Daily FiZ – Monday 23/03

Story of the Day:

Investors in listed companies on the Lusaka Securities and Exchange will have to wait a little longer before they can meet with the Boards and Management teams of the companies in their portfolios due to health concerns relating to the outbreak of COVID-19, according to a statement from the LuSE. Read more

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Local Business and Finance Sponsored By Liquid Telecom 

Bank of Zambia in consultation with commercials banks and payment service providers, aimed at reducing cash transactions and facilitating increased use of mobile money transactions. The immediate objective is to reduce the risk of transmission of COVID – 19 through the handling of cash. Read more: Zambian Observer 

Despite being weighed by declining foreign exchange reserves and weak capacity of local investors, Africa’s copper producer Zambia remains the eighth best ranked financial market. This was revealed by the Absa Financial Market Index (AFMIndex) 2019 has revealed. Read more: The Business Telegraph

The government’s decision to engage Ethiopian Airlines to relaunch the national airline will cost Zambia a whopping US$700,000 a month in plane charges. Read more: The Southern Times

Glencore’s Mopani Copper Mines unit in Zambia said on Friday it would review all parts of its business due to the increasing economic uncertainty caused by the coronavirus pandemic. The review will aim to minimise cash outflows, the company said, adding that projects that have commenced but are not essential will be suspended. Read more: Reuters

The Zambian government attaches great importance to its bilateral cooperation with China, which will benefit the people of Zambia through improved economic growth, an industry group said. Chingola Chamber of commerce and industry President Fred Musonda said Zambia was benefiting from China in economic development, such as improved trade with the Asian nation. Read more: MSN

Zamtel has today announced that it has scrapped charges on all mobile money peer to peer transactions in order to promote the use of Mobile Money and therefore help prevent the spread of coronavirus. The waiver of fees is part of the response to ongoing measures meant to promote use of digital payment solutions and discourage the use of physical cash. Read more: Lusaka Times 

KPMG Featured Article 

The introduction of Mobile Money Services by various mobile money service providers to customers has become a way of gaining competitive advantage through diversification, maintaining customer loyalty and increasing the market share in order to grow their profitability and improve their financial position. Read more

International Business and Finance Sponsored By Royal Air Charters 

The world will take years to recover from the coronavirus pandemic, the Organisation for Economic Co-operation and Development has warned. Angel Gurría, OECD secretary general, said the economic shock was already bigger than the financial crisis. Read more: BBC News 

Emirates Group is temporarily suspending most passenger flights, maintaining just its cargo operation, because of coronavirus. The Dubai-based airline plans to halt most passenger services as of March 25, it said in a statement Sunday. After initially saying it would suspend all passenger flights, the company amended its statement later Sunday to say it will continue operating passenger flights to 13 destinations in response to “requests from governments.” Read more: CNN

The U.S. stimulus package under negotiation in the Senate to combat the economic damage from the coronavirus pandemic will likely total more than $2 trillion, White House Economic Advisor Larry Kudlow said on Saturday. Read more: CNBC

A Moody’s report states that coronavirus pandemic and the sharp oil price drop have already led to portfolio outflows from emerging markets, including Africa, and will exacerbate the slowdown in economic growth at a time when government debt levels have increased to over 50% of GDP on average across the continent. Read more: Zambia Reports 

Uganda sees economic growth slowing to 5.2% to 5.7% in 2019-20 from an earlier forecast of 6% depending on the severity of the impact coronavirus pandemic, the Finance Ministry said. Read more: Africa News 

Capital Markets Report 

In 1 trade recorded on Friday, 800 shares were transacted yielding a market turnover of K976. Trading activity was recorded in CEC Zambia. The LuSE All Share Index (LASI) maintained its close at 4,228.43 points, as there were no share price movements. The market closed on a capitalization of K57,223,768,167 including Shoprite Holdings and K22,984,562,187 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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