Daily FiZ – Tuesday 08/10

Story of the Day:

Lusaka Securities and Exchange-listed Madison Financial Services (MFS) has advised shareholders that the company’s headline earnings per share at half-year 2019 will be approximately 500% lower compared to the previous year. Read more

Local Business and Finance

Tanzanian president John Magufuli and his Zambian counterpart, Edgar Lungu, on Saturday launched a one-stop border post on the two countries’ border in the southern highlands to facilitate trade. Read more: The Namibian

The Energy Regulations Board (ERB) says there is need for more investment in the renewable energy sector to cushion current power deficit in the country. Read more: The Independent Observer

Government is positive that the auctioning of emeralds locally is poised to boost business activities that are critical in the growth of industries. Ministry of Mines Permanent Secretary Barnaby Mulenga said the sale of emeralds in the country adds a new dimension to Zambia’s mineral business. Read more: Zambia Daily Mail

China ‘remains reluctant to engage in formal agreements on Zambia’s debt restructuring. Read more: Zambian Observer

International Business and Finance

The European Union is being urged to copy China’s Belt and Road Initiative to better channel the billions of euros in aid it sends to Africa each year. Read more: Bloomberg

The US economy got off to a rough start this month, with various data pointing at a slowdown. Now economists are saying this trend will only get worse. The National Association for Business Economics said in a survey released Monday that US GDP growth next year will drop below 2% for the first time since 2016. Read more: CNN

France appears to have given the U.K. until the end of the week to discuss and come up with a workable Brexit plan, but analysts say it’s very unlikely a deal could be reached in that short timeframe. Read more: CNBC

The more investors learned about WeWork, the less they liked it. The details that were wrong or omitted from its financial disclosures may have soured them even more and may pose a risk if the company tries to go public again. Read more: Wall Street Journal

U.S. President Donald Trump will sign two trade agreements with Japan later on Monday, the White House said in a statement. Read more: Reuters

China’s central bank has plowed funds into gold over the last 10 months, adding over 100 tons of the precious metal to its reserves as a buffer against the trade war. Read more: Business Insider

Capital Markets Report 

In 2 trades recorded yesterday, 85 shares were transacted, yielding a market turnover of K112. Trading activity was recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its previous close of 4,397.61 points as there were no price movements. The market remained on a capitalization of K57,109,173,694 including Shoprite Holdings and K22,869,967,714 excluding Shoprite Holdings.

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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