Daily FiZ – Thursday 25/06

Story of the Day:

The half-year period ended 31st March 2020 (HY 2020) saw Zambeef post encouraging results in the context of a very challenging macroeconomic environment. During this period, the Zambian Kwacha weakened by 37%, resulting in short to medium term record inflation. Read more 

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Edgar Lungu has urged the Commonwealth to support calls for debt relief or cancellation for developing member states in view of the Coronavirus pandemic. President Lungu has also called for enhanced collaboration in research for the vaccination and cure of Covid-19 and mobilization of resources from the local and international community. Read more: ZNBC

International Monetary Fund (IMF) and Government have commenced the virtual consultative and information exchange mission for Zambia, with the Bretton Wood institution describing the engagement as the most important stage of its relationship with Zambia since 2017. Read more: Zambia Reports 

BoZ Governor Dr. Denny Kalyalya when he disclosed that digital financial services in the country have recorded significant growth with mobile money payments posting an annual average growth of 126% in value from K2.07 billion processed in 2015 to K49.45 billion processed in 2019. Read more: Zambian Business Times

Zambia has secured US$60,000 from the Arab Bank for African Economic Development (BADEA) to provide equipment for footwear and leather products. Read more: Zambia Daily Mail 

The Economics Association of Zambia has launched a national initiative aimed at promoting the empowerment of youths and women. The initiative dubbed EAZ National Economic Empowerment Initiative would use crowdfunding to pool a wealth of ideas, skills and financial resources for various businesses. Read more: Zambian Observer 

Atlas Mara acquisition by Equity Group has flopped as the two firms have mutually agreed to discontinue acquisition transaction discussions citing the need to refine its strategy given the COVID19 pandemic. Read more: Lusaka Times 

International Business and Finance 

The International Monetary Fund slashed its economic forecasts once again on Wednesday and warned that public finances will deteriorate significantly as governments attempt to combat the fallout from the coronavirus crisis. The IMF now estimates a contraction of 4.9% in global gross domestic product in 2020, lower than the 3% fall it predicted in April. Read more: CNBC

The US announced a list of 30 products that could be subjected to new tariffs, noting the United States imports about $3.1 billion of these goods annually from Europe. The US already levied 15% to 25% tariffs on $7.5 billion worth of other European goods as part of this dispute. The new items could be hit with tariffs of as much as 100%. Read more: CNN

The US Defense Department has determined that 20 top Chinese firms, including Huawei, are either owned by or backed by the Chinese military. Read more: BBC News 

South Africa’s public enterprises ministry on Wednesday urged creditors to back a rescue plan for cash-strapped South African Airways (SAA). Read more: Reuters

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In 28 trades recorded yesterday, 269,430 shares were transacted yielding a market turnover of K245,566. A share price loss of K0.03 was recorded in PUMA and a share price loss of K0.01 was recorded in Standard Chartered Bank Zambia Trading was also recorded in Copperbelt Energy Corporation, Lafarge, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) its closed at 3,937.70 points, 0.18% down from its previous close of 3,944.98 points. The market closed on a capitalization of K55,959,900,076 including Shoprite Holdings and K21,720,694,096 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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