Story of the Day:
Zambia Sugar Plc has announced the resignation of one of its long servicing members of the board, according to a statement from the Company. Read more
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Zambia’s Copperbelt Energy Corporation (CEC) said on Tuesday that the country’s minister of energy, Mathew Nkhuwa, had issued a statutory instrument declaring all of the company’s distribution and transmission lines as “common carrier”. Read more: Reuters
The continued drop of Zambian Breweries share prices has attracted buyers, recording a significant increase in turnover to about K39 million last week from K4.3 million the previous week. In the past few weeks the company has witnessed a drop in share price from K8 to K7.60. Read more: Zambia Daily Mail
Despite global uncertainty over coronavirus and a difficult economic environment, Zambia Seed Company (Zamseed) has attracted K91 million of investment from SilverStreet Capital to revamp the processing plant. Read more: Zambia Daily Mail
The Zambian government has been urged to institute a fiscal regime that will respond to the prevailing times and attract greater investment in order to spur investment in the mining sector in the wake of the COVID-19 pandemic, The Policy Monitoring and Research Center said on Tuesday. Read more: News Ghana
International Business and Finance
Zoom’s revenue for its fiscal first-quarter between February and April more than doubled from the same time last year to $328million, turning a profit of $27million compared with $198,000 a year ago. Read more: The Guardian
Australia’s economy is already in recession, the country’s treasurer said on Wednesday, Data from the Australian Bureau of Statistics showed the $1.39 trillion economy contracted 0.3% in the quarter ended March, the first decline in nine years. That took the annual growth to 1.4%, the slowest since the 2009 global financial crisis. Read more: CNBC
Goldman Sachs has begun to establish short positions on the dollar as the reopening of economies is expected to lure investors out of the traditional safe-haven currency. Read more: MSN
The UK’s largest car manufacturing plant is “unsustainable” if the UK leaves the European Union without a trade deal, owner Nissan says. Read more: BBC News
The US has launched a formal investigation into new digital taxes over concerns they “unfairly target” American tech giants like Facebook. The inquiry will examine tax schemes in 10 jurisdictions including the UK, European Union and India. Read more: BBC News
Nigeria’s upper chamber of parliament on Tuesday approved President Muhammadu Buhari’s request for $5.51 billion in external borrowing from international lenders. The borrowing is part of a revised budget for 2020. Read more: Reuters
Asian shares rose Wednesday after Wall Street extended its gains for the third straight day, driven by optimism over economies reopening from shutdowns to stem the coronavirus pandemic. Read more: Market Watch
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In 18 trades recorded yesterday, 19,560 shares were transacted yielding a market turnover of K21,807. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge, Standard Chartered Zambia and Zambeef. The LuSE All Share Index (LASI) maintained its close at 4,024.34 points, as there were no share price movements. The market closed on a capitalization of K56,336,993,780 including Shoprite Holdings and K22,097,787,800 excluding Shoprite Holdings.
Chart of the Day: