Story of the Day:
In recent years, the local insurance sector has made marked strides in overcoming the historical challenges – particularly those in the medium to low income bracket. Read more
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First Quantum Minerals’ Sentinel openpit copper mine, in Zambia, has exceeded its production targets for July and August. This strong performance was attributed to consistent milling rates and better-than-expected grades in August, the company said in a statement on September 17. Read more: Mining Weekly
Zambia wants to ink a free trade deal with Turkey, the ambassador of East African country said, also inviting Turkish businessmen and the private sector for investment in Zambia. Read more: Anadolu
President Edgar Lungu has called for home-grown solutions that will help the country’s economy recover from the effects of the Covid-19 pandemic. The Head of state says he expects business owners to continuously engage government on how best they want to be helped. Read more: ZNBC
Ultra Green Corporation Zambia Limited has committed US$216 million to develop solar electricity panels with capacity to generate 200 megawatts (MW). The firm, which is a subsidiary of Ultra Green Corporation of the United States of America, will construct and install 200MW-capacity solar electricity panels to feed into the Zesco Limited national grid. Read more: Zambia Daily Mail
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Wall Street struggled on Thursday, torn between improving economic data and a Federal Reserve that said the path to recovery would be very long. All three indexes also started the session lower, the Dow closed down 0.5%, or 130 points, after falling as many as 384 points at its lowest point. The S&P 500 closed 0.8% lower, and the Nasdaq Composite finished down 1.3%. Read more: CNN
The Bank of England has warned that the rising rate of coronavirus infections and a lack of clarity over the UK’s future trade relationship with the EU could threaten the economic recovery. Read more: BBC News
Zimbabwean authorities are in discussions with several international investment banks to support a new stock exchange that will trade exclusively in foreign currency, Finance Minister Mthuli Ncube said. Read more: CGTN
Goldman Sachs expects the onshore Chinese yuan to strengthen to 6.5 per dollar over the next 12 months, according to Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs. Read more: CNBC
Members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies held a regularly scheduled monthly joint committee meeting on Thursday that wasn’t expected to offer any surprises, but nevertheless has made a convincing impression on those doubting the oil producers’ commitment to fully comply with their agreed output cuts. Read more: Market Watch
Leaders of Europe’s coronavirus-stricken travel and tourism industries have appealed to the EU’s chief executive to press governments to end quarantine requirements and instead embrace coordinated restrictions and testing. Read more: Reuters
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In 9 trades recorded yesterday, 5,649 shares were transacted yielding a market turnover of K6,353. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corporation and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 3,834.35 points, as there were no share price movements. The market closed on a capitalization of K55,510,536,355 including Shoprite Holdings and K21,271,330,375 excluding Shoprite Holdings.
Chart of the Day: