During the third quarter of 2023, the capital markets demonstrated remarkable resilience, exemplified by a substantial increase in total market capitalization. As of September 30, 2023, the market capitalization, encompassing even the prominent entity, Shoprite Holdings Plc, surged by an impressive 6.93 percent, reaching an impressive K82,117 billion. This surge underscored the market’s robust performance and its ability to weather the economic challenges prevalent during the period.
The significance of this growth was further emphasized when considering its relation to the country’s GDP. By the close of September, the market capitalization stood at 18.52 percent of the GDP, showcasing the capital market’s substantial contribution to the overall economic landscape. This upswing in market capitalization was primarily attributed to notable share price increases across various listed companies.
Key players in driving this surge included Airtel Zambia Plc, Copperbelt Energy Corporation Zambia Plc, Zambia Consolidated Copper Mines-IH, Zambia National Commercial Bank (ZANACO), PUMA Energy Plc, and Real Estate Investments Zambia Plc (REIZ). These companies, among others, experienced significant upticks in their share prices, leading to the overall market’s positive trajectory.
This remarkable growth in market capitalization not only serves as a testament to the market’s resilience but also highlights the investor confidence in Zambia’s economic landscape