At a Glance
- Shoprite leads LuSE with $9.4 billion market value, dominating Zambia’s retail sector.
- Copperbelt Energy powers mining and industry, benefiting from electrification and copper demand.
- Zambia Sugar anchors agro-industry, exporting regionally and meeting strong consumer demand.
Zambia’s Lusaka Securities Exchange (LuSE) has steadily evolved into a hub for investors seeking exposure to Southern Africa’s economic growth.
Anchored by a mix of consumer goods, banking, energy, and telecom giants, the exchange reflects Zambia’s industrial diversity, from the copper-rich corridors of the Copperbelt to the fertile sugar plantations of the south.
The LuSE is increasingly capturing investor attention, as foreign and local investors track companies with strong fundamentals, consistent dividends, and growth potential.
Among the top 10 most valuable stocks, South Africa’s Shoprite dominates not just in Zambia but across Africa, while local power, mining, and banking companies form the backbone of the nation’s economic activity.
These blue-chip listings offer a window into Zambia’s broader economic landscape: energy and mining benefit from global commodity demand, banking and telecoms capitalize on financial inclusion and connectivity trends, and consumer staples mirror the growing spending power of urban populations.
For investors, LuSE represents both stability and opportunity, with its top stocks balancing profitability, market presence, and industry resilience, making them essential picks for portfolios focused on Southern Africa.
These ten most valuable listed companies, chronicled by Shore Africa, form the capital backbone of Zambia’s formal economy, with market valuations ranging from over $9 billion to more than $150 million
1. Shoprite Holdings
Market Capitalization: $9.4 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 ZMW190 billion ($9.4 billion) and making about 57.1 percent of the entire Lusaka Securities Exchange equity market.
2. Copperbelt Energy Corporation
Market Capitalization: $1.54 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 ZMW31.2 billion ($1.54 billion), which is about 9.35 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 percent 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.
