Daily FiZ – Tuesday 30/06
Economy

Story of the Day:

British American Tobacco Zambia Plc has announced the resignation of its Chairman from the Board, according to a statement from the company. Read more 

Local Business and Finance Sponsored By Liquid Telecom 

Zambia recorded a K3,843.4 million trade surplus in May 2020, signifying a 72.2 percent increase from K2,231.6 million recorded in April 2020. According to the Zambia Statistics Agency monthly bulletin, interim statistician general Mulenga Musepa stated that the increase was mainly on account of 96% of raw materials and 12% intermediate goods exported. Read more: News Diggers 

Rudra Copper Limited, a Chingola based company is set to invest US$41 million in the processing of copper from the slag commonly known as the ‘Black Mountain’ into Copper and cobalt. The Company intends to establish a fully integrated copper industry with little or no waste as the by product will be transformed into pavers and other construction related materials. Read more: Lusaka Times

British High Commissioner to Zambia Nicholas Woolley has pledged to support Government in its quest to create employment for young people through entrepreneurship. Mr Wooley says Zambia and the UK are working to support job creation by supporting small- and medium-scale entrepreneurs. Read more: Zambia Daily Mail 

Margam Valley Solar Energy Corporation Limited (MVS) has selected Sino Hydro Zambia as the lead civil works contractor for the 200 megawatts solar power project in Kalulushi on the Copperbelt. Sino Hydro Zambia, which is a subsidiary company of Power-China International, will undertake joint civil works with various sub-contracted Zambian firms. Read more: Zambia Daily Mail 

The African Development Bank (AfDB) has approved US $8.9 million, about K162 billion, for six SADC countries, including Zambia, under its COVID-19 response facility. Read more: AfDB

Arc Minerals announced the start of the second season of exploration activities over the Zamsort and Zaco license areas in north western Zambia on Monday. Read more: Mining Weekly

International Business and Finance 

The U.K. government unveiled plans to soften the economic impact of coronavirus with a £5 billion investment plan on infrastructure. Read more: BBC News 

Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network. Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would stop spending money with Facebook’s properties this year. Read more: MSN

BP has agreed to sell its petrochemicals business to Ineos for $5 billion, the latest in a series of asset sales by the UK oil company as it tries to refocus on cleaner energy. Read more: CNN

China on Tuesday said manufacturing activity expanded in June with the official Purchasing Manager’s Index coming in at 50.9. Read more: CNBC

U.S. Federal Reserve Chair Jerome Powell on Monday said the outlook for the world’s biggest economy is “extraordinarily uncertain” and will depend both on containing the coronavirus and on government efforts to support the recovery. Read more: Reuters

Capital Markets Report Sponsored By ZCCM-IH 

In 7 trades recorded yesterday, 106,786 shares were transacted yielding a market turnover of K84,628. A share price loss of K1.11 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in AEL Zambia, Lafarge, Standard Chartered Zambia and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,927.13 points, 0.27% down from its previous close of 3,937.70 points. The market closed on a capitalization of K55,897,229,256 including Shoprite Holdings and K21,658,023,276 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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