Daily FiZ – Thursday 19/11
Economy

Story of the Day:

Metal fabrication company, ZAMEFA, is in the process of concluding its 2020 financial year end results and has signaled to the market that its loss per share will be between 217% to 237% higher than the previous financial year’s results, according to a statement from the company. Read more

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Zambia could have paid a coupon on one of its sovereign dollar bonds last Friday, but chose not to do so due to the need to treat all creditors equally, the copper producer’s central bank governor said on Wednesday. However, the finance minister later said that the decision had increased the risk of bondholders taking legal action. Read more: Reuters

The Bank of Zambia kept its key interest rate at a record low to allow the impact of previous cuts to filter through the economy. The monetary policy committee held the rate at 8%, Governor Christopher Mvunga told reporters Wednesday in Lusaka, the capital, after leading his first meeting of the panel. Read more: Bloomberg

Housing and Infrastructure Development Minister Vincent Mwale says government has released K700 million for contractors across the country. Mr. Mwale says another K500 million will next week be paid to contractors. The minister said this in Lundazi today where he has accompanied President Edgar Lungu in inspecting infrastructure projects. Read more: ZNBC

The Ministry of Mines is concerned with the increase in illegal mining activities in Eastern Province. Provincial Mines Officer, Brian Nyambe says the number of illegal miners in the area is growing, because people now know the value of some of the minerals, such as Gold. Mr. Nyambe however says the Ministry wants the illegal miners to formalize their operations through licensing. Read more: ZNBC

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South Africa’s Cyril Ramaphosa and US President-elect Joe Biden are eager to boost relations between America and the African continent, the presidency said after a phone call between the two leaders. Read more: Business Tech

Rises in the cost of clothing and food helped to push UK inflation higher-than-expected last month. The UK’s inflation rate, which tracks the prices of goods and services, jumped to 0.7% in October from 0.5% in September, official figures show. Read more: BBC News 

The 20-month grounding of the 737 Max could end as soon as this week, but Boeing’s mounting costs have soared to $20.7 billion. That means the plane maker’s repeated safety oversights and mismanagement were not only tragic but also rank among the expensive corporate mistakes in history. Boeing’s legal liability will almost certainly add to that cost. Read more: CNN

Bank of England Deputy Governor Dave Ramsden said on Tuesday that financial markets are pricing around a roughly one-in-five chance that Britain and the EU will fail to strike a trade deal ahead of the Dec. 31 end of the Brexit transition period. Read more: Reuters

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In 7 trades recorded yesterday, 1,638,401 shares were transacted yielding a market turnover of K832,813.34. Trading activity was recorded in Copperbelt Energy Corporation and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 3,868.78 points, as there were no share price movements. The market closed on a capitalization of K57,318,055,783 including Shoprite Holdings and K23,078,849,803 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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