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2023 market analysis shows Zambia’s stock market to maintain upward trajectory


A market analysis review for 2023 conducted by ZATU Financial Consultants has showed Zambia’s stock market maintaining its upward trajectory despite a weak exchange rate experienced during the year.

On market capitalisation and economic resilience, the firm’s Founding Partner, Munyumba Mutwale, said the sector maintained its upward trajectory even amidst a weak exchange rate.

“The stock market capitalisation, excluding Shoprite Holdings, closed at a record K53 billion (US$2 billion), a 43 percent surge within the year and an impressive 108 percent increase since 2018.

“Despite persistent hurdles in foreign exchange markets, inflation and interest rates, the nation’s economic growth buoyed the stock market, maintaining its upward trajectory even amidst a weak exchange rate,” Mutwale said.

He indicated that Zambian stocks continued to take a positive cue from improved mining, energy, telecommunications and petroleum demand outlooks.

Other sectors that have performed stellar including banking and construction.

Mutwala also indicated that the Lusaka Securities Exchange (LuSE) saw its third consecutive rally, reaching historic highs with the All Share Index (ALSI) closing above 10,000 for the first time and peaking at 10,828.18.

“Notably, market growth was largely concentrated in Copperbelt Energy Corporation – CEC (+87.6 percent), Illovo’s Zambia Sugar (+94.4 percent) and Airtel Networks (+152 percent) driving 85 percent of the market capitalisations expansion.

“Dividend-rich companies dominated market movements, rewarding shareholders and influencing market dynamics. The ALSI is up 47.6 percent in financial year compared to 20 percent in financial year 22,” he said.

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