Copper boom helps drive Zambia’s world-beating stock gains

Zambia’s main stock index is the top gainer globally in August, advancing 14.3% in the month as the nation cashes in on a copper boom.

The Lusaka Securities Exchange All Share Index is also leading year-to-date gains globally, at almost 56% in local currency terms. Measured in dollars, it’s up 84%, with only Ghana’s index doing better.

The biggest driver is a company that supplies electricity to mines in Africa’s second-biggest copper producer. Copperbelt Energy Corp. Plc’s stock has surged more than 75% this year, making it the first listed Zambian company to be worth more than $1 billion.

CEC expects first-half earnings per share to increase by 42%, the company said in a statement Thursday.

Zambia’s first-half copper production rose by 18% year-on-year to 439,644 metric tons. The government is targeting a record output of one million tons in 2025, while prices for the metal that’s used in electrical wiring have held strong at around $9,818 per ton on the London Metal Exchange.

That’s also helped to bolster Zambia’s currency as the country finalizes a years-long sovereign debt restructuring. The kwacha has appreciated by 19% against the dollar in 2025, making it one of the world’s best performers too.

(By Matthew Hill)