Lusaka Securities Exchange (LuSE): Zambia's Stock Market Explained

Zambia occupies a quiet but strategically significant corner of the African investment landscape. As one of the world's largest copper producers — and a country whose economic fortunes are intimately tied to the global copper price — Zambia represents a compelling and highly differentiated entry point into African capital markets.

The Lusaka Securities Exchange, known as the LuSE, is Zambia's primary capital market. It lists 23 companies across mining, banking, manufacturing, agriculture and telecoms, with a combined market capitalisation of approximately ZMW 142 billion.

What is the Lusaka Securities Exchange?

The Lusaka Securities Exchange was incorporated in 1993 and began trading in 1994, making it one of southern Africa's older exchanges. It is regulated by the Securities and Exchange Commission of Zambia (SEC Zambia) and operates from its headquarters in Lusaka, the capital.

The LuSE uses an automated trading system and is open Monday through Friday from 10:00 to 12:00 Central Africa Time (CAT). Settlement is T+3, administered by the ZSSD (Zambia Securities Settlement Depository).

→ View LuSE live data on Mansa Markets

LuSE All Share Index

The LuSE All Share Index is the primary benchmark for the exchange, tracking all listed equities. As of early 2026, the index stands at 27,148.08 — representing a year-to-date gain of approximately 11.2%.

The LuSE has historically delivered strong returns in Kwacha terms, though currency volatility (the Zambian Kwacha has experienced significant devaluation cycles) can significantly affect USD-adjusted returns for international investors.

LuSE Listed Companies

Zambia Sugar — A subsidiary of AB Foods (Associated British Foods) and one of the LuSE's most liquid stocks. Zambia Sugar operates the Nakambala Sugar Estate — one of the largest sugar estates in Africa — and supplies both domestic and regional markets.

Standard Chartered Bank Zambia — The Zambian subsidiary of Standard Chartered, one of the oldest and most established banks in the country with a strong corporate and institutional banking franchise.

Zanaco (Zambia National Commercial Bank) — Zambia's largest bank by retail network, with a particularly strong presence in agricultural and rural banking through its agency network.

Copperbelt Energy Corporation (CEC) — A critical piece of Zambian infrastructure, CEC is the primary electricity transmission company for the Copperbelt — the mining heartland that accounts for a disproportionate share of Zambia's GDP and export earnings.

Lafarge Cement Zambia — Part of the Holcim Group, Lafarge Cement is Zambia's dominant cement producer and a major beneficiary of the country's infrastructure investment programme.

Investrust Bank — A domestically owned Zambian bank focused on retail and SME banking, representing the indigenous private sector financial industry.

ZCCM Investment Holdings — The government-owned holding company with interests in several Zambian copper mining operations, providing indirect exposure to copper through the LuSE.

Zambia's Copper Economy

To understand the LuSE, you must understand copper. Zambia is the world's seventh largest copper producer and the second largest in Africa after the Democratic Republic of Congo. Copper accounts for approximately 70% of Zambia's export earnings and is the primary driver of fiscal revenues.

This copper dependency creates a distinctive risk-return profile for Zambian investments:

Upside — When global copper prices rise (driven by EV battery demand, renewable energy infrastructure, and global construction) Zambia's economy outperforms significantly. GDP growth, tax revenues, and the Kwacha all strengthen in copper bull markets.

Downside — When copper prices fall, the reverse is true. Zambia has experienced significant economic stress during copper price downturns, including a sovereign debt default in 2020 — the first in sub-Saharan Africa during the COVID era.

Structural Tailwind — The global energy transition is structurally bullish for copper. Electric vehicles require 4x more copper than combustion engine vehicles. Solar panels, wind turbines, and grid infrastructure all consume vast quantities of copper. This structural demand shift is a long-term tailwind for Zambian copper producers and, by extension, the Zambian economy and the LuSE.

Zambia's Debt Restructuring — A New Chapter

Zambia completed a historic sovereign debt restructuring in 2023, resolving a two-year impasse with bilateral and commercial creditors. The restructuring — facilitated by the G20 Common Framework and involving China, France, the US and major bondholders — restored Zambia's access to international capital markets and provided the fiscal space for renewed investment.

This restructuring has had a direct positive impact on the LuSE, with the All Share Index recovering strongly as investor confidence returned. Zambia's successful restructuring has also made it a template for other heavily indebted African sovereigns navigating the post-COVID fiscal landscape.

LuSE Mobile Trading

In partnership with MTN Zambia, the LuSE launched LuSE Mobile in 2021 — one of Africa's first exchange-operated mobile trading apps. LuSE Mobile allows investors to place buy and sell orders, view real-time market data, access transaction history, and receive personalised notifications. Available on Google Play and the Apple App Store.

How to Invest in LuSE Stocks

Open a ZSSD Account — All investors require a Zambia Securities Settlement Depository account to hold listed securities.

Choose a Stockbroker — Licensed LuSE stockbrokers include Pangaea Securities, Stockbrokers Zambia, and Madison Asset Management. Foreign investors can open accounts remotely.

Currency Considerations — All LuSE transactions are in Zambian Kwacha (ZMW). International investors should carefully assess ZMW/USD exchange rate risk given the Kwacha's historical volatility.

For live LuSE data including the All Share Index, top movers, and all 23 listed companies, visit the Zambia Market Desk on Mansa Markets.