Story of the Day:
The Board of Directors of Investrust Bank Plc has announced the departure of Mr. Harry Mafuta as Chief Financial Officer of the Company effective 10th October 2019. Read more
Local Business and Finance
Atlas Mara has recorded over 10,000 new customers in the five months it has been running “Switch and Win” Campaign. Atlas Mara Head of Retail and Digital Banking, Teza Ngulube says the figures are a Key Performance Indicator that the bank continues to grow. Read more: ZNBC
On the back of Thursday’s oversubscribed treasury bill auction, the money market was awash with liquidity level swelling to over K2 billion. Read more: Zambia Daily Mail
China Minmetals, Jiangxi Copper and Zijin Mining are among the firms weighing to bid for Canadian mining firm Barrick Gold’s Lunwana copper mine in Zambia. Read more: Lusaka Times
President Edgar Lungu says his recent visit to India has borne fruits with fast track interest in Zambia from the Indian business community with $5 billion worth of investments. Read more: Zambia Reports
The Council of Ministers from Zambia and Tanzania has resolved to finance the re-capitalization of the Tanzania-Zambia Railways. Read more: Zambia Reports
International Business and Finance
The U.K. is working toward being the biggest investor in Africa among the Group of Seven nations, Trade Commissioner for Africa Emma Wade-Smith said as the country prepares to leave the European Union at the end of the month. Read more: Bloomberg
New tariffs on $156bn of Chinese goods will be imposed if a trade deal is not finalised by 15 December, the US Treasury Secretary has warned. Read more: BBC News
China wants another round of talks before signing what President Donald Trump called last week the first phase of a trade deal between the two nations, a source told CNBC’s Kayla Tausche on Monday. Read more: CNBC
The owner of the New York Stock Exchange (NYSE), Intercontinental Exchange, has launched a bitcoin futures exchange. The long-gestating Bakkt is a futures exchange for Bitcoin, meaning traders can bet on whether the cryptocurrency’s price will rise or fall. Read more: Business Chief
President Donald Trump signed an executive order sanctioning Turkish officials, hiking tariffs on Turkish steel up to 50% and “immediately” halting trade negotiations with the country, Vice President Mike Pence confirmed Monday. Read more: CNBC
Earnings for the S&P 500 index SPX, -0.14% have declined year-over-year in each of the first two quarters of the year, creating the first earnings recession since 2017. The decline is expected to continue and even accelerate with third-quarter results, which largely launch this week. Read more: Market Watch
Capital Markets Report
In 5 trades recorded yesterday, 5,981 shares were transacted, resulting in a market turnover of K6,077. A share price loss of K0.05 was recorded in Zambeef. Trading activity was also recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) closed at 4,369.84 points down by 0.08% from its previous close of 4,373.45 points. The market closed on a capitalization of K56,993,673,690 including Shoprite Holdings and K22,754,467,710 excluding Shoprite Holdings.
Chart of the Day: