Story of the Day:
Mining company First Quantum Minerals has successfully negotiated adjusted terms to some of the financing facilities that have been availed to them by lenders in light of the unprecedented COVID-19 pandemic, according to a statement from the company. Read more
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Stanbic Bank reported its first quarter after tax earnings 101% stronger at K157.8million year on year. This growth was 24.2% wider than fourth quarter performance of 2019 an earnings rally surpassing all it’s competitors. Subsidiary to the largest Pan African bank Standard Bank, Stanbic Zambia grew its total income by 31.1% to K526million supported by bullish contribution from its lending and government security investment lines. Read more: The Business Telegraph
Absa Zambia Plc reported first quarter earnings (1Q20) of K44.9million, a 38.8% decline year on year weighed by credit impairements and widening non interest expenses. Published prudential financial statements reflect a 35.6% widening of credit impairments to K51.6million weighing its after tax earnings. Compared to fourth quarter of last year Absa after tax earnings were flat. Read more: The Business Telegraph
Finance Minister, Bwalya Ng’andu has actualised various measures aimed at mitigating the impact of COVID-19 on the Zambian economy. Read more: ZNBC
The Government has appointed a new board for the Zambia Revenue Authority. This is pursuant to the provisions of Section 12 (1) of the Zambia Revenue Authority Act Number 321 of the Laws of Zambia. Read more: Zambian Observer
In recognition of the challenges the coronavirus poses on various sectors, Standard Chartered Bank Zambia is implementing relief measures to help customers in need of assistance. The relief measures include payments holidays for loan repayments across all retail clients assessed to have been distressed by the COVID-19. Read more: Zambia Daily Mail
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The US economy suffered its most severe contraction in more than a decade in the first quarter of the year, as the country introduced lockdowns to slow the spread of coronavirus. The world’s largest economy sank at an annual rate of 4.8%, according to official figures released on Wednesday. It marked the first contraction since 2014, ending a record expansion. Read more: BBC News
The International Energy Agency (IEA) said Thursday that it expects global energy demand to plunge by 6% this year amid the COVID-19 pandemic, in what the Paris-based agency called the biggest shock since World War II. In absolute terms this is the largest on record. Percentage wise, it’s the steepest decline in 70 years. Read more: CNBC
Microsoft’s posted earnings per share of $1.40 on $35 billion in revenue for the three months ended in March, which is the company’s fiscal third quarter. Both figures beat analysts’ expectations. Sales were up 15% compared to last year. Its shares rose nearly 3% in after-hours trading Wednesday. Read more: CNN
The implementation of an Africa-wide free-trade agreement won’t proceed on July 1 as planned due to disruptions caused by the coronavirus outbreak, according to the zone’s most senior official. Read more: Bloomberg
The International Monetary Fund said on Tuesday its executive board approved $3.4 billion in emergency financial assistance for Nigeria to support the oil exporter’s response to the coronavirus pandemic. Read more: Africa News
Zimbabwe’s central bank said on Wednesday it would cut its main lending rate to 15% from 25% effective May 1 as part of measures to help the economy deal with the effects of the coronavirus outbreak. Read more: Reuters
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In 10 trades recorded yesterday, 841 shares were transacted yielding a market turnover of K16,868. Trading activity was recorded in AEL Zambia. The LuSE All Share Index (LASI) maintained its close at 4,149.17 points, as there were no share price movements. The market closed on a capitalization of K56,878,720,993 including Shoprite Holdings and K22,639,515,013 excluding Shoprite Holdings.
Chart of the Day: