Daily FiZ – Friday 26/06

Story of the Day:

Over the last three years, the Zambian National Commercial Bank (ZANACO) has recorded a continued positive growth. According to the press release and virtual media briefing hosted on June 25th 2020, ZANACO managed to post a respectable profit because of the measures taken to expand the product offering which resulted in an 11% year on year (YoY) growth in revenue. Read more

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Zambia’s expenditure is expected to rise by approximately 20 billion kwacha ($1.11 billion) this year as the local currency weakens, piling more pressure on a nation already struggling with huge debt, President Edgar Lungu said on Thursday Read more: Reuters

Zambia’s newly-formed creditor group is encouraging the government to bring a planned debt overhaul under the scope of an International Monetary Fund bailout, to help put the nation’s public finances on a sound footing. Read more: Bloomberg

Zambian inflation slowed for the first time in 15 months in June as the kwacha pared some earlier losses. Consumer prices increased 15.9% from a year earlier, compared to 16.6% in May, Mulenga Musepa, the interim statistician general at the Zambia Statistics Agency, told reporters Thursday in Lusaka, the capital. Costs rose 0.2% in the month. Read more: Bloomberg

President Edgar Lungu yesterday announced the reopening of his country’s air borders and airports to boost the economy, which had been undermined by restrictions imposed to combat coronavirus. Read more: The Herald 

President Edgar Lungu says Government has issued the Covid-19 bond stimulus package worth 8 billion kwacha to enhance economic activity. Read more: ZNBC

Government has announced the creation of a K30 million youth empowerment scheme for artistes countrywide which will be launched in Lusaka soon. Speaking during his national address, Edgar Lungu said his government is working out measures that will ensure the economy survives the devastating effects that COVID-19 has had on the economy, especially the youth. Read more: Zambia Reports 

In an effort to create 10,000 jobs countrywide, Sub-Sahara African Farmers Organisation (SSAFO) is injecting K48 million in a poultry youth empowerment programme targeting to produce 500,000 broiler chickens by December this year. Read more: Zambia Daily Mail

International Business and Finance 

Zimbabwe’s fuel prices will go up by as much as 152% on Wednesday, the energy regulator said, after the government removed a fixed exchange rate in place since March. Read more: IOL News 

The Federal Reserve has warned that America’s biggest banks could be hit by losses of up to $700bn in a severe downturn due to the pandemic. Read more: BBC News 

Huawei received approval on Thursday to build a $1.25 billion research facility in the United Kingdom. The announcement comes as the United Kingdom is scrutinizing the Chinese telecom company’s involvement in the country’s 5G networks. Read more: CNN

Publish What You Fund has ranked the African Development Bank (AFDB) fourth out of 47 global development institutions on its aid Transparency Index. The index places the Bank in the highest category of transparency along with other world class institutions such as the World Bank, the Asian Development Bank and UNDP. Read more: Africa News

Bank of America Chief Global FICC Technical Strategist Paul Ciana said the uptrend in gold prices is set to test the 2012 highs of $1,790 : 1,805/oz in the next week. Read more: CNBC

Capital Markets Report Sponsored By ZCCM-IH

Trading activity was recored in CEC Africa on the quoted tier. A total volume of 39,214,275 shares were transacted yielding a market turnover of K 5,097,855.75 The LuSE All Share Index (LASI) its closed at 3,937.70 points as they were no price movments. 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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