Zambia’s Lusaka Securities Exchange (LSE) has emerged as one of the world’s best-performing stock markets, fueled by soaring copper prices and strengthening economic fundamentals.
In 2026, the LSE benchmark index has climbed approximately 17% in U.S. dollar terms, ranking second globally behind Bulgaria. Other markets posting double-digit gains include Colombia, South Korea, and Turkey, while Nigeria recorded an 8% increase.
The rally reflects Zambia’s status as a major copper producer, with the metal reaching consecutive record prices of $13,000 per tonne. Improved domestic energy supply and a rebound in agricultural output following recent droughts have further bolstered investor confidence.
“The bourse is increasingly serving as a barometer of Zambia’s economic trajectory, signaling resilience,” said Mutisunge Zulu, Chief Risk Officer at Zambia National Commercial Bank Plc. “The index now tells a coherent story of mining–energy interdependence, balance-sheet strengthening, and improving investor confidence.”
Key Drivers of Growth
Growth on the index has been led by companies such as Zambia Sugar Plc, Pamodzi Hotels Plc, and Standard Chartered Bank Zambia, reflecting broader economic diversification beyond mining.
Copperbelt Energy Corp. Plc, which supplies electricity to mines across the Copperbelt region, has been a standout performer, with its stock rising over 75%, making it the first Zambian firm valued above $1 billion. The company also reported a 42% increase in first-half earnings per share, underscoring strong operational performance.
The Zambian Kwacha has strengthened nearly 12% against the U.S. dollar, ranking among the world’s best-performing currencies. Rising assets and growing investor interest are prompting a reevaluation of Zambia and Africa as attractive investment destinations.
Economic Outlook
With sustained copper strength, improved energy reliability, and stronger macroeconomic fundamentals, Zambia’s economic growth is projected to rise to 6.4% in 2026, up from 5.8% in 2025. The performance of the stock market signals not only resilience but also increasing integration into global financial markets.
Zambia’s strong showing is not new; in 2025, the LSE All Share Index rose 14.3%, already reflecting investor confidence in the copper-driven economy.
As commodity markets and domestic economic conditions continue to improve, Zambia’s stock market remains a key indicator of economic health and an attractive opportunity for regional and global investors.
