Daily FiZ – Tuesday 24/03
Economy

Story of the Day:

AEL Zambia has recorded a marginal 0.8% increase in revenue following the continued weakening of the kwacha, according to a statement from its 2019 financial year statement. Read more 

Local Business and Finance Sponsored By Liquid Telecom 

The Bank of Zambia on Friday sold $21million of 2, 7 and 15yr bonds in a poorly subscribed auction. On offer was a yard in assets with appetite totaling K539.4million ($31million equivalent) which the Bank is Zambia absorbed K369.3million. Market liquidity going into the auction was only K100million. Read more: The Business Telegraph 

Zambia’s $522million Copperbelt international airport works have suffered major setback as coronavirus effects extend to the copper producer. This was established with Special assistant to the President for Projects Implementation and Monitoring Andrew Chella paid a courtesy visit on the AVIC engineering team at Simon Mwansa Kapwepwe international airport in Ndola on 20 March. Read more: The Business Telegraph

The Zambia Revenue Authority (ZRA) has exceeded its target for January and February by K226.5 million, representing a 2.5 percent growth. The target was about K9 billion and over K9.2 billion was collected. Read more: Zambia Daily Mail 

Minister of Local Government Charles Banda has announced that the commissioning date for the Makeni flyover bridge which is being constructed at a cost of US$13 million has been set for 14 April 2020. Read more: Zambian Business Times

KPMG Featured Article 

In my last article, “Why put an end to VAT?”, I was determined to present an argument in favour of a Value Added Tax (“VAT”) regime, and provide evidence of the challenges of Sales Tax. This particular article was originally intended to deliver details of “sales tax by design”. Read more 

International Business and Finance

The Federal Reserve is signaling it will do whatever it takes to save the coronavirus-ravaged American economy from a depression. The US central bank massively accelerated its rescue plans Monday by announcing unlimited bond-buying, three new credit facilities and an upcoming Main Street lending program. Read more: CNN

Gold extended a surge toward $1,600 an ounce after the Federal Reserve took unprecedented measures to protect the U.S. economy from the coronavirus shock, with Goldman Sachs Group Inc. saying bullion’s probably at an inflection point and it is time to buy. Read more: Bloomberg

The International Monetary Fund said it expects a global recession this year that will be at least as severe as the downturn during the financial crisis more than a decade ago, followed by a recovery in 2021. Nearly 80 countries have asked the Washington-based IMF for emergency finance, Managing Director Kristalina Georgieva said in a statement Monday following a conference call of Group of 20 finance ministers and central bankers. Read more: Bloomberg

Cryptocurrency prices rallied on Tuesday even as equity markets continue to come under pressure due to coronavirus fears weighing on investors’ sentiment. Bitcoin was up over 10% from 24 hours previously, trading at $6,569.17. Read more: CNBC

Nigeria’s central bank will migrate to a single exchange rate for the naira by collapsing the multiple exchange rate policy that determined the value for the local currency, people with direct knowledge of the matter said. The West African nation will merge the official rate, the rate for importers and exporters and rate for foreign-exchange bureaus. Africa News 

Kenya’s central bank on Monday cut its benchmark lending rate by a larger-than-expected 100 basis points and reduced the cash holdings requirements for banks to cushion the economy from the impact of the coronavirus. Read more: Reuters

Capital Markets Report 

In 8 trade recorded yesterday, 104,477 shares were transacted yielding a market turnover of K117,290.70. Trading activity was recorded in AEL Zambia, CEC Zambia and Zambeef. The LuSE All Share Index (LASI) closed at 4,230.65 points, as there were no share price movements. The market closed on a capitalization of K57,223,885,457 including Shoprite Holdings and K22,984,679,477 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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