Daily FiZ – Friday 24/01

Story of the Day: 

The ZAFFICO initial public offering period for the purchase of shares has been extended, according to statement released on Stock Exchange News Services (SENS). Read more 

Local Business and Finance

Eurasia Resources Group’s (ERG) Africa unit said on Thursday it will suspend operations at Chambishi Metals in Zambia due to a shortage of copper and cobalt concentrates required to produce cathode. Read more: Reuters

President Edgar Lungu has said that Zambia’s Economic prospects for 2020 are positive. Addressing the Diplomatic Corps at State House Thursday afternoon, during during the Annual Greetings events, the President said that projections include a real growth rate of 3 percent and inflation to be maintained within the range of 6 to 8 percent. Read more: Lusaka Times 

Kagem Mining has signed a collective agreement with unions under which unionised employees will receive a 10% increase in basic salary for 2020 and a further 10% increase for 2021. Read more:  Mining Review

Former Minister of Finance Felix Mutati has cautioned that the impasse between ZESCO and the Coperbelt Energy Corporation arising from the power sharing agreement may erode investor confidence in Zambia. Read more: Zambia Reports 

Mealie meal prices are likely to remain high this year until the main maize harvest period in May, says the Indaba Agricultural Policy Research Institute (IAPRI). Read more: News Diggers 

The Timber Producers Association of Zambia has urged the Ministry of Commerce to implement the establishment of a Timber Auction Floor as proposed in the 2018 budget. Read more: ZNBC

International Business and Finance 

Business leaders have welcomed what they call a clarification of the government’s view that there would be “no alignment” with EU rules in a post-Brexit trade deal with the EU. Read more: BBC News

Under growing pressure over record low interest rates, the European Central Bank has decided it’s time to give its unconventional policies another look. Read more: CNN

There are more than 100 recognized currencies in the world, but that could fall to five or six in the next 20 years, the Brazilian economy minister said at the World Economic Forum (WEF) Thursday. Read more: CNBC

U.S. President Donald Trump will sign a trade pact between the United States, Mexico and Canada on Wednesday during a ceremony at the White House, an administration official told Reuters on Thursday. Read more: Reuters

It has been officially announced that following the UK-Africa Investment Summit, the UK and Egypt are going to enter an economic partnership. Read more: Africa Business Chief

Intel Corp.’s data-center sales crushed Wall Street estimates Thursday, pushing quarterly revenue atop the $20 billion mark for the first time, but the chip maker’s forecast reflected a conservative for the difficult-to-predict cloud market. Read more: Market Watch 

Capital Markets Report

In 33 trades recorded yesterday, 5,277 shares were transacted, yielding a market turnover of K10,071. A share price loss of K0.01 was recorded in Zambia Breweries. Trading activity was also recorded in AEL Zambia, Bata, CEC Zambia, PUMA, ZCCM, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,255.20 points, 0.03% down from its previous close of 4,256.51 points. The market closed on a capitalization of K56,516,852,910 including Shoprite Holdings and K22,277,646,930 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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