LUSE Stock Turnover Closes November at Highs of K250 Million
Lusaka Stock Exchange (LUSE) total equity turnover recorded a significant increase in November 2024, closing at highs of K251 million, compared to K20 million in October, 2024.
This marks November as the second trading month in 2024 where total turnover surpassed K100 million, trailing behind February which recorded a total of K431 million.
According to LUSE Chief Executive Officer, Nicholas Kabaso, the institution also recorded over 100% growth in volumes of equities transacted in October.
“In terms of total volumes of equities transacted, we noted further increased activities with a total volume of 17 million shares being traded, representing more than 100% growth in volumes over October.”
“This increase was similarly on the back of equity transactions on CECZ, which saw 16 million shares traded in November,” Mr. Kabaso revealed.
Mr. Kabaso however disclosed that despite the increases in volumes and turnover, the total number of trades posted a marginal drop of 4%, with 2,473 trades recorded in November, compared to 2,590 in the previous month.
“This implies that larger ticket sizes of individual trades occurred in November compared to October, causing increased turnover. November also recorded the first trades in the US Dollar denominated REIT under the Real Estate Investment Zambia, following its listing in US Dollars from Zambian Kwacha.”
“Just over 200,000 units were traded in the REIT in November generating turnover of slightly over $14,000,” Mr. Kabaso added.
He further revealed that Market Capitalization for the month rose by 15 percent, closing at K216 billion, mainly on account of gains in Shoprite Holdings (SHOP) which closed the month at a price of K250.00 per share, representing a monthly gain of 27%.
“The Lusaka Securities Exchange All Share Index recorded a drop for the month closing at 15,837.05 points representing a year-to-date growth of 44% and a loss of 1% compared to October. It must be noted that the decline in the index did not include the gains on Shoprite as Shoprite Holdings is not a constituent of the index.”
“This month, institutional investors accounted for 89% of both the total turnover and volume traded, highlighting their dominance in market activity,” he noted.
With regards to the bond market, Mr. Kabaso noted that total face values of bonds traded in November declined by 40%, while turnover decreased by 37%, compared to October, 2024.
He said as the year comes to an end, LUSE expects that the market will still close strong relative to other exchanges across Africa.
“And we remain optimistic that LuSE All Share Index will rank in the top five best performing markets in Africa for 2024 in view of its performance year-to-date,” Mr. Kabaso added.
