ZNCO) also edged down from K9.89 to K9.74, alongside declines in AEL Zambia.
The REIZ Real Estate Investment Trust (REIZUSD) remained stable at US$0.09 per share.
Despite mixed price movements, total market turnover increased to K64.3 million, representing a 7% rise from the previous month. This indicates that gains were largely driven by selective demand in key securities rather than broad-based market activity.
Retail participation continued to grow, supported by the LuSE Mobile App. Registered users rose to 36,058, reflecting a 9% month-on-month increase. The platform continues to attract younger and first-time investors by offering accessible, real-time market information and convenient trading services.
In the fixed-income segment, secondary market activity improved, with turnover rising to K6.5 billion in March from K5.7 billion in February 2026. This signals growing investor interest in government securities and other fixed-income instruments.
During the same period, the Government, through the Secretary to the Treasury, announced measures aimed at restructuring the domestic bond market. The reforms are expected to consolidate fragmented issuances, enhance liquidity in the secondary market, support the development of a reliable yield curve, and promote a deeper and more diversified bond market.
Looking ahead, Kabaso expressed optimism about the market outlook, citing sustained capital appreciation, increased retail participation and ongoing structural reforms as key growth drivers.
“The outlook for both the equity and fixed-income markets remains positive, positioning the LuSE as a key platform for capital formation and investment in the region,” he said.
