Story of the Day:
Zambia Sugar Plc has recorded a 14% increase in revenue for the six-month period to its current financial year compared to the same period last year thanks to improved domestic sales and a surge in exports, according to a statement from the company. Read more
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The Zambian Government has confirmed that Gold producing companies such as Kansanshi Mines Plc and Lumwana Mines are not currently compelled to sell their gold to Bank of Zambia. Mine permanent secretary Barnaby Mulenga stated that the though the current policy tasks ZCCM-IH Plc to be involved in the opening of new gold mines at small and large scale levels, this has not been fully realised. Read more: Zambian Business Times
Bank of Zambia (BoZ) Governor Denny Kalyalya says the country needs to fully implement the Seventh National Development Plan (7NDP) if it is to get back on track amid effects of coronavirus. Read more: Zambia Daily Mail
Southern Province Minister Edify Hamukale has urged the aviation industry in southern Africa to lower airfares to encourage movement of people in a bid to boost trade and tourism. And COMESA has called on member states to consider targeted and temporal support for tourism and air transport sectors that have been worst hit by effects of coronavirus. Read more: Zambia Daily Mail
The Zambian Embassy in Germany has begun discussions with Africa-Verein, an association of German businesses with interest in Africa on how the members of the organization could help Zambia with the necessary medical supplies needed to fight COVID-19. Read more: Lusaka Times
International Business and Finance
French President Emmanuel Macron has announced an $8.8 billion aid package for the country’s embattled auto industry, which has seen sales tank during the coronavirus pandemic. Read more: CNN
Japan will unveil new economic stimulus worth more than $1 trillion, its second major package in just over a month to keep businesses and households afloat amid the deepening coronavirus recession, a document obtained by Bloomberg showed Wednesday. Read more: Bloomberg
The coronavirus crisis is causing the biggest fall in global energy investment in history. Before the pandemic, funding was set to rise 2%, but now it’s predicted to plunge 20%, says the International Energy Agency (IEA). Fossil fuels are hit hardest, with a 30% funding drop expected for oil and a 15% fall for coal. Read more: BBC News
The New York Stock Exchange (NYSE) has reopened its trading floor after a two-month closure due to the coronavirus pandemic. Read more: BBC News
JPMorgan Chase shares rose Tuesday after CEO Jamie Dimon called the biggest U.S. bank “very valuable” at the current price. Read more: CNBC
South Africa’s mining production is likely to fall by between 8% and 10% this year due to the COVID-19 pandemic, the CEO of industry body the Minerals Council said on Tuesday. Read more: Reuters
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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 4,078.25 points, as there were no share price movements. The market closed on a capitalization of K56,571,643,786 including Shoprite Holdings and K22,332,437,806 excluding Shoprite Holdings.
Chart of the Day: