Story of the Day
Petroleum company, Puma Energy Zambia Plc, announced a profit before tax of K78.27 million at half-year 2019 despite a 3.8% dip in volumes compared to its half-year performance. Read more
Domestic Business and Finance
The rise in cement prices on the Zambian market has resulted in a public outcry with members of the public and some retailers blaming the current price hikes on the fact that a few large cement manufacturers are colluding to maximize their profits. Read more: Zambian Business Times
The cost of living for a Zambian family of five rose by 4% in August. Read more: Zambian Business Times
Zambia is in talks with South African power utility Eskom to import 300 megawatts (MW) of electricity, Energy Minister Mathew Nkhuwa said on Tuesday, adding that retail prices could double once imports begin. Read more: Reuters
Chinese-invested Zambia-China Economic and Trade Cooperation Zone (ZCCZ) is boosting investment inflow into the southern African nation as it continues to attract firms to establish bases. Read more: Xinhua
International Business and Finance
The US central bank has cut interest rates for only the second time since 2008, amid concerns about slowing global growth and trade wars. As expected the Federal Reserve lowered the target range for its key interest rate by 25 basis points to between 1.75% and 2%. Read more: BBC News
Dubai International Financial Centre (DIFC) continues to support the development of the fintech industry, registering more than 100 fintech across the MEASA (Middle East, Africa and South Asia) region. Read more: Business Chief
Investors managing assets worth $35 trillion are sending a message to governments and companies: Do more to fight climate change. Read more: CNN
Saudi Aramco CEO says the company is pressing ahead with its IPO listing plans this week despite the oil attack. Read more: MSN
After issuing more than 17 billion cedis ($3.1 billion) in bonds over the past two years to bail out banks and repay energy arrears, Ghana faces a new debt risk. Read more: Bloomberg
Capital Markets Report
In 72 trades recorded yesterday, 35,654 shares were transacted, yielding a market turnover of K77,784. Copperbelt Energy Corporation and Standard Chartered Bank Limited recorded a loss of K0.01 each. Trading activity was also recorded in Airtel and Lafarge. The LuSE All Share Index (LASI) closed at 4,398.81 points down by 0.18% from its previous close of 4,406.72 points. The market closed on a capitalization of K57,114,173,694 including Shoprite Holdings and K22,874,967,714 excluding Shoprite Holdings.
Chart of the Day: