Top 10 LuSE Zambia Stocks to Buy in 2026

Last updated: 15 June 2026 | Reading time: ~9 minutes

Zambia is having a moment. The Lusaka Securities Exchange (LuSE) is riding one of the strongest macro backdrops in a decade: copper prices near record highs, a kwacha that has clawed back ground against the US dollar, and falling inflation that has restored a measure of investor confidence. The benchmark LuSE All Share Index (LASI) rose roughly 5% in the first quarter of 2026 to close above 27,000 points, building on a powerful 2025, and market capitalisation has pushed past K340 billion. For a frontier exchange that spent years in the shadows, that is a genuine re-rating. You can track the full list of listed counters on Mansa Markets Zambia.

The story underneath the index is overwhelmingly about copper. Zambia is on track to exceed 1 million tonnes of copper output in 2026 for the first time, with the government targeting 3 million tonnes by the early 2030s. Copper accounts for over 70% of export earnings, so when the metal trades well — and the World Bank expects copper prices to set a fresh annual record in 2026 — the kwacha firms, importers and consumers breathe easier, and the listed banks, brewers and agri-processors all benefit downstream. If you want the full picture on the metal driving everything, our copper price guide breaks it down. For how the exchange itself works — trading hours, settlement, how to open an account — see our Lusaka Securities Exchange (LuSE) guide.

A quick note on the picks below: LuSE is a thin, dividend-driven market where many counters trade by appointment, so we lead with sector position, earnings and dividend context — the right lens for a buy-and-hold frontier portfolio. For live prices, open any stock's page or visit Mansa Markets Zambia; inline figures (some flagged "~K") are point-in-time.

## 1. Zambia National Commercial Bank (LuSE: ZNCO)

Sector: Banking | Dividend Yield: dividend-paying (final dividend declared for FY2025)

Zanaco is Zambia's largest indigenous bank by branch footprint and one of the most reliable earnings stories on the LuSE. For the year ended 31 December 2025 the bank grew profit after tax around 11% to roughly K2.0 billion, with earnings per share of about K1.38. The balance sheet expanded strongly — total assets up about 21% to K58.2 billion, deposits up 25% to K45.1 billion — which tells you the franchise is taking share, not just riding rates.

Crucially for income investors, Zanaco is a consistent dividend payer; distributions for the year came to roughly K632 million, edging up year-on-year. With copper revenues lifting corporate activity and a firmer kwacha easing the inflation backdrop, a well-capitalised retail and corporate bank like Zanaco is geared directly into the recovery without taking on commodity-price risk itself.

Why buy in 2026: Largest local bank with double-digit profit growth, a fortress balance sheet and a dependable dividend, all leveraged to Zambia's broadening economy.

## 2. Copperbelt Energy Corporation (LuSE: CECZ)

Sector: Power / Utilities | Dividend Yield: USD-denominated dividend payer

CEC is, in many ways, the single highest-quality counter on the exchange. In 2025 it became the first LuSE company to cross a US$1 billion market capitalisation, and the numbers explain why: revenue of about US$711.6 million (+30%), profit after tax of roughly US$126.9 million (+31%) and an approved dividend of about US$63.4 million. Reporting in dollars, it gives shareholders a natural hedge against kwacha volatility.

CEC transmits and distributes the power that the Copperbelt's mines run on, so it is a direct beneficiary of rising copper production without the operational risk of running a mine. It is also building out generation — the 136 MW Itimpi II plant and a 12 MW solar facility are due to be commissioned in 2026 — positioning it for the energy shortfall that has plagued the region.

Why buy in 2026: The blue-chip infrastructure play on Zambia's copper boom, with dollar earnings, dollar dividends and a growing renewable pipeline.

## 3. ZCCM Investment Holdings (LuSE: ZCCM)

Sector: Mining investment holding | Dividend Yield: dividend payer (policy: 35% of realised profits)

ZCCM-IH is the state's mining-investment vehicle and the most direct way for a public-market investor to own a slice of Zambia's copper across the cycle. It holds stakes in Mopani, KCM, CEC, Maamba Energy and a portfolio of other assets. For 2024 it lifted its dividend to K529 million (35% of realised accumulated profits), more than double the prior year, and Maamba paid ZCCM-IH a dividend for the first time since 2016.

Be clear-eyed about the risks: ZCCM-IH reported a loss in the first half of 2025, driven by production shortfalls at Mopani (an oxygen-plant shutdown) and KCM (smelter and acid-supply issues), plus FX losses as the strengthening kwacha hit dollar-denominated assets. This is the higher-risk, higher-leverage way to play the theme — but if the Mopani and KCM turnarounds deliver into rising copper prices, the upside is the largest on this list.

Why buy in 2026: A leveraged, government-backed proxy on Zambia's push past 1 million tonnes of copper — for investors who can stomach mining-cycle volatility.

## 4. Standard Chartered Bank Zambia (LuSE: SCBL)

Sector: Banking | Dividend Yield: historically a dividend payer

Standard Chartered Zambia gives you a second, complementary banking exposure alongside Zanaco — but with a different flavour. As the local arm of a global franchise, it skews toward corporate, trade-finance and institutional business, exactly the activity that picks up when mining houses, traders and large importers are busy. A firmer kwacha and lower inflation are tailwinds for a bank whose book is sensitive to trade volumes and corporate confidence.

For a frontier banking allocation, holding both a large indigenous retail bank (Zanaco) and an international corporate bank (StanChart) is a sensible way to diversify within the same recovery theme. StanChart counters across Africa have generally been reliable dividend distributors, which suits the income-oriented LuSE investor.

Why buy in 2026: International-grade corporate and trade-finance bank geared to rising mining and import activity, with a track record of returning cash to shareholders.

## 5. Zambia Sugar (LuSE: ZSUG)

Sector: Agriculture / Food | Dividend Yield: strong dividend payer

Zambia Sugar is one of the LuSE's standout agribusiness names and a heavy contributor to the index's recent strength. Its most recent full-year results showed earnings per share roughly doubling and revenue up around 29% to about K7.5 billion, with net income more than doubling — a powerful operational year. As the dominant sugar producer in a market with both domestic demand and regional export channels, it has genuine pricing power.

The investment case combines defensive consumer-staple demand with export optionality. A stronger kwacha cuts the cost of imported inputs, while regional sales provide hard-currency revenue. With earnings of this quality, Zambia Sugar has the capacity to keep rewarding shareholders, and it was among the counters singled out for driving market capitalisation higher in early 2026.

Why buy in 2026: A dominant, dividend-rich consumer staple with both domestic resilience and regional export upside.

## 6. Zambeef Products (LuSE: ZMBF)

Sector: Agriculture / Food processing | Dividend Yield: varies (cyclical earnings)

Zambeef is Zambia's vertically integrated protein and food champion — beef, chicken, pork, dairy, eggs, edible oils, stockfeed and flour, plus a retail network. That breadth makes it a play on the broad consumer-staples basket of a growing, urbanising population, and a beneficiary of the disposable-income lift that flows from a stronger kwacha and easing food inflation.

The flip side is that Zambeef is more cyclical and capital-intensive than a pure brewer or sugar producer; margins move with input costs, weather and the cropping calendar. But for investors who want a single, liquid name that captures the entire Zambian food value chain — from farm to retail shelf — Zambeef is the obvious vehicle, and its scale gives it resilience that smaller agri counters lack.

Why buy in 2026: The integrated bet on Zambia's protein and staple-food demand, geared to rising real incomes as inflation cools.

## 7. Zambian Breweries (LuSE: ZABR)

Sector: Consumer / Beverages | Dividend Yield: modest / variable

Zambian Breweries is the country's leading brewer and one of the most actively traded counters on the LuSE — it ranked as the single most-traded stock on the exchange over the three months into early 2026, with tens of millions of shares changing hands. For a market where illiquidity is the chief frustration, that tradability is itself a feature: you can build and exit a position without moving the price the way you might in a sleepier name.

The fundamental case is classic consumer-staples leverage to a recovering economy. As inflation falls and real incomes recover on the back of copper earnings, beer volumes typically follow. Backed by a global brewing parent, the company brings brand strength, distribution scale and operational discipline. Dividends have been variable, so treat this as more of a growth-and-liquidity holding than a pure income play.

Why buy in 2026: The most liquid consumer-staples counter on the LuSE, directly geared to rising disposable incomes.

## 8. Airtel Networks Zambia (LuSE: ATEL)

Sector: Telecommunications | Dividend Yield: growing dividend payer

Airtel Zambia is having an exceptional run. For 2025 it grew revenue about 26% to roughly K9.0 billion, lifted operating profit around 36%, and pushed profit after tax up about 41% to roughly K1.8 billion — with the declared dividend rising about 37% to around K1.55 billion. It is also investing aggressively, deploying roughly US$107 million to add hundreds of new sites and target 95% population coverage.

The structural story is compelling: mobile data penetration in Zambia still has a long runway, and the explosive growth of mobile money (Airtel Money is a region-wide growth engine) layers a fintech option on top of the core telco. A firmer kwacha also flatters reported results for a business with dollar-linked costs. This is one of the clearest growth-plus-dividend combinations on the exchange.

Why buy in 2026: Double-digit revenue growth, a 40%-plus profit jump, a rising dividend and a mobile-money optionality kicker.

## 9. British American Tobacco Zambia (LuSE: BATZ)

Sector: Consumer / Tobacco | Dividend Yield: high-payout dividend stock

BAT Zambia is the textbook frontier-market income stock: a defensive, cash-generative consumer franchise that returns most of its profit to shareholders. For 2025 it grew profit for the year to about K216.6 million (up from K196.2 million) and lifted operating profit despite a revenue dip, and it proposed a final dividend of K0.50 per share. The margin expansion in a softer top-line year shows real cost discipline.

The honest risk to flag is illicit trade, which BAT cited as the reason revenue slipped — smuggled product erodes the legal market. But for an investor whose primary objective is yield from a stable, branded business that is largely insulated from the copper cycle, BAT Zambia is among the most dependable distributors on the LuSE. It is the ballast in a Zambian portfolio.

Why buy in 2026: A high-payout, defensive dividend counter that diversifies a copper-heavy portfolio away from the commodity cycle.

## 10. Puma Energy Zambia (LuSE: PUMA)

Sector: Energy / Fuel distribution

Puma Energy Zambia is the contrarian, recovery-oriented name on this list. It operates one of the country's largest fuel storage, distribution and retail networks — infrastructure that is indispensable to a mining economy ramping toward 1 million-plus tonnes of copper, where haulage, processing and logistics all run on fuel. As copper output expands, so does downstream fuel demand.

Be clear that 2025 was a tough year: revenue fell roughly 28% to about K10.65 billion and the board did not declare a dividend, choosing to preserve liquidity and rebuild its financial standing. So this is not an income pick today — it is a turnaround and asset-backed value idea. For investors who believe a stronger macro and rising mining throughput will restore margins and, in time, dividends, the current depressed earnings base offers leverage to a recovery.

Why buy in 2026: A depressed, asset-heavy distribution network levered to surging mining-driven fuel demand — a recovery play, not an income one.

## How to buy LuSE stocks

To buy any of these counters you will need a brokerage account with a LuSE-licensed stockbroker and a CSD (Central Securities Depository) account; our step-by-step Lusaka Securities Exchange (LuSE) guide walks through the process, trading hours and settlement. You can research every listed company, sector and recent move on Mansa Markets Zambia before you place an order — and remember that LuSE is a thin market, so use limit orders and size positions for liquidity.

This article is for information only and is not investment advice; do your own research and consult a licensed financial adviser before investing.