Daily FiZ – Wednesday 23/09
Economy

Story of the Day:

Following months of speculation on the fate of one of Zambia’s mines, clarity through an announcement from the Minister of Mines has been given regarding how the fate of one of the countries oldest mines will be dealt with. Read more 

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Zambia became the first African country to ask bondholders for relief since the onset of the coronavirus, seeking to defer interest payments on its Eurobonds as it battles the economic hit from the pandemic. The securities plunged. Read more: Bloomberg

Cabinet in Zambia on the 21 September approved an Economic Recovery Plan – ERP starting 2021 which will set the tone for the Medium Term Expenditure Framework replacing them Economic Growth Stabilization Program – EGSP of 2017-2019. Read more: The Business Telegraph

Malawian President Lazarus Chakwera has noted the need for Zambia and Malawi to grow their economies for the people’s benefit as the two countries share similar aspirations. Read more: Zambia Reports

Finance minister Dr Bwalya Ng’andu is this Friday expected to present the country’s 2021 national budget. Submissions were made by all stakeholders on what they would want included in the 2021 national budget. Read more: Zambia Reports 

Development Bank of Zambia (DBZ) and Zambia Development Agency (ZDA) have signed a memorandum of understanding (MoU) that will support growth of local enterprises and facilitate access to tailor-made finance. Read more: Zambia Daily Mail 

The government has assured that load shedding will be a thing of the past by March 2021 once the construction of all the power plants is completed. Read more: Lusaka Times

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Nike beat analysts’ revenue expectations for its first fiscal quarter by more than $1 billion Tuesday, signaling the sportswear giant is making a healthy comeback from the pandemic. The company reported diluted earnings per share of $0.95 for the three months ended August 31. Revenue was $10.6 billion, down 1% year-over-year. Read more: CNN

Chinese fervor for online shopping waned in August, a sign that the world’s second-largest economy still faces many challenges as it tries to boost consumption at home. The Chinese government is trying to develop domestic demand as the primary driver of the country’s growth, rather than relying on exports. Read more: CNBC

President Donald Trump said the US would not impose a lockdown to curb the spread of the coronavirus following additional new measures imposed in the U.K. to control its increasing case count. U.K. Prime Minister Boris Johnson walked back some of the eased lockdown measures in England, telling people to work from home again if possible and ordering pubs and restaurants to close at an earlier time. Read more: CNBC

Banks and other financial market participants in the European Union will have until mid-2022 to cut their “excessive reliance” on derivatives clearing houses in Britain, the bloc’s executive European Commission said on Monday. Read more: Reuters

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In 1 trade recorded yesterday, 32 shares were transacted yielding a market turnover of K944. Trading activity was recorded in Airtel. 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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