Zambia Stock Rally Seen Spurring IPOs, New Gold ETF in 2026

Zambia’s stock market is preparing to host several new stock listings this year, as well as a gold-linked ETF that aims to tap into the precious metals rally.

The bourse, Africa’s top performer this year, also plans to simplify some rules to ease market access, and attract a broader base of issuers and investors, according to Nicholas Kabaso, chief executive officer of the Lusaka Securities Exchange Plc.

“We are actively working on three potential equity listings and an introduction of two new products,” Kabaso said in emailed comments. 

The listings will be in financials, telecoms and manufacturing, Kabaso said, adding that a sustainability bond and an ETF “premised on gold” are also on the cards. He provided no further details. Gold prices climbed past $5,000 an ounce for the first time on Monday, and are already up 18% year-to-date.

The Lusaka exchange currently has 24 listed names, including Standard Chartered Plc’s local unit, Zambia Sugar Plc, and a local arm of British American Tobacco. Its last initial public offering was a December listing from Dot Com Zambia Plc.

Zambia, Africa’s second-biggest copper producer, is enjoying a revenue windfall from record high prices for the metal, which has translated into sharp gains for the kwacha currency. Local stocks are up 17% year-to-date in dollar terms, with Kabaso estimating that foreign institutional investors comprise 28% of the market participants.

Read the original Bloomberg report here.