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“At 23:56 on 23rd October 1963, Zambians rose in reverence of the Union Jack, the de facto national flag of the United Kingdom, for the last time as it lowered, signifying the end of British rule in Zambia.”

― Precious Mwansa-Chisa

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What are ‘Capital Markets’? defines Capital markets as follows:

Capital markets are markets for buying and selling equity and debt instruments. Capital markets channel savings and investment between suppliers of capital such as retail investors and institutional investors, and users of capital like businesses, government and individuals. Capital markets are vital to the functioning of an economy, since capital is a critical component for generating economic output. Capital markets include primary markets, where new stock and bond issues are sold to investors, and secondary markets, which trade existing securities.

In layman’s language, Capital markets are markets where ordinary people (like you and me) or any legal entity such as an organization, can buy shares in a public company with the expectation of earning dividends periodically as offered by the company. The company benefits by increasing capital which can be used to purchase equipment that allows it to operate more efficiently and creating economies of scale.

The Structure of the LuSE Market

The LuSE operates a two-tier market. The top tier or main board consists of the listed companies. Listed companies are regulated under the Securities Act by the SEC and additionally by the LuSE via its Listing Rules. The second tier is commonly referred to as the Quoted Tier – and is intended for emerging and growth phase companies. These companies are regulated under the Securities Act by the SEC only. The LuSE is a modern exchange. It is backed by a Central Share Depository ( CSD ) which holds all shares as electronic book entries ( dematerialized ) and this allows the LuSE to settle all trades within 3 days of trading. Additional information is available on the LuSE web site at

The stock broker will monitor the activities on the stock market to determine two basic periods of a sell down or buy opportunity.This is vital for investors as they are provided with information on the market performance.It is important to note that market performance must be seen from a longer-term perspective rather than short term. The stock broker must ensure that the client is given the best set of information and service without any form of compromise to maintain market integrity at all times.

Currently, the Lusaka Stock exchange has twenty-four companies listed.

African Explosives Zambia PLC

Airtel Networks Zambia PLC

Zambia Bata Shoe Company

British American Tobacco Zambia PLC

Cavmont Capital Holdings Zambia PLC

Copperbelt Energy Corporation

First Quantum Minerals Limited

Investrust Bank PLC

LaFarge Cement Zambia PLC

Madison Financial Services

Natiional Breweries PLC

Pamodzi Hotels PLC

Prima Reinsurance PLC

Puma Energy Zambia PLC

Real Estate Investments Zambia PLC

Standard Chartered Bank Zambia PLC

Shoprite Holdings LTD

Zambeef Products Zambia PLC

Zambia Breweries PLC

Zambia Metal Fabricators Zambia PLC

Zambia National Commercial Bank PLC

Zambia Consolidated Copper Mines Investment Holdings PLC

Zambia Sugar Company PLC


To invest, you need to visit a stock broker. They will open an account for you and buy and sell shares on your behalf.

The following are the registered authorised Stock brokers in Zambia:

Pangea Securities

Stock Brokers Zambia

Madison Asset Management

Equity Capital Resources

Finance Securities

Autus Securites (Former African Alliance)


Many people are usually confused by the terms capital markets and stock exchange/market. The capital market on one hand, is a broader term that includes the stock market and other avenues for trading financial products such as stocks, bonds, options and futures.Just as the money markets (banks) have the Bank of Zambia as their regulators, so does the capital market. The regulatory body for the capital market is called the Securities and Exchange Commission (SEC). The SEC is an organisation responsible for market surveillance and making sure that no fraudulent activities take place amongst the market players; these being the stock exchanges, stockbrokers/dealers, listed companies, institutional investors and retail investors. (Zambia Daily Mail).

Brokers provide corporate finance and investment banking advisory services. They are a point of contact in the market for anyone interested in buying or selling shares on the Lusaka Stock Exchange (LuSE). Brokers provide investment advice to clients, updates and information on the listed companies, market trends and assist clients with structuring and managing their investment portfolios to suit their objectives.


Choose a SEC licensed stock broker

Select one after researching the list given above.

Complete the stock broker’s account opening form

Once you make contact with a stock broker, you have chosen and request information on how to open an account, they will give you an account form to complete. The form typically requires Know Your Customer (KYC) disclosures such as your identity card number (e.g. NRC number) and physical address. If you would like dividends deposited directly into your account, this is the point at which you should inform your stock broker.

Deliver or send documents to your stock broker

Return the completed account opening form and a certified photocopy of your ID to your stock broker.

Send funds to your Brokerage Account

After opening your trading account, your stock broker will give you their banking details so that you can fund your account. The most efficient way to do this is via wire transfer.

Submit a Trade Order

After you have done your research and found a stock you would like to buy, the next step is to submit a written trade instruction. Your Broker will then execute your trade and send you a contract note that specifies the buy or sell price, commissions, and fees.With all the requirements ready, we think that the outlined steps are easy and can be done in one business deal. Investing in the stock markets is an opportunity for anyone to take and widen their investment portfolio. So be encouraged to do your research and happy trading!

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