Macro-Economic Factors Affecting Stock Market Performance in Zambia: A Case of the Lusaka Securities Exchange

Muyinda P. Muyanga, PhD Jason Mwanza, PhD Austin Mwange and PhD Lubinda Haabazoka
Additional contact information
Muyinda P. Muyanga: Institute of Distance Education, University of Zambia
PhD Jason Mwanza: Institute of Distance Education, University of Zambia
PhD Austin Mwange: Graduate School of Business, University of Zambia
PhD Lubinda Haabazoka: School of Business, University of Zambia

African Journal of Commercial Studies, 2025, vol. 6, issue 5

Abstract: This study examined the influence of macroeconomic variables on stock market performance in Zambia using data from the Lusaka Securities Exchange. The study analyzed annual interest rates, exchange rates, money supply, GDP growth rate, and the Index of Industrial Production as independent variables against the All LuSE Share Index. Secondary data covering 1998–2017 were analyzed using multiple linear regression in SPSS. Results showed that the selected macroeconomic variables explained 81.9% of the variation in stock market performance. Interest rates had a significant negative effect on stock market performance, while money supply, exchange rates, and industrial production index exhibited positive significant relationships. GDP growth had a positive but statistically insignificant influence.

Keywords: Stock Market; All LuSE Share Index; Performance; Macro-Economic Factors; Interest Rates; Exchange Rates; Money Supply; GDP Growth Rates; Index of Industrial Production (search for similar items in EconPapers)
Date: 2025
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://ijcsacademia.com/index.php/journal/article/view/335

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cwk:ajocsk:2025-99

DOI: 10.59413/ajocs/v6.i5.6

Access Statistics for this article

More articles in African Journal of Commercial Studies from African Journal of Commercial Studies
Bibliographic data for series maintained by Dr. Charles G. Kamau ().