Lusaka Stock Exchange
TypeStock Exchange
LocationLusaka, Zambia,
Founded21 February 1994
Market capZMW 76.77 billion

(US$ 4.4 billion)

(April 2023)

The Lusaka Stock Exchange (abbreviated to LuSE) is the principal stock exchange of Zambia. Founded in 1993, it is located in Lusaka. The LuSE is a member of the African Stock Exchanges Association.

As of 14 April 2022, the LuSE has 25 listed companies with a market capitalisation of ZMW 71.69 billion (US$ 4.1 billion).[1][2]


The Lusaka Stock Exchange (LuSE) was established with preparatory technical assistance from the International Finance Corporation (IFC) and the World Bank in 1993. The Exchange opened on 21 February 1994. In its first two years of operations, the LuSE and Securities and Exchange Commission (SEC) were funded by the UNDP and Government of Zambia as a project for financial and capital market development in Zambia, under the multi-component private sector development program.[3] The formation of LuSE was part of the government’s economic reform program aimed at developing the financial and capital market in order to support and enhance private sector initiative. It was also expected to attract foreign portfolio investment through recognition of Zambia and the region as an emerging capital market with potentially high investment returns. Another important role of LuSE was to facilitate the divestiture of Government ownership in parastatals and realization of the objectives of creating a broad and wide shareholding ownership by the citizenry via a fair and transparent process.[citation needed] The 1972 Securities Act revised to facilitate the establishment of the Securities Exchange. It was structured around models of a modern Stock Exchange with automated clearing and settlement facilities through a Central Securities Depository (CSD).[4] The Government of the Republic of Zambia (GRZ) provided grant financing to LuSE from 1993 till 2009. Subsequently, GRZ stopped providing support and LuSE became totally dependent on its listed companies to generate operational revenues. The sustainability of LuSE became dependent on increasing the number and size of companies that listed on the Exchange.[4] In 2005, the company introduced its own governance code for listed companies. All Africa later called the code "a landmark achievement in the development of corporate governance in Zambia."[5]

The LuSE, since inception, has expanded beyond being a platform for trading shares and bonds, as demonstrated by some companies from across the spectrum of industry that have used it to raise the public capital for expansion.[6] Among its largest companies in 2022, were Copperbelt Energy Corporation, and Zambia Sugar.[7] In January 2022, it was reported that the LuSE topped the list of the Best performing exchanges in Africa with a 93.2% gain.[8] In March 2022, the LuSE launched the online GEM Portal, an initiative approved by the Securities and Exchange Commission of Zambia to provide start-ups, small and medium businesses with access to funding to assist the growth of new business ventures and rebuild businesses impacted by the Covid-19 pandemic.[9] In September 2022, the government of Zambia announced a zero withholding tax on interest from investment in green bonds on the local bourse to stimulate green investments.[10] At the end of that month, the Lusaka Securities Exchange All Share Index had strengthened 28% YTD in dollar terms of which 17% is attributed to third quarter in comparison to the S&P500 which had slid 25% amidst a global environment characterized by excessive inflation, soft commodity price dislocations and monetary policy tightening.[11]

Mission statement and mandate

To provide investors, businesses and other issuers with an efficient, reliable, orderly, transparent and cost effective platform for the raising of capital and trading of securities.

The LuSE’s core mandate is to provide a fair and efficient platform through transparent and equitable trading of the listed securities. LuSE contributes to wealth development, financial services and a platform for investment for foreign and local investors. It provides a platform where companies can raise long term capital and secondary trading of shares. LuSE also provides facilities for the listing of securities and provides users with an orderly, transparent and regulated platform to trade.[12]

Market listings

As of October 2010 there were 22 Listings on the LuSE[13]
As of April 2022 there were 25 Listings on the LuSE[1][14][15]
Number Symbol Company Sector ISIN Code Notes
1. AECI African Explosives Zambia (Formerly AELZ) Basic Materials ZM0000000284 Explosives
2. ATEL Airtel Networks (Formerly CELTEL) Telecoms ZM0000000342 Telecommunications and mobile money
3. BATA Zambia Bata Shoe Company Consumer Goods ZM0000000102 Footwear
4. BATZ British American Tobacco Zambia Consumer Goods ZM0000000029 Tobacco products
5. CCAF CEC Africa Investment Financials ZM0000000516 Investment, Electric Power
6. CECZ Copperbelt Energy Corporation Utilities ZM0000000136 Power Generation and Electric Power Transmission
7. CHIL Lafarge Zambia (formerly Chilanga Cement) Industrials ZM0000000011 Cement and cement clinker Production
8. FQMZ First Quantum Minerals Zambia Basic Materials ZM0000000375 Copper and Gold Mining
9. INVE Investrust Bank Financials ZM0000000235 Banking, Finance
10. MAFS Madison Financial Services Company Financials ZM0000000391 Insurance, Finance
11. NATB National Breweries Consumer Goods ZM0000000086 Alcoholic beverages
12. PMDZ Pamodzi Hotels Consumer Services ZM0000000177 Lodging, Hospitality and Leisure Services
13. PUMA Puma Energy Zambia (formerly BP Zambia) Energy ZM0000000194 Oil, Gas Production and Petroleum products
14. REIZ Real Estate Investments Zambia Real Estate ZM0000000045 Real Estate Investment
15. SCBL Standard Chartered Bank (Zambia) Financials ZM0000000094 Finance, Banking
16. SHOP Shoprite Holdings Consumer Goods ZAE000012084 Supermarket Retailing
17. ZABR Zambian Breweries Consumer Goods ZM0000000078 Alcoholic beverages
18 ZCCM ZCCM Investment Holdings Basic Materials ZM0000000037 Mining Investments. Copper
19. ZMRE Zambia Reinsurance Financials ZM0000000326 Reinsurance Services
20. ZMBF Zambeef Products Consumer Goods ZM0000000201 Livestock & Livestock products
21. ZMFA Metal Fabricators of Zambia (ZAMEFA) Industrials ZM0000000243 Electric Power Cables, Engineering, Applied Electronics
22 ZNCO Zambia National Commercial Bank Financials ZM0000000250 Banking, Finance
23 ZSUG Zambia Sugar Consumer Goods ZM0000000052 Sugar Production
24. ZFCO Zambia Forestry and Forest Industries Corporation (ZAFFICO) Basic Materials ZM0000000524 Forestry and Paper
25. IZWE Izwe Loans Zambia (“IZWE”) Financials Finance
ZSLA Zambia Sugar Rights Issue No Longer Listed
CCHZ Cavmont Capital Holdings Zambia No Longer Listed
FARMPREF Farmers House Preferred No Longer Listed

Alternative Market

In May 2016, the Lusaka Stock Exchange announced the introduction of the LuSE Alt-M, an alternative market for small and medium sized enterprise to participate in.[16]

See also


  1. ^ a b Lusaka Stock Exchange (17 April 2022). "Lusaka Stock Exchange Listed Companies". Retrieved 17 April 2022.
  2. ^ African 'XChanges (14 April 2022). "Lusaka Securities Exchange (LuSE) Live". Retrieved 17 April 2022.
  3. ^ "Introduction to the Lusaka Stock Exchange". Retrieved 2023-03-02.
  4. ^ a b "LuSE". Retrieved 2020-05-28.
  5. ^
  6. ^ "LuSE". Retrieved 2020-05-28.
  7. ^
  8. ^ Lusaka Times (10 January 2022). "LuSE tops list of best performing African Stock Markets". Retrieved 17 April 2022.
  9. ^ Times of Zambia (24 March 2022). "LuSE Launches Online GEM Portal". Retrieved 17 April 2022.
  10. ^ "Zambia seeks to deepen capital markets with green bonds 2023 fiscal plan incentivizes issuances on local bourse". 3 October 2022. Retrieved 8 October 2022.
  11. ^ "Rosy but thorny amidst global chaos Zambia still Africa's sole investment asset hotspot". 6 October 2022. Retrieved 8 October 2022.
  12. ^ "LuSE". Retrieved 2020-05-28.
  13. ^ "LuSE". Retrieved 2017-08-16.
  14. ^ African Markets (17 April 2022). "LuSE Listed Companies". Retrieved 17 April 2022.
  15. ^ PWC (30 September 2021). "Listed companies analysis report 2020" (PDF). Retrieved 19 April 2022.
  16. ^ African-Markets (May 2016). "LuSE Alternative Markets". Retrieved 17 April 2022.