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Zambia’s capital market registered robust growth in the first quarter of 2025, with total market capitalisation rising to K257.8 billion, reflecting increased investor confidence and strong performance in equities and collective investment schemes.
Securities and Exchange Commission (SEC) Chief Executive Officer, Phillip Chitalu, disclosed the performance at a media briefing held in Lusaka on Thursday, noting a 19.31 percent increase in market capitalisation from the previous quarter.
He attributed the growth to strong gains in major counters such as Airtel Zambia (+72.41 percent), Shoprite (+27 percent), and Zambia Multi-Facility Economic Zone (+19.8 percent).
Excluding Shoprite, market capitalisation still recorded a 6.26 percent increase.
“The Market Capitalisation-to-Gross Domestic Product (GDP) ratio climbed to 46 percent, surpassing the 2027 Capital Markets Master Plan target of 30 percent, a clear indicator of a deepening capital market and rising investor confidence,” Chitalu said.
He added that mobile-enabled investment platforms continued to gain traction during the period, reflecting a growing shift towards digital access to capital markets.
However, Chitalu also highlighted challenges during the quarter, including global market volatility stemming from new U.S. tariffs and a rise in phishing scams impersonating SEC communication channels.
“We urge the public to verify all communication and to only deal with licensed advisors,” he cautioned.
Meanwhile, the Lusaka Securities Exchange (LuSE) All Share Index (LASI)—a key benchmark tracking listed equities—rose by 5.9 percent to close the quarter at 16,356.36 points, underscoring long-term investor confidence in the local equity market.
Chitalu described equities as among Zambia’s best-performing investment avenues, adding that the continued momentum highlights the market’s resilience and innovation.
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