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Zambia capital market closes Q1, 2024 with K102.67 billion total savings


Total savings in Zambia’s capital markets closed the first quarter of this year at K102.67 billion driven by the increase in the market price of shares listed on the Lusaka Securities Exchange PLC.

This is according to the Securities and Exchange Commission (SEC) Chief Executive Officer, Phillip Chitalu, when giving an update on the performance of the Capital Markets for the first quarter of 2024 in Lusaka on Tuesday.

Chitalu informed the media that total savings in the capital markets substantially increased by 10.08 percent during the first quarter of 2024, closing at K102.67 billion as at March 31, 2024.

He explained that this growth was driven by an increase in the market price of shares listed on the Lusaka Securities Exchange Plc (LuSE).

“Notable also, was the fund size increase in corporate bonds attributed to the registration and subsequent issuance of the first green bond by CEC Renewables amounting to US$53.5 million, or K1.34 billion in kwacha terms,” he said.

Meanwhile, Chitalu noted that market capitalisation representing the value of the shares listed on the LuSE increased by 10.08 percent to close at K97.760 billion as of March 31, 2024.

As a percentage of Zambia’s Domestic Product (GDP), he said, the LuSE market capitalisation closed at 22 percent which was on course to reach the CMMP target of 27 percent for the year 2024.

“Growth in the market capitalisation was mainly driven by share price increases in the listed companies notably Standard Chartered Bank Plc, Zambia National Commercial Bank Plc, Real Estate Investments Zambia Plc, Zambia Bata Shoe Company Plc, among others,” Chitalu explained.

He also mentioned that the capital markets in Zambia experienced a mixed performance in the first quarter of 2024.

The key highlights included fluctuations in stock prices, influenced by factors such as global economic trends, commodity prices, and the National Emergency, in response to the drought aggravated by El Niño.

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