Story of the Day:
Property developer Real Estate Investments Zambia (REIZ) has announced the departure of its Acting CEO and has ushered in a new CEO to take over, according to a statement from the company. Read more
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Zambia’s economy severely contracted by an unprecedented 2.1 per cent in the second quarter of 2020, triggered by the COVID-19 pandemic, which slashed productivity across various sectors, market data shows. Read more: News Diggers
Bank of Zambia Governor Christopher Mvunga has urged commercial banks to continue being innovative and providing customers with global banking products that meet evolving financial needs. Read more: ZNBC
The Bank of Zambia (BoZ) treasury bills auction was under-subscribed, attracting bids amounting to about K1.035 billion against an offer of K1.3 billion. Read more: Zambia Daily Mail
Zambia and other Common Market for Eastern and Southern Africa (COMESA) member states need to move away from production of raw materials to value addition by accelerating value chains in clusters such as leather to tap into the domestic and regional markets. Read more: Zambia Daily Mail
International Business and Finance
Jack Ma’s Ant Group has just pulled off the biggest share sale in history. The tech company behind China’s largest online payments platform priced its dual listing on the Hong Kong Stock Exchange and Shanghai’s Star Market. The IPO will raise $34.4 billion and value the company at more than $310 billion. Read more: CNN
US stock markets suffered their sharpest drop in weeks as concerns about the economic impact of surging coronavirus cases sent shares tumbling. The Dow Jones Industrial Average closed down 2.3%, after dropping more than 3% earlier in the day. The S&P 500 fell 1.8% and the Nasdaq 1.6%. Stocks in Europe, where a rise in virus cases has prompted new restrictions, also declined. Read more: BBC News
The future of the UK’s £34bn aerospace sector is at risk if ministers do not reach a deal with the European Union over the mutual recognition of parts, the aviation trade body ADS says. It said a deal would not form part of any post-Brexit trade deal, despite the sector employing 110,000 people. Currently the UK is the world’s second largest aerospace manufacturer. Read more: BBC News
HSBC, Europe’s largest bank by assets, on Tuesday reported a 36% year-on-year fall in third-quarter pre-tax profit to $3.1 billion in the third quarter as it attempts to recover from the economic shock of the coronavirus pandemic. Read more: CNBC
Bitcoin’s 2020 surge could be set to continue as the digital cryptocurrency better competes with gold as an “alternative” currency, JPMorgan said in a note on Friday. Read more: Business Insider
SA’s largest cellphone company has long prided itself on being able to operate in some of the toughest environments in the world, but that facility is being tested as never before in a US court case brought by family members of US soldiers who were killed by the Taliban. Read more: Daily Maverick
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In 9 trades recorded yesterday, 3,135 shares were transacted yielding a market turnover of K3,364. Trading activity was recorded in Copperbelt Energy Corporation and Madison Financial Services. The LuSE All Share Index (LASI) maintained its close at 3,806.88 points, as there were no share price movements. The market closed on a capitalization of K55,874,137,545 including Shoprite Holdings and K21,634,931,565 excluding Shoprite Holdings.
Chart of the Day: