Billion-dollar giants driving Zambia’s equity market

Zambia’s capital market may be modest by global standards, but at the top of the Lusaka Securities Exchange (LuSE) sits a powerful cluster of billion-dollar listed companies anchoring the country’s formal economy.

These firms, each valued above $1 billion, command a dominant share of LuSE’s total market capitalization and reflect where long-term investor capital is betting on Zambia’s growth story.

With a combined market valuation exceeding ZMW332 billion ($17.68 billion) and year-to-date gains of more than 230 percent across select counters, these companies span retail, energy, mining and agro-industry, critical to Zambia’s economic resilience.

Their scale, cash-generation capacity and strategic positioning make them the most bankable corporate assets on the exchange.

At the forefront is Shoprite Holdings, whose market value alone outweighs most local listings combined, highlighting the outsized influence of consumer demand and organized retail in Zambia’s urban economy.

Alongside it stand infrastructure-heavy players such as Copperbelt Energy Corporation and ZCCM-Investment Holdings, both deeply intertwined with the country’s copper-driven export engine. Completing the group is Zambia Sugar, a regional agro-industrial leader benefiting from scale, export access and defensive consumer pricing power.

Together, these billion-dollar stocks profiled by Shore Africa illustrate LuSE’s evolving role, not just as a trading venue, but as a platform for capital formation tied to Zambia’s strategic sectors.

1. Shoprite Holdings
Market Capitalization: $10.12 billion
With a market capitalization of ZMW190 billion ($10.12 billion), Shoprite Holdings is the most valuable stock on the Lusaka Securities Exchange, accounting for about 57 percent of total market value. The South African retail giant dominates Zambia’s formal grocery market, leveraging unmatched scale, supply-chain efficiency and deep consumer penetration. Its LuSE listing gives local investors exposure to a pan-African retail powerhouse anchored by consistent cash flows.

2. Copperbelt Energy Corporation
Market Capitalization: $1.65 billion
Copperbelt Energy Corporation is the second most valuable stock on LuSE, with a market capitalization of ZMW30.9 billion ($1.65 billion). As Zambia’s primary power supplier to large-scale mining operations, CEC sits at the heart of the copper value chain. Rising electrification, energy demand from mines and renewed investment in copper production continue to underpin its strategic relevance and valuation.

3. ZCCM-Investment Holdings
Market Capitalization: $1.42 billion
Valued at ZMW26.7 billion ($1.42 billion), ZCCM-Investment Holdings ranks as the third most valuable listed company on LuSE. The state-linked mining investment vehicle holds stakes across Zambia’s copper and mineral assets, offering investors leveraged exposure to global copper prices. Energy transition trends and rising demand for critical minerals have strengthened ZCCM-IH’s long-term investment case.

4. Zambia Sugar
Market Capitalization: $1.23 billion
Zambia Sugar completes the quartet with a market capitalization of ZMW23 billion ($1.23 billion), representing nearly 7 percent of LuSE’s equity market. One of Southern Africa’s largest agro-industrial players, the company benefits from large-scale production, strong domestic demand and export access to regional markets. Its defensive earnings profile adds stability to Zambia’s stock market.