Story of the Day:
The financial performance of Atlas Mara Group has continued to improve year on year with the Group and Bank recording profit after tax of ZMW14.3million compared to a profit of ZMW5.6millon in the half year ended June 2019. Read more
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Zambia’s head of state on 28 August 2020 named Deputy Governor Operations – Dr. Francis Chipimo as acting central bank head pending ex commercial banker Christopher Mvunga’s ratification by parliament which resumes sessions on 11 September. Read more: The Business Telegraph
Zambia is in a dollar supply quagmire given the recent dollarization of mining taxes suffocating the supply side of the foreign exchange flows and an arrears dismantling program that has increased demand for dollars. Read more: The Business Telegraph
President Edgar Lungu says Zambia is working with the Democratic Republic of Congo (DRC) to set up hydro power stations on the Luapula river that will generate about one thousand megawatts of power. President Lungu says once implemented, this will not only promote economic activities in Luapula but other parts of the country. Read more: ZNBC
Government says indications coming from Glencore, the owners of Mopani, that they are ready to offer all of their shares is welcome move. Ministry of Mines Permanent Secretary Barnaby Mulenga says ZCCM-IH is ready to take over Mopani and run the mine. Read more: ZNBC
President Edgar Lungu has instructed the Anti-Corruption Commission (ACC) to take interest and find out how contracts are being awarded in government institutions. Read more: Zambia Reports
Zambian Breweries (ZB) says that Cassava should be commercialized and industrialized as it is used in the manufacturing of various products. Read more: The Independent Observer
International Business and Finance
An official gauge of China’s factory activity expanded at a slower pace in August, as the country’s small manufacturers struggled to survive while massive floods hurt production. China’s official manufacturing purchasing managers’ index fell to 51.0 in August from 51.1 in July, the National Bureau of Statistics said Monday. Read more: Market Watch
The dominance of major U.S. tech stocks in recent years has pushed the sector past another milestone as it is now more valuable than the entire European stock market, according to Bank of America Global Research. Read more: CNBC
Nigeria’s capital imports plunged 78.6% in the second quarter year-on-year to $1.295 billion, the statistics office said, as lower oil prices push Africa’s largest economy towards recession. Read more: Reuters
Kenya Airways expects to see a drop in revenues of between 60 billion Kenyan shillings ($555.30 million) and 70 billion shillings for full year 2020, its chief executive said on Friday, after posting a wider first half pretax loss. Read more: Reuters
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In 1 trade recorded yesterday, 20,000 shares were transacted yielding a market turnover of K589,800. Trading activity was recorded in Airtel The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements. The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings
Chart of the Day: