Zambia’s Stock Market Leads Global Gains on Copper Boom
Zambia’s Stock Market Surges 56% in 2025, Driven by Copper and Energy Stocks
Zambia’s main stock index has outpaced all others worldwide in August, climbing 14.3% as the country benefits from a copper boom.
The Lusaka Securities Exchange All Share Index is also the world’s top performer in 2025, up nearly 56% in local currency terms.
When measured in U.S. dollars, the rally is even stronger at 84%, with only Ghana’s index showing higher gains.
The surge is being fueled largely by Copperbelt Energy Corp. Plc (CEC), the company that supplies electricity to mines in Africa’s second-largest copper producer.
CEC shares have jumped more than 75% this year, making it the first Zambian-listed company to surpass a $1 billion market capitalization.
The firm also expects first-half earnings per share to grow by 42%, according to a statement released Thursday.
Zambia’s copper production rose 18% year-on-year in the first half of 2025 to 439,644 metric tons. The government has set an ambitious goal of producing one million tons in 2025, supported by strong global demand. Copper prices remain steady at around $9,818 per ton on the London Metal Exchange.
The rally in copper and energy stocks has also strengthened the Zambian kwacha, which has appreciated 19% against the U.S. dollar this year—making it one of the world’s best-performing currencies—as the nation moves toward finalizing its long-awaited sovereign debt restructuring.
