Daily FiZ – Tuesday 22/09
Economy

Story of the Day:

Prima Reassurance has reported their half-year financial performance on SENS which shows indications that the insurance company is heading back to financial health. The following is their statement on SENS on their performance, according to the announcement released on 16th September 2020. Read more 

Local Business and Finance Sponsored By Liquid Telecom

Zambia and Djibouti have pledged to deepen bilateral and multilateral relations and cooperation. Presenting his Letters of Credence to the President of Djibouti, Ismail Omar Guelleh, Zambia’s Ambassador to Ethiopia, Emmanuel Mwamba said Zambia recognises that Djibouti holds one of the world’s busiest shipping lanes of the world and plays a key role in promoting trade and commerce. Read more: ZNBC

$472.5 million of funds transferred from United States to Zambia between 2007 and 2017 are suspected to be the proceeds of bank fraud. Sources indicate that the bulk of these funds ($462.3 million) originated from Citigroup for accounts housed within Stanbic Bank Zambia. Read more: Ecofin Agency

Zambia’s major foreign exchange earner, copper, hit a more than two-year high on Friday, buoyed by a weaker United States dollar and strong fund buying on hopes that Chinese stimulus would spur demand in the world’s biggest metals consumer. Prices on the London Metal Exchange hit US$6,850, its highest level since June 2018 earlier in the session. Read more: Zambia Daily Mail 

The Zambia Informatiom Communication Technology Authority – ZICTA has re-opened the tender to issue an international mobile network license after the failure by Unitel’s UZI to fulfill the licensing and set up requirements. Read more: Zambian Business Times 

Copper and cobalt miner Arc Minerals reports that a maiden diamond drilling programme at the Fwiji target at the Zamsort and Zaco licence areas in north western Zambia, has intersected oxide and sulphide mineralisation. Read more: Mining Weekly

Zambia and Zimbabwe have expressed satisfaction on the progress made in the construction of the Batoka Gorge Hydro-Electric Scheme (BGHES) since the project was awarded to a Chinese contractor. Read more: Lusaka Times

International Business and Finance Sponsored By INQ

Fears that a renewed rise in coronavirus cases will blight economic prospects have wiped more than £50bn off UK shares, and caused similar falls across European and US stock markets. London’s FTSE 100 share index closed down 3.4%, with airlines, travel firms, hotel groups and pubs leading the rout. Read more: BBC News 

Negotiations for e-commerce and digital trade under an Africa-wide free trade pact will be fast-tracked as the coronavirus pandemic heightens the need for a legal and governance framework, according to the zone’s most senior official. Read more: Bloomberg

The Chinese government is stepping up pressure on foreign businesses not to run afoul of Beijing, as the White House continues to target some of the Asian giant’s largest technology companies. China’s Ministry of Commerce released long-awaited provisions on its so-called “unreliable entity list” over the weekend. Read more: CNBC

HSBC’s shares plunged to historic lows on Monday as the bank was hit by new fears about its business in China and a report accusing it and other major lenders of failing to stop criminals from moving dirty money around the world. The stock closed down more than 5% in Hong Kong at its lowest level since 1995, according to data provider Refinitiv. Read more: CNN

Investors are trying to figure out what’s ahead for the stock market — much of which will depend on who’s elected US president. But it could be weeks or even months before one of the candidates concedes, according to new research. Read more: CNN

Capital Markets Report Sponsored By ZCCM-IH

In 2 trades recorded yesterday, 800 shares were transacted yielding a market turnover of K2,518. Trading activity was recorded in AEL Zambia and Copperbelt Energy Corporation. 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:

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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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