Zambia’s Stock Market Tops Global Charts on Copper Surge
Zambia’s stock market outpaced the world in August, with the Lusaka Securities Exchange All Share Index climbing 14.3% as the country benefits from a copper boom.
Zambia’s stock market outpaced the world in August, with the Lusaka Securities Exchange All Share Index climbing 14.3% as the country benefits from a copper boom.
The gauge is also the top performer globally so far this year, gaining nearly 56% in local currency terms and about 84% in dollar terms, second only to Ghana’s exchange, according to Bloomberg.
Driving the rally is Copperbelt Energy Corp. Plc, which supplies power to mines in Africa’s second-largest copper producer.
The stock has jumped more than 75% in 2025, making it the first Zambian company to surpass a $1 billion valuation. CEC said Thursday it expects first-half earnings per share to rise 42%.
Copper production rose 18% in the first half to 439,644 metric tons, with the government targeting record output of one million tons in 2025. Prices for the metal, used in electrical wiring, have held near $9,818 a ton on the London Metal Exchange, providing further support.
The copper rally is also buoying Zambia’s currency. The kwacha has strengthened 19% against the dollar this year, ranking among the world’s best performers as the government finalises a long-awaited sovereign debt restructuring.
Business Insider Africa earlier reported that Zambia’s campaign against inflation gained steam in August, when the country posted its lowest annual rate in over two years, indicating that currency strength and favourable commodity prices are beginning to alleviate pricing pressures.
Food inflation, the primary driver of household spending pressures, fell to 14.9% from 15.3% the previous month, while non-food inflation slowed to 9.3% from 9.7%. Monthly costs increased by only 0.5%.
