• Market performance for the first quarter of 2024 remained positive.
• Total market capitalisation as at end of Q1 stood at K97.76 billion up by 10.2%.
• This was favourable than prior year quarter one movement of 2.98%.

Lusaka Securities Exchange (LUSE) has disclosed that its total market capitalisation grew by 10.2% to K97.76 billion in the first Quarter of 2024.

Addressing Journalists at a media briefing in Lusaka, LUSE Chief Executive Officer, Nicholas Kabaso said this is compared to a 2.98% increase recorded during the same period last year, with annual growth in market capitalisation standing at 30.26%.

He attributed the development to positive market performance and the recent completed assets acquisition under Real Estate Investments Zambia PLC (REIZ).

“Market performance for the first quarter of 2024 remained positive. Total market capitalisation as at end of Q1 stood at K97.76 billion up by 10.2%.”

“This was favourable than prior year quarter one movement of 2.98%. Annual growth in market capitalisation was 30.26%,” Mr. Kabaso stated.

Mr. Kabaso also revealed that during the quarter under review, the Lusaka Securities Exchange All Share Index closed at 17.3%, making it the second-best performing quarter since 2000.

“Year on Year, the index is up by 68%. The Lusaka Securities Exchange All-Share Index broke the 9,000; 10,000; 11,000- and 12,000-point barriers all within a space of 12 months,” he said.

He also disclosed that during the same period, the Market’s turnover declined to K467.94 million from K653.52 million recorded in the same period last year.

“This represents a 28.4% decline in turnover. Further, average daily turnover in quarter 1 2024 was K7.67million, while that in 2023 Q1 was 10.71million,” Mr. Kabaso revealed.

With regards to bond performance during the period under review, Mr. Kabaso explained that the total face value of government bonds traded on the secondary market amounted to K7.54 billion.

He said this represents a 30% decline from K10.83 billion recorded in the same quarter of 2023.

“A total of 682 trades in Government Bonds took place whilst no trading activity was recorded under Corporate Bonds.”

Mr. Kabaso projected a positive Market Outlook over the remainder of the year, based d on improving economic fundamentals such as current debt restructure and re-operationalization of key mines.