Daily FiZ – Friday 07/02
Economy

Story of the Day:

Zambian Mines Minister Richard Musukwa on Wednesday wooed investors at the Investing In African Mining Indaba to take advantage of the country’s resource potential despite the government’s provisional liquidation of the Konkola Copper Mines (KCM) for failure to pay dividends. Read more 

 

Local Business and Finance Sponsored By Liquid Telecom 

ZCCM – IH has established a gold company. ZCCM Gold Company is a Zambian newly established company that will oversee the mining, processing, refining and marketing of gold in Zambia. Read more: Zambian Observer 

The kwacha is likely to come under pressure next week, largely driven by sentiment after tax payments due this coming Monday. Read more: Nasdaq

Pomodzi Hotels Plc recorded a decline in revenue of K41.59 million last year from K43.02 million the previous year due to decreased room occupancy rate and food and beverage activities. Read more: Zambia Daily Mail 

Sylva Food Solutions is this year expected to set up a food processing factory at a cost of US$400,000 (about K5.7 million) in a quest to feed the local and international markets. The factory, which will promote value addition, is expected to create a market for over 22,000 small-scale farmers and 450 jobs. Read more: Zambia Daily Mail 

Peace and stability are vital if Africa is to see any tangible benefits from the implementation of the Africa Continental Free Trade Agreement (AfCFTA), a government official said on Thursday. Read more: Xinhua

The Zambia Association of Chambers of Commerce and Industry (ZACCI) says the continued spread of the deadly Coronavirus has the potential to reduce trade between Zambia and China given the increased suspension of travel modalities between the two countries. Read more: News Diggers

Home Affairs Minister Stephen Kampyongo says it is key for investors and government to find a proper communication strategy to avoid acrimony. And Kampyongo has assured investors that government would continue creating an enabling environment and ensure that their investments are safe amidst the ongoing sporadic social unrest in some parts of the country. Read more: News Diggers 

KPMG Featured Article 

Over the last year many finance teams have successfully implemented two new accounting standards, IFRS 9 – Financial instruments and IFRS 15 – Revenue from contracts with customers and are realising that the level of effort required and changes have been greater than anticipated. Read more 

International Business and Finance Sponsored By Royal Air Charters 

Treasury Secretary Steven Mnuchin said Thursday that disruptions at Boeing are expected to drag on the US economy in 2020 potentially bringing growth to below a key target set early in the Trump administration. President Donald Trump pledged to deliver gross domestic product growth of 3% or more each year of his term, but it has consistently fallen short. Read more: Business Insider

South African Airways will end several routes as it restructures out of bankruptcy.
International routes to be cut include service from Johannesburg to Zambia. Read more: Business Travel News

Uber’s business continues to grow, but so do its losses. The firm lost $1.1 billion in the last three months of 2019, even as revenue jumped 37% to $4 billion and the number of trips made on its platform rose by 28%. Read more: BBC News 

South Africa’s beleaguered state power firm Eskom got a lift in financial markets on Thursday, as a pledge of help from the country’s President Cyril Ramaphosa gave some of its bonds their best day since June. Read more: Reuters

Jeff Bezos has sold nearly $3.5 billion in Amazon.com Inc. stock in the past week, according to new financial filings. Read more: Market Watch

The Apple Watch outsold the entire Swiss watch industry in 2019, according to a new report. Market research firm Strategy Analytics estimates that Apple shipped 30.7 million units worldwide of its smartwatch last year, compared to 21.1 million for all Swiss watch brands combined. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

In 48 trades recorded Friday, 940,168 shares were transacted, yielding a market turnover of K6,711,292. A share price gain of K0.01 was recorded in Copperbelt Energy Corporation, and a share price loss of K0.01 was recorded in Zambia Breweries. Trading activity was also recorded in Standard Chartered Bank Limited, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,258.14 points, 0.06% up from its previous close of 4,255.55. The market closed on a capitalization of K56,529,102,118 including Shoprite Holdings and K22,289,896,138 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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