At a Glance
- Shoprite dominates LuSE with $9.24 billion valuation, reflecting Zambia’s rising consumer demand.
- Copperbelt Energy Corporation and ZCCM-Investment Holdings anchor power and mining sectors’ growth.
- LuSE top stocks offer dividends and strategic exposure despite thin trading volumes.
The Lusaka Securities Exchange (LuSE) is a compact but strategically important frontier market, where value is heavily concentrated in a handful of dominant corporate players spanning retail, energy, mining, banking, and consumer goods.
Zambia’s exchange in 2025 posted a 68.45 percent gain, with the All Share Index rising from 15,387.54 to 25,919.83. Market capitalization reached ZMW330.8 billion ($15.75 billion), supported by stronger copper-linked sentiment and improved liquidity in blue-chip counters.
At the top sits Shoprite Holdings, whose $9.3 billion valuation alone accounts for more than half of LuSE’s total equity market capitalization, an extraordinary concentration that underscores foreign blue-chip dominance.
Energy infrastructure firms such as Copperbelt Energy Corporation and ZCCM-Investment Holdings follow, mirroring Zambia’s dependence on power and mining-linked revenues.
Consumer staples, cement, telecoms, and banking stocks round out the upper tier, offering dividend stability and defensive appeal in a volatile macro environment.
For long-term investors, however, LuSE’s top stocks represent concentrated exposure to Zambia’s economic core, where scale, scarcity, and strategic positioning matter more than sheer market breadth.
Together, these 21 most valuable listed companies chronicled by Shore Africa define the capital backbone of Zambia’s formal economy, reflecting both domestic consumption trends and the country’s role in Africa’s copper-driven growth story.
1. Shoprite Holdings
Market Capitalization: $9.24 billion
Africa’s largest grocer dominates LuSE, leveraging scale, supply-chain efficiency, and Zambia’s rising consumer demand. Shoprite Holdings is currently the most valuable stock on the LuSE with a market valuation of ZMW31.3 billion ($1.52 billion) and making about 57.5 percent of the entire Lusaka Securities Exchange equity market.
2. Copperbelt Energy Corporation
Market Capitalization: $1.52 billion
Zambia’s power backbone, supplying mines and industry, benefiting from electrification and copper-driven energy demand. Copperbelt Energy Corporation is currently the second most valuable stock on the LuSE with a market capitalization of ZMW31.3 billion ($1.52 billion), which is about 9.45 percent of the Lusaka Securities Exchange equity market.
3. ZCCM-Investment Holdings
Market Capitalization: $1.3 billion
The state’s mining investment arm, offering leveraged exposure to copper prices and strategic mineral assets. ZCCM-Investment Holdings is currently the third most valuable stock on the LuSE with a market capitalization of ZMW26.7 billion ($1.3 billion), which is about 8.06 percent of the Lusaka Securities Exchange equity market.
4. Zambia Sugar
Market Capitalization: $1.03 billion
A dominant agro-industrial player, anchored by regional exports and defensive consumer demand. Zambia Sugar is currently the fourth most valuable stock on the LuSE with a market capitalization of ZMW 21.2 billion ($1.03 billion), which makes about 6.4% of the Lusaka Securities Exchange equity market.
5. Chilanga Cement
Market Capitalization: ZMW16 billion ($779.94 million)
Infrastructure growth fuels steady demand for cement, positioning Chilanga as a construction-sector bellwether. Chilanga Cement is currently the fifth most valuable stock on the LuSE with a market capitalization of ZMW 16 billion ($779.94 million), which is about 4.83% of the Lusaka Securities Exchange equity market.
6. Airtel Networks Zambia
Market Capitalization: $711.7 million
Telecom growth leader, monetizing data usage and digital connectivity across Zambia’s expanding mobile population. Airtel Networks is currently the sixth most valuable stock on the LuSE with a market capitalization of ZMW 14.6 billion ($711.7 million), which is about 4.4% of the Lusaka Securities Exchange equity market.
7. Zambia National Commercial Bank Plc (Zanaco)
Market Capitalization: $420.68 million
Zambia’s largest indigenous bank, benefiting from retail banking scale and government-linked transactions. Zambia National Commercial Bank is currently the seventh most valuable stock on the LuSE with a market capitalization of ZMW 8.63 billion ($420.68 million), which makes about 2.61% of the Lusaka Securities Exchange equity market.
8. Standard Chartered Bank Zambia
Market Capitalization: $206.2 million
A corporate banking heavyweight with strong balance-sheet discipline and dividend resilience. Standard Chartered Bank is currently the eighth most valuable stock on the LuSE with a market capitalization of ZMW 4.23 billion ($206.2 million), which is about 1.28 percent of the Lusaka Securities Exchange equity market.
9. Zambian Breweries
Market Capitalization: $187.93 million
Consumer staples are anchored by beer demand, premium brands, and regional distribution strength. Zambian Breweries is currently the ninth most valuable stock on the LuSE with a market capitalization of ZMW3.83 billion ($187.93 million), which makes about 1.16 percent of the Lusaka Securities Exchange equity market.
10. British American Tobacco Zambia
Market Capitalization: ZMW3.08 billion ($151.08 million)
High-margin tobacco business, balancing cash generation against tightening regulatory pressures. British American Tobacco is currently the 10th most valuable stock on the LuSE with a market capitalization of ZMW 3.08 billion ($151.08 million), which is about 0.93 percent of the Lusaka Securities Exchange equity market.
11. AECI Mining Explosives
Market Capitalization: ZMW2.61 billion ($129.01 million)
Critical supplier to mining operations, riding sustained copper exploration and production activity. ACI Mining Explosives is currently the 11th most valuable stock on the LuSE with a market capitalization of ZMW2.61 billion ($129.01 million), which makes about 0.787 percent of the Lusaka Securities Exchange equity market.
12. Puma Energy Zambia
Market Capitalization: ZMW1.95 billion
Fuel distribution network supporting transport, mining, and logistics across the country. Puma Energy is currently the 12th most valuable stock on the LuSE with a market capitalization of ZMW 1.95 billion, which makes about 0.587 percent of the Lusaka Securities Exchange equity market.
13. Zambia Metal Fabricators
Market Capitalization: $96.4 million
Industrial manufacturer tied to mining equipment demand and infrastructure investment cycles. Zambia Metal Fabricators is currently the 13th most valuable stock on the LuSE with a market capitalization of ZMW1.63 billion ($96.4 million), which is about 0.491 percent of the Lusaka Securities Exchange equity market.
14. Zambia Forestry & Forest Industries Corp (ZAFFICO)
Market Capitalization: $70.78 million
Forestry and timber giant, monetizing Zambia’s plantation assets and construction needs. Zambia Forestry & Forest Industries Corp is currently the 14th most valuable stock on the LuSE with a market capitalization of ZMW1.43 billion ($70.78 million), which makes about 0.431 percent of the Lusaka Securities Exchange equity market.
15. CECA Investments
Market Capitalization: $66.82 million
Investment holding firm providing indirect exposure to energy and infrastructure assets. CEC Africa (CECA) Investments Ltd is currently the 15th most valuable stock on the LuSE with a market capitalization of ZMW 1.35 billion ($66.82 million), which makes about 0.407 percent of the Lusaka Securities Exchange equity market.
16. Zambeef Products
Market Capitalization: $27.08 million
Integrated agribusiness serving mass-market protein demand and regional food security. Zambeef Products is currently the 16th most valuable stock on the LuSE with a market capitalization of ZMW546 million ($27.08 million), which is about 0.165 percent of the Lusaka Securities Exchange equity market.
17. First Quantum Minerals Zambia
Market Capitalization: ZMW514 million ($25.5 million)
Local listing of a global copper powerhouse, offering indirect exposure to mining cash flows. First Quantum Minerals is currently the 17th most valuable stock on the LuSE with a market capitalization of ZMW514 million ($25.5 million), which is about 0.155 percent of the Lusaka Securities Exchange equity market.
18. Bata Shoe Zambia
Market Capitalization: ZMW497 million
Legacy footwear brand with stable retail demand and manufacturing footprint. Zambia Bata Shoe is currently the 18th most valuable stock on the LuSE with a market capitalization of ZMW 497 million, which makes about 0.15 percent of the Lusaka Securities Exchange equity market.
19. Taj Pamodzi Hotels
Market Capitalization: $24.66 million
Hospitality asset linked to Lusaka’s business travel and conference economy. Taj Pamodzi Hotels is currently the 19th most valuable stock on the LuSE with a market capitalization of ZMW462 million ($24.66 million), which makes about 0.14 percent of the Lusaka Securities Exchange equity market.
20. National Breweries
Market Capitalization: $9.35 million
Affordable beer producer targeting mass-market consumers in a price-sensitive economy. National Breweries is currently the 20th most valuable stock on the LuSE with a market capitalization of ZMW188 million ($9.35 million), which is about 0.057 percent of the Lusaka Securities Exchange equity market.
21. Madison Financial Services
Market Capitalization: ZMW90.5 million ($4.5 million)
Financial services group offering pensions, asset management, and insurance exposure. Madison Financial Services is currently the 21st most valuable stock on the LuSE with a market capitalization of ZMW90.5 million ($4.5 million), which makes about 0.027 percent of the Lusaka Securities Exchange equity market.
