Story of the Day:
In the second week of February 2020, bonds of total face value of K40,192,000 were transacted in 17 trades, yielding a market value sales of K27,499,000. Only four days recorded trades on the bond market in the second week of February, of which Monday was the best performing for the week. Week two of bond trading on the LuSE is the best performing week of February thus far. Read more
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Zambia will host the Innovation Africa 2020 Summit following a cabinet approval, a spokesperson said on Tuesday. Read more: Xinhua
The National Pensions Scheme Authority – NPSA has received a dividend of K7.98 million (about US$560,000) from ZCCM-IH, a demonstration of the authority’s investment in various assets as guided by investment guidelines. Read more: Zambian Business Times
Industrial Development Corporation (IDC) Chief Executive Officer Mateyo Kaluba has urged companies within the group to emulate Zamtel and Zambia Railways Limited to embrace digital transformation and support growth of their business.
Mr Kaluba was speaking during the singing of the Memorandum of Understanding (MOU) between Zamtel and Zambia Railways Limited aimed at enhancing service delivery through digital transformation. Read more: ZNBC
As the Bank of Zambia sets to announce the Monetary Policy Rate for quarter one, the Centre for Trade Policy and Development (CTPD) would like to urge the Bank of Zambia Monetary Policy Committee, to consider the broader economic situation as they determine the 2020 first quarter monetary policy decision. Read more: Lusaka Times
Zambia is among countries that will benefit from a regional agriculture agreement which seeks to promote research and revamping farming in view of climate change. Read more: Zambia Daily Mail
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As a result of the fluctuations in the Zambian economy and the volatility of the financial performance of industries caused by aggregate shocks from macroeconomic policies, there have been many businesses in distress. High-interest rates and the weakening of the kwacha have made it difficult for Zambian businesses to stay above water as opposed to multinational companies that are able to rely on their parent companies for survival. Read more
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Shares of Apple fell 2.6% Tuesday, wiping out $34 billion in market value and dragging US stocks lower across the board. This comes after the $1.4 trillion company put out a surprise investor update on Monday, warning that it no longer expects to meet the revenue guidance provided last month. Read more: CNN
HSBC has said it will axe around 35,000 jobs as it announced profits for 2019 fell by about a third. That has spurred the bank to target $4.5billion of cost cuts by 2022 as part of a major restructuring. Read more: BBC News
The European Union has added the Cayman Islands, a UK overseas territory, to its tax havens blacklist. It joins Oman, Fiji and Vanuatu, which have also been accused of failing to crack down on tax abuse. Read more: BBC News
Boeing Co. said Tuesday that it had found debris in the fuel tanks of undelivered 737 Max jetliners, the latest setback in the plane maker’s efforts to address quality control problems. Read more: Market Watch
South Africa’s ailing power utility Eskom urgently needs more cash to stabilise its ballooning debt pile with the funds coming from a rise in tariffs or new equity, new chief executive Andre de Ruyter told lawmakers on Tuesday. Read more: Reuters
Virgin Galactic has gained nearly 150% this year through Friday’s close in a speedy rally that’s outpaced automaker Tesla’s torrid 91% rise in the same timeframe. Shares of the space tourism company surged as much as 35% to a new high in early trading on Tuesday.
Adam Jonas of Morgan Stanley thinks the stock price could “use a breather.” Read more: Business Insider
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In 23 trades recorded yesterday, 29,857 shares were transacted yielding a market turnover of K38,970. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge, Real Estate Investments Limited, Standard Chartered Bank Limited and Zanaco. The LuSE All Share Index (LASI) maintained its previous close at 4,254.31 points, as there were no share price movements. The market closed on a capitalization of K57,336,443,980 including Shoprite Holdings and K23,097,238,000 excluding Shoprite Holdings.
Chart of the Day: