Story of the Day:
Quoted company on the Lusaka Securities and Exchange, CEC Africa, has announced that a mandatory offer has been made by BP Investments Limited for purchase minority shareholders stake in the company that has operations in Nigeria. Read more
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With liquidity north K5.9billion, Zambia’s central bank sold K1.95billion worth of treasury bills. Of the K1.3billion worth of assets on offer, appetite recorded was in excess of K3.0billion of which 62% was for one year paper. Treasury bills have continued to outperform bonds as the risk skew theme remains towards shorter dated higher yielding assets given rising COVID induced credit risks. Read more: The Business Telegraph
As disease pandemic risks deepen, there is increasing need for social distancing and masking protocols but this has reduced interactions causing disruptions and adverse business ecosystem effects. Business pulse remains muted below series average of 48.3 and has been in negative (<50) for 17 months straight. Read more: The Business Telegraph
Improved copper price on the London Metal Exchange (LME) has resulted in Zambia’s refined copper exports rising to over 78,000 metric tonnes in July from 61,000 metric tonnes in June. Read more: Zambia Daily Mail
Zambia Revenue Authority (ZRA) has opened a regional office in Mongu to increase revenue collection in the region.
The office building, which was officially launched yesterday, was procured from Standard Chartered Bank at a cost of K1.5 million and renovated to suit ZRA needs. Read more: Zambia Daily Mail
Zambia State Insurance Corporation (ZSIC) Managing Director, Christabel Banda has been elected as new Insurers Association of Zambia (IAZ) President. Read more: ZNBC
Konkola Copper Mines (in liquidation) has applied for leave to appeal against the decision of High Court judge Catherine Phiri to discharge the injunction earlier granted to it restraining Copperbelt Energy Corporation from switching off electricity supply to the mine. Read more: Zambia Reports
International Business and Finance
The dollar hit a more than two-year low and a fourth straight month of losses on Monday in the wake of the U.S. Federal Reserve’s policy shift on inflation. Read more: Reuters
India’s economy contracted at the quickest pace on record in the second quarter, as lockdowns that were imposed to help control the spread of coronavirus decimated consumer spending and investment. Read more: CNN
Italian companies slashed investment and consumers cut back on spending during the coronavirus lockdown in the second quarter, sending the economy into a record contraction. Read more: Bloomberg
Popular videoconferencing app Zoom has seen its revenues skyrocket as second quarter profits more than doubled due to the coronavirus crisis. Revenues leaped 355% to $663.5milliom for the three months ending 31 July, beating analysts’ expectations of $500.5million. Read more: BBC News
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There were no trades recorded yesterday. 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: