HOW TO BUY SHARES IN ZAMBIA: COMPLETE GUIDE TO BEST COMPANIES, STOCKBROKERS & INVESTMENT PLATFORMS 2025

Investing in the Zambian stock market offers exciting opportunities to build wealth and participate in the country’s economic growth. The Lusaka Securities Exchange (LuSE), established in 1994, provides a transparent, regulated platform where ordinary Zambians can buy shares in some of the nation’s most successful companies. This comprehensive guide explains how to buy shares in Zambia, the best companies to invest in, reliable stockbrokers, and everything you need to start your investment journey today.

Understanding the Lusaka Securities Exchange (LuSE)

The Lusaka Securities Exchange (LuSE) was established with preparatory technical assistance from the International Finance Corporation (IFC) and the World Bank in 1993. The Exchange opened on 21 February 1994. It was structured around models of a modern Stock Exchange with automated clearing and settlement facilities through a Central Securities Depository (CSD).

LuSE: Key Facts (2025)

Market Statistics:

• Listed Companies: 20 companies as of April 2025
• Market Capitalization: ZMW 328.2 billion (approximately USD $9.8-10 billion)
• Trading Hours: Monday to Friday, 10:00 AM to 2:00 PM (GMT+2)
• Trading Days: Excludes public holidays

Recent Performance: In January 2022, the LuSE topped the list of the Best performing exchanges in Africa with a 93.2 percent gain. The LuSE All Share Index (LASI) closed at 25,402.41, representing a year-to-date gain of 64.51% in 2025.

Market Structure: The LuSE operates a two-tier market structure:

1. Listed Tier (Main Board) – Top tier for mature companies registered with SEC and admitted to listing
2. Quoted Tier (Second Tier) – For growth phase companies registered with SEC only

Additionally, the LuSE operates an Alternative Market (Alt-M) meant for high quality and growth MSMEs.

Best Companies to Buy Shares in Zambia

As of October 2025, 20 companies are listed on the LuSE. Here are the best companies based on market capitalization, financial performance, and investment potential:

Top 10 Blue-Chip Companies

1. Copperbelt Energy Corporation (CEC) – Market Cap: ZMW 28.82 billion

Sector: Utilities (Electricity generation, transmission, distribution) Share Price: ZMW 23.89 YTD Performance: +72.62%

Why Invest: Copperbelt Energy Corporation Plc is a Zambian electricity generation, transmission, distribution and supply company with operations in Zambia and Nigeria. It listed on the exchange in 2007. The company benefits from Zambia’s growing energy demands and mining sector electricity needs.

Investment Highlights:

• Critical infrastructure monopoly in Copperbelt
• Consistent dividend payments
• Expansion into Nigerian market
• Essential service with stable demand

2. Airtel Networks Zambia – Market Cap: ZMW 7.55 billion

Sector: Telecommunications Share Price: ZMW 139.97 YTD Performance: +221.77%

Why Invest: Airtel Networks Zambia Plc provides cellular radio telecommunication services to individual and business customers in Zambia. Airtel Network Plc is spread across 16 countries in Africa and Asia with over 394 million customers.

Investment Highlights:

• Part of Bharti Airtel’s pan-African network
• Growing mobile money services
• Expanding 4G and data services
• Increasing smartphone penetration in Zambia

3. Chilanga Cement – Market Cap: ZMW 7.65 billion

Sector: Industrials (Construction materials) Share Price: ZMW 38.29 YTD Performance: +50.16%

Why Invest: Major cement producer benefiting from Zambia’s infrastructure development and construction boom. Chilanga Cement supplies critical building materials for residential, commercial, and government projects.

Investment Highlights:

• Infrastructure development boom
• Limited competition in cement market
• Government construction projects
• Real estate sector growth

4. Standard Chartered Bank Zambia – Market Cap: ZMW 4.33 billion

Sector: Financial Services Share Price: ZMW 2.60 Performance: -1.89%

Why Invest: Standard Chartered Bank Zambia Plc offers a wide range of services and products, including savings and current accounts, loans, credit cards and treasury services. It listed on the LuSE in 1998.

Investment Highlights:

• International banking standards
• Corporate banking dominance
• Treasury and forex services
• Strong parent company backing

5. Zambian Breweries – Market Cap: ZMW 3.76 billion

Sector: Consumer Goods (Beverages) Share Price: ZMW 6.90

Why Invest: Zambian Breweries PLC is a leading brewer based out of Lusaka, Zambia. The company has grown to become one of the leading brewers and soft drink makers in the country.

Investment Highlights:

• Leading market share in beer
• Strong brand portfolio
• Growing middle class consumption
• Regional expansion potential

6. Zambia Reinsurance (ZSIC) – Market Cap: ZMW 3.70 billion

Sector: Financial Services (Insurance) Share Price: ZMW 2.60

Why Invest: Zambia Reinsurance PLC is a leading reinsurance company which listed on the Lusaka Securities Exchange in 2013. It provides reinsurance services to insurance companies as well as managing their own other investments and products.

Investment Highlights:

• Essential financial infrastructure
• Diversified investment portfolio
• Growing insurance sector
• Stable dividend history

7. British American Tobacco Zambia (BATZ) – Market Cap: ZMW 3.39 billion

Sector: Consumer Goods (Tobacco) Share Price: ZMW 16.00 YTD Performance: +309.21%

Why Invest: British American Tobacco Zambia is a Lusaka Securities Exchange-listed player in the tobacco industry. The company produces a range of tobacco products for local and international markets. BATZ issued its shares in 1995.

Investment Highlights:

• Established market position
• International parent company strength
• Consistent cash generation
• Regular dividend payments

8. AECI Mining Explosives – Market Cap: ZMW 2.45 billion

Sector: Basic Materials (Mining supplies) Share Price: ZMW 120.17 YTD Performance: +280.89%

Why Invest: AECI Mining Explosives Plc is engaged in the manufacture and distribution of bulk emulsion, packaged explosives, initiating systems and explosives accessories. The Company listed on the exchange in 2006.

Investment Highlights:

• Critical supplier to mining sector
• Zambia’s mining boom beneficiary
• Specialized niche market
• Strong profit margins

9. Puma Energy Zambia – Market Cap: ZMW 2.17 billion

Sector: Oil & Gas (Fuel distribution) Share Price: ZMW 4.35 Performance: -25.00%

Why Invest: Puma Energy Zambia Plc is an integrated energy supply group. It specializes in delivering sustainable, quality products and services to the local market, primarily domestic fuel and fuel-related services.

Investment Highlights:

• Nationwide distribution network
• Essential petroleum products
• Growing vehicle ownership
• Infrastructure investments

10. Zambeef Products – Market Cap: ZMW 2.21 billion

Sector: Consumer Goods (Food production) Share Price: ZMW 2.21 Performance: -3.91% Trading Volume: Highest on LuSE (152,192 shares)

Why Invest: Zambeef Products plc is the largest integrated cold chain food products and agribusiness company involved in primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed throughout Zambia and the surrounding region, as well as Nigeria and Ghana. Zambeef listed on the LuSE in 2005.

Investment Highlights:

• Vertically integrated operations
• Regional expansion (Nigeria, Ghana)
• Food security beneficiary
• Multiple revenue streams

Other Notable Companies

11. Zambia National Commercial Bank (ZANACO) Listed in 2008, serves retail customers, large corporations, agri-business and public sector clients.

12. Real Estate Investments Zambia (REIZ) – ZMW 2.00 Listed in 1996, a real estate investment, development and management company. YTD: +53.85%

13. Shoprite Holdings Zambia Supermarket and retail company with over 10 outlets mainly located in major towns.

14. Madison Financial Services Asset and wealth management firm listed in 2014.

15. Zambia Sugar One of the largest sugar producers in Southern Africa, listed in 1996.

List of Stock Brokers in Zambia

To buy shares on the LuSE, you must use a licensed stockbroker. Here is the complete list of registered stockbrokers in Zambia:

Licensed Trading Brokers

1. Stockbrokers Zambia Ltd (SBZ)

Contact Information:

• Address: 63 Independence Avenue, Lusaka
• Phone: +260 211 228 278
• Website: www.sbz.com.zm

Background: Stockbrokers Zambia was originally incorporated in 1993 and pioneered the growth and development of the Zambian securities market as a founder-member of the Lusaka Stock Exchange (LuSE) which began operations in February 1994.

Services:

• Share trading (buying and selling)
• Investment advisory
• Portfolio management
• Corporate finance and investment banking
• Capital raising services
• Mergers and acquisitions advisory

Why Choose SBZ: As a founder broker member of the LuSE from its inception in 1994, SBZ has the longest track record in Zambian stockbroking. The firm maintains international partnerships with Auerbach Grayson (NY, USA) and Imara (South Africa).

2. AUTUS Securities Limited

Contact Information:

• Address: 63 Independence Avenue, Lusaka
• Postal: P.O. Box 32308, Lusaka, 10101
• Phone: +260 211 840513
• Email: info@autussecurities.com
• Website: www.autussecurities.com

Services:

• Individual share trading
• Institutional investment services
• Research and market analysis
• Portfolio advisory

3. Equity Capital Resources (ECR)

Contact Information:

• Address: 4th Floor Godfrey House, Kabelenga Road, Lusaka
• Postal: P.O. Box 37184, Lusaka, 10101
• Phone: +260 211 227518
• Email: info@ecrzambia.com / ecrzambia@zynle.com
• Website: www.ecrzambia.com

Services:

• Trading on LuSE
• Investment advisory services
• Corporate finance
• Wealth management

4. Madison Asset Management Company Limited

Contact Information:

• Address: LSA House, Plot 316 Independence Avenue, Lusaka
• Website: www.madison.co.zm

Background: Part of the Madison Financial Services Group which is itself listed on LuSE. Madison offers investment management services including access to the LuSE.

Services:

• Asset management
• Wealth management
• Corporate administrative services
• Capital markets and investment management

5. Pangaea Securities

Background: A leading investment banking and stockbroking firm in Zambia offering comprehensive financial services.

Services:

• Share trading
• Investment banking
• Corporate finance advisory
• Securities research

6. African Alliance Zambia

Background: An investment and stockbroking firm with presence in several African countries providing LuSE brokerage services.

Services:

• LuSE brokerage
• Corporate finance
• Investment research
• Securities trading

7. Intermarket Securities

Background: Part of Intermarket Bank, provides brokerage services on the Lusaka Stock Exchange along with other financial and advisory services.

8. First National Bank (FNB) Zambia

Background: FNB Zambia offers stockbroking services as part of its comprehensive financial services package.

Services:

• Stockbroking through banking relationship
• Integrated banking and investment services
• Research support

9. Money Acumen Advisory

Contact:

• Email: Blessings@moneyacumenadvisory.com
• Phone: +260 770 363 534

Note: Licensed dealer regulated with Zambia Stock Exchange and SEC.

How to Choose the Best Stockbroker

Consider these factors when selecting your stockbroker:

1. Track Record and Reputation Research how long the broker has operated. Founder members like SBZ offer decades of experience.

2. Fees and Commissions Compare brokerage fees across different brokers. Typical fees range from 1.5% to 2.5% of transaction value.

3. Customer Service Choose brokers offering responsive support, especially if you’re a new investor needing guidance.

4. Research and Analysis Some brokers provide superior market analysis and investment research to inform decisions.

5. Technology Platforms Prefer brokers offering online trading platforms and mobile apps for convenience.

6. Minimum Investment Requirements Confirm minimum amounts required to open accounts and execute trades.

Investment Platforms in Zambia

Beyond traditional stockbrokers, several investment platforms facilitate access to LuSE:

1. ShareTrack Zambia

Website: www.sharetrackzambia.com

What It Offers:

• Comprehensive LuSE market information
• Share price tracking
• Listed company profiles
• Broker directory
• Market news and analysis

2. African Markets (LuSE Section)

Website: www.african-markets.com/en/stock-markets/luse

Features:

• Real-time LuSE share prices
• Historical data downloads
• Market capitalization tracking
• Currency conversion tools
• Comparative African markets analysis

3. LuSE Mobile Trading App

The Lusaka Securities Exchange has introduced mobile trading capabilities allowing investors to “TRADE ANY TIME, ANY WHERE – Access the market from the palm of your hand.”

Benefits:

• Real-time market access
• Place orders remotely
• Track portfolio performance
• Receive market alerts
• View company announcements

4. Bank-Integrated Platforms

Several commercial banks offer integrated investment services:

Standard Chartered Zambia:

• Online trading through internet banking
• Dedicated investment officers
• Research reports

FNB Zambia:

• Stockbroking through banking relationship
• Integrated account management

Stanbic Bank:

• Wealth management services
• Investment advisory

Trading Platforms in Zambia

The LuSE trading infrastructure consists of:

1. Automated Trading System (ATS)

The LuSE operates a modern Automated Trading System that facilitates electronic order matching and trade execution.

Features:

• Electronic order submission
• Real-time price discovery
• Automated matching engine
• Transparent execution
• Trade reporting

2. Central Securities Depository (CSD)

The CSD system electronically records ownership of securities, eliminating physical certificates.

Benefits:

• Paperless share ownership
• Reduced fraud risk
• Efficient settlement
• Easy transfer of ownership
• Electronic dividend payments

3. Securities Exchange News Service (SENS)

SENS provides official company announcements and market information.

What’s Published:

• Financial results
• Dividend declarations
• Corporate actions
• Material announcements
• Trading updates

How to Buy Shares in Zambia: Step-by-Step Guide

Ready to invest? Here’s the complete process:

Step 1: Choose Your Stockbroker

Review the list of licensed stockbrokers above and select one based on fees, services, and convenience.

Step 2: Open a Brokerage Account

Visit your chosen broker with required documents:

Individual Investors Need:

• Valid National Registration Card (NRC) or Passport
• Proof of residence (utility bill, bank statement less than 3 months old)
• Completed brokerage account opening form
• Tax Identification Number (TPIN)
• Bank account details

Corporate Investors Need:

• Certificate of Incorporation (PACRA)
• Company resolution authorizing trading
• Directors’ identification documents
• Tax clearance certificate
• Audited financial statements

Account Opening Time: Typically 3-5 business days

Step 3: Fund Your Account

Deposit money into your brokerage account through:

• Bank transfer
• Direct deposit at broker’s office
• Standing order arrangement

Minimum Investment: While no official minimum exists, practical minimums range from ZMW 5,000 to ZMW 10,000 depending on share prices and brokerage requirements.

Step 4: Research Companies

Before buying, research potential investments:

• Review financial statements on LuSE website
• Read SENS announcements
• Analyze company performance trends
• Understand sector dynamics
• Compare valuation metrics

Step 5: Place Your Order

Contact your broker to place buy orders, specifying:

• Company name or ticker symbol
• Number of shares
• Order type (market or limit order)
• Budget constraints

Market Order: Buy at current market price Limit Order: Buy only if price reaches your specified level

Step 6: Settlement

Trades settle T+3 (trade date plus 3 business days). Your broker will:

• Execute the trade on LuSE
• Confirm transaction details
• Debit your account for share cost plus fees
• Credit shares to your CSD account

Step 7: Monitor Your Investment

After purchase:

• Track share price performance
• Receive dividend payments (if applicable)
• Review quarterly financial results
• Stay informed on company developments

Understanding Costs and Fees

Be aware of all investment costs:

Brokerage Fees

Transaction Fees:

• Typical range: 1.5% – 2.5% of transaction value
• Minimum fee: Usually ZMW 50-100 per transaction

Example Calculation:

• Share purchase: ZMW 10,000
• Brokerage fee (2%): ZMW 200
• Total cost: ZMW 10,200

Other Costs

Stamp Duty:

• 0.15% on share purchases
• Government tax collected by broker

CSD Fees:

• Account maintenance: Minimal annual fees
• Transfer fees: Small charges for ownership transfers

Dividend Withholding Tax:

• 15% tax on dividend income
• Automatically deducted before payment

Tax Implications

Understanding tax treatment helps calculate actual returns:

Capital Gains Tax

Currently, Zambia does not impose capital gains tax on share price appreciation for individual investors. This makes share investment highly tax-efficient.

Dividend Income Tax

Dividends face 15% withholding tax before payment to shareholders. This is automatically deducted, so investors receive net amounts.

Example:

• Dividend declared: ZMW 1,000
• Withholding tax (15%): ZMW 150
• Amount received: ZMW 850

Investment Strategies for Zambian Shares

1. Buy and Hold Strategy

Purchase quality companies and hold long-term to benefit from:

• Capital appreciation over time
• Regular dividend income
• Reduced transaction costs
• Tax advantages (no capital gains tax)

Best For: Long-term wealth building, retirement planning

2. Dividend Income Strategy

Focus on high-dividend-paying companies like:

• Standard Chartered Bank
• Zambian Breweries
• Zambia Reinsurance
• BATZ

Best For: Regular income needs, retirees

3. Growth Strategy

Target companies with high growth potential:

• Airtel Networks (technology adoption)
• Chilanga Cement (infrastructure boom)
• Real Estate Investments Zambia (property appreciation)

Best For: Younger investors, higher risk tolerance

4. Diversification Strategy

Spread investments across sectors:

• 30% Utilities (CEC)
• 25% Financial Services (Standard Chartered, ZANACO)
• 20% Consumer Goods (Zambeef, Breweries)
• 15% Telecommunications (Airtel)
• 10% Industrials (Chilanga Cement)

Best For: Risk management, balanced growth

Risks to Consider

All investments carry risks. Understand these before investing:

Market Risk

Share prices fluctuate based on economic conditions, company performance, and investor sentiment. Recent example: Zambeef Products declined 3.91% in single trading session.

Liquidity Risk

Some LuSE stocks trade infrequently, making it difficult to sell quickly at desired prices. Check trading volumes before investing.

Currency Risk

For companies with international operations, exchange rate fluctuations affect profitability (affects Airtel, Zambeef’s regional operations).

Economic Risk

Zambia’s economic challenges (inflation, currency depreciation, fiscal deficits) impact all businesses and share valuations.

Company-Specific Risk

Individual companies face operational challenges, management issues, or sector-specific problems.

Related Resources

For those seeking to maximize wealth-building strategies beyond stock market investment, explore our comprehensive guides. Understanding Treasury Bills and Government Bonds in Zambia provides insight into lower-risk investment alternatives. Additionally, if you’re building capital for share investment, How to Make Money Online in Zambia 2025 – Phone, No Investment, Free Methods offers practical income-generation strategies.

Conclusion

Buying shares in Zambia through the Lusaka Securities Exchange offers accessible wealth-building opportunities for ordinary citizens. The best companies to buy shares in Zambia include blue-chip firms like Copperbelt Energy Corporation, Airtel Networks, Chilanga Cement, and Standard Chartered Bank, all offering different risk-return profiles.

The list of stockbrokers in Zambia provides multiple options for market access, with established firms like Stockbrokers Zambia Ltd, AUTUS Securities, and Equity Capital Resources offering professional services. Investment platforms in Zambia have evolved to include online trading capabilities, making share ownership more convenient than ever.

The best stockbrokers in Zambia distinguish themselves through track records, customer service, research capabilities, and competitive fees. Trading platforms in Zambia utilize modern automated systems and Central Securities Depository infrastructure ensuring transparent, efficient transactions.

Understanding how to buy shares in Zambia starts with choosing a licensed broker, opening a brokerage account, researching companies, and executing trades through proper channels. With the LuSE’s 64.51% year-to-date gain in 2025 and growing market sophistication, Zambian shares present compelling investment opportunities for those willing to understand the market and accept reasonable risks.

Start your investment journey today by contacting a licensed stockbroker, opening your brokerage account, and participating in Zambia’s economic growth through share ownership. Whether you’re seeking dividend income, long-term capital appreciation, or portfolio diversification, the Lusaka Securities Exchange offers opportunities aligned with your financial goals.