Zambia’s Stock Market Tops the World in August on Copper Boom
Zambia’s Stock Market Tops the World in August on Copper Boom
The Lusaka Securities Exchange All Share Index (LASI) jumped 14.3% in August, making it the world’s best-performing market for the month.
Year-to-date, LASI has risen nearly 56% in local currency and 84% in USD, second only to Ghana among dollar-based gains.
The rally is led by Copperbelt Energy Company (CEC), which supplies electricity to Zambia’s mines. CEC’s stock has surged over 75% this year, becoming the first Zambian company to surpass $1 billion market cap. First-half earnings per share are expected to rise 42%.
Zambia’s fundamentals also boost optimism: copper output rose 18% year-on-year in H1 2025, with a government target of 1 million tonnes this year. Copper prices remain around $9,818/tonne. Meanwhile, the kwacha has strengthened 19% against the dollar, aided by sovereign debt progress.
Global August performance:
🪙 Lusaka All Share Index (Zambia): +14.3%
🪙 S&P 500 (US): +2.75%
🪙 NYSE Composite Index (US): +1.88%
🪙 London Stock Exchange All Share Index (UK): +1.23%
🪙 STOXX Europe 600 (Europe): +0.74%
Zambia’s stock market has not only outpaced developed market benchmarks by a wide margin but also cemented its place as the standout performer in 2025 so far.
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