Zambia’s equity market has taken the global spotlight after the Lusaka Securities Exchange All Share Index (LASI) surged 14.3% in August, the strongest performance among stock markets worldwide for the month.
The rally builds on a strong year for Zambian equities. Year-to-date, LASI is up nearly 56% in local currency terms and 84% in US dollar terms, ranking second only to Ghana when measured by dollar-based gains.
At the center of the rally is Copperbelt Energy Company (CEC), the electricity supplier for Zambia’s mining sector. CEC shares have climbed more than 75% since the start of 2025, making it the first Zambian firm to cross the $1 billion market capitalization mark. Analysts expect the company’s first-half earnings per share to rise by 42%, reflecting robust demand from copper producers.
Optimism around Zambia’s mining industry has further fueled market confidence. Copper production rose 18% year-on-year in the first half of 2025, and the government is targeting annual output of 1 million tonnes. Prices for the metal, a key driver of Zambia’s economy, have held firm around $9,818 per tonne.
The kwacha has also provided support, appreciating 19% against the US dollar this year on the back of progress in restructuring the country’s sovereign debt. A stronger currency has amplified dollar-based returns for foreign investors.
By comparison, major global markets delivered modest gains in August. The S&P 500 rose 2.75%, the NYSE Composite Index added 1.88%, London’s All Share Index gained 1.23%, and the STOXX Europe 600 advanced 0.74%.
With copper prices stable, production expanding, and corporate earnings improving, Zambia’s stock market has outpaced developed market benchmarks by a wide margin and cemented its place as one of 2025’s standout performers.
