Story of the Day:
Explosives manufacturing company, AEL Mining, has announced the retirement of its CEO three years after taking up the role. Read more
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Last Thursday’s treasury bill auction was undersubscribed by over K650 million.
This means there was low demand for financial securities below the total initial target that was offered. The Bank of Zambia (BoZ) was on the market and managed K648.62 million from the targeted K1.3 billion. Read more: Zambia Daily Mail
As Zambia and Africa move towards integration under the African Continental Free Trade Area (AfCFTA), factoring will be a viable alternative financing instrument for supporting SMEs at a time when traditional commercial banks lending is tightening, the African Export-Import Bank (Afreximbank) says. Read more: Zambia Daily Mail
North-Western Province Minister, Nathaniel Mubukwanu has implored commercial banks in the county to be innovative and come up with stimulus empowerment packages targeting women and youths to have access to means of production. Read more: Lusaka Times
President Edgar Lungu says Cashew nut farming is a game changer for Zambia. President Lungu says cashew nut crop is a high value crop that will create jobs for many Zambians. Read more: ZNBC
President Edgar Lungu says he will not relent in empowering youths in the country. President Lungu said this in Mongu District when he inspected the K14 Million fish pond project embarked by 12 youths. The President pointed out that his government has put up numerous measures to empower the youths in the country through the financial support such as the fishpond project. Read more: ZNBC
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The FTSE 100 fell 2% within minutes of opening as UK stock markets began the day with news of a deepening crisis at key ports through which fresh food and other vital products are supplied. In London, £33bn was wiped off the index of the 100 leading companies’ shares on Monday morning, while the pound tumbled almost 2% against the dollar. Read more: The Independent
Congress passed a mammoth coronavirus relief and government spending package Monday night as it moves to inject long-delayed aid into the fight against a once-in-a-century health and economic crisis. Both chambers easily approved the more than $2 trillion legislation in votes that dragged late into the night. Read more: CNBC
The US has placed export restrictions on more than 100 Chinese and Russian companies with alleged military ties.
US exporters will be required to get a licence before they transfer “designated items” to companies on the blacklist. Read more: BBC News
So much for Tesla getting a bump on its first official day in the S&P 500. Shares of Tesla (TSLA) fell more than 6% Monday, dipping along with the broader market because of concerns about a new variant of Covid-19 and some disappointment over the relatively small stimulus deal reached in Washington. Read more: CNN
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In 6 trades recorded yesterday, 63,696 shares were transacted yielding a market turnover of K55,222. A share price loss of K0.01 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in CCHZ. The LuSE All Share Index (LASI) closed at 3,937.22 points, down from its previous close of 3,937.35 points. The market closed on a capitalization of K57,616,689,793 including Shoprite Holdings and K23,377,483,813 excluding Shoprite Holdings.
Chart of the Day: