Lusaka, Zambia For more financial news, go to the News24 Business front page.A rally in Copperbelt Energy Corp. is poised to help Zambia's benchmark stock index become Africa's best performer this year. The 22-member Lusaka Securities Exchange All Share Index climbed 12% in dollar terms in 2022 and is set for a second straight year of gains. Copperbelt, which supplies power to mining companies in Africa's second-biggest copper producer, contributed most to the index's advance.Local investors piled into the power supplier's stock after the government of President Hakainde Hichilema, who was elected in August last year, helped resolve a dispute the company had with the previous administration. The gains in the company's shares may continue next year, according to Charles Mate, founder of Stockbrokers Zambia Ltd. 'What we have seen really is a resurgence in terms of investor interest, especially from the domestic market,' Mate said. 'This stock still has significant upside.' Newsletter Daily SA Money Daily The biggest business, economic and market news of the day. Sign up
Copperbelt, which is more than a third owned by private equity firm Affirma Capital Singapore Pte, since 2020 was locked in legal wrangle with the government. The disagreement began dissipating in January.With a trailing price-to-earnings ratio of about five times, Copperbelt Energy is still undervalued, said Mate, who helped set up the local stock exchange in 1994 and was its first general manager. - With assistance from Farah Elbahrawy. We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.