Daily FiZ – Friday 16/10

Story of the Day:

With a nine billion US Dollars asset balance sheet to achieve, Mr Mateyo Chresta Kaluba has his sleeves folded. He rose from a simple registry clerk in his formative years, to his current position of Group Chief Executive Officer of the Industrial Development Corporation (IDC) established to create and maximize long-term shareholder value as an active investor on behalf of the Zambian government. Read more 

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Zambia’s total external debt stock has drastically increased to hit a total of US $27.3 billion as at end-December, 2019, mainly consisting of public and publicly-guaranteed debt of over $11 billion, according to the World Bank. And Zambia’s Gross National Income (GNI) fell to just US $22.7 billion by the end of last year compared to US $26.6 billion in 2018. Read more: The Business Telegraph 

Zambia is seeking similar terms from all its creditors under a requested suspension of its debt, its finance minister told parliament on Thursday, as one of the world’s largest copper producers faces a sovereign default. The address came after Zambia missed payment of a $42.5 million coupon on one of its Eurobonds that was due on Wednesday. Read more: Nasdaq

The celebrated 6 pillar barometer, the ABSA Africa Financial Market Index 2020 revealed that Zambia’s market overall performance ebbed a notch lower to ninth place with a score of 53 out of a 100. This reflects a 2 point deterioration from 2019 level of 55. Revealed during an AFMIndex launch on October 14, Zambia’s currency slide of 40% year to date was the steepest observed of the 23 countries tracked by the index. Read more: The Business Telegraph 

Government has called on French companies to tap into Zambia’s silver lining investment opportunities in economic sectors to produce more value-added products. Minister of Commerce, Trade and Industry Christopher Yaluma said Government has continued to implement positive and forward-looking economic and investment climate policies aimed at creating an enabling business environment for economic recovery and building entrepreneurship resilience. Read more: Zambia Daily Mail 

COMESA Secretary General Chilesha Kapwepwe says the regional body has made tremendous achievements among them having grown to become the biggest regional economic community among eight regional economic communities recognised by the African Union. Ms Kapwepwe says with twenty one member states COMESA forms a major market place for both internal and external trading. Read more: ZNBC

The Government of the Republic of Zambia has held the third High Level Policy Dialogue Meeting focusing on the impact of the novel corona virus (COVID-19) pandemic and Zambia’s debt sustainability and management. The Minister of National Development Planning Hon. Alexander Chiteme, MP, and Irish Ambassador to Zambia His Excellency Seamus O’Grady, who chairs the Cooperating Partners Group, co-chaired the High Level Policy Dialogue meeting. Read more: Lusaka Times 

International Business and Finance

South Africa will embark on a major public works and job-creation drive in response to the coronavirus crisis, President Cyril Ramaphosa said on Thursday, unveiling a plan to return Africa’s most industrialised economy to growth. Under pressure after data showed the largest-ever GDP contraction in the second quarter, Ramaphosa said his plan could unlock more than one trillion rand ($60bn) in investment over the next four years and create more than 800,000 jobs. Read more: Al Jazeera

A no deal Brexit could shave more than $25 billion off the UK economy in 2021 compared to a scenario where a limited free trade deal is agreed, according to a CNN Business analysis based on forecasts from Citi and the Institute for Fiscal Studies. That would put the country even further behind on its efforts to recover from the historic shock triggered by the pandemic. Read more: CNN

European Central Bank President Christine Lagarde on Thursday said her organization would be prepared to impose further emergency measures to tackle the economic fallout from the coronavirus crisis, with the region confronting a rapid upsurge of Covid-19 infections. Read more: CNBC

Daimler AG said late on Thursday that its preliminary figures for the third quarter came in above market consensus, and that it expects a strong remainder of 2020. The German car maker reported preliminary earnings before interest and taxes of 3.07 billion euros ($3.6 billion), against a EUR2.49 billion consensus forecast provided by the company. Read more: Market Watch 

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In 37 trades recorded yesterday, 8,391 shares were transacted yielding a market turnover of K70,753.  A share price loss of 0.39 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in AEL Zambia, Standard Chartered Bank Ltd, ZCCM and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,811.93 points, as there were no share price movements The market closed on a capitalization of K55,896,157,023 including Shoprite Holdings and K21,656,951,043 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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