Daily FiZ – Wednesday 24/02
Economy

Story of the Day:

Further to the cautionary announcement dated 25 November 2020, the Board of ZCCM Investments Holdings hereby wishes to inform shareholders and the market that arbitration proceedings against ZCCM-IH and Kansanshi Mining Plc by Kansanshi Holdings Limited have progressed. Read more 

Local Business and Finance Sponsored By Liquid Telecom

Zambia produced 882,061 tonnes of copper in 2020, up 10.8% from 796,430 tonnes produced in 2019, Mines Minister Richard Musukwa said on Tuesday, calling it a “historical high” for Africa’s second-largest copper producer. Read more: Mining

The National Road Fund Agency (NRFA) has disclosed that it has failed to meet its targeted toll collection revenue for the year 2020 by about 5% due to the continued impact of the Covid-19 pandemic on the general business environment. The agency collected K1.551 billion compared to the K1.641 billion budgeted collection. Read more: Zambian Business Times 

Copper-gold exploration and development company, Bezant, has announced the start of diamond drill target testing over the Kalengwa exploration project area in Zambia. Read more: Stock Market Wire

Copper prices yesterday extended gains to cross the US$9,000 threshold for the first time since September, 2011 driven by a weaker United States dollar. The commodity is Zambia’s major export earner, was also supported by hopes that demand in top consumer China will pick up after the Lunar New Year holiday break. Read more: Zambia Daily Mail 

International Business and Finance

Standard Chartered Bank is bullish on U.S.-China relations and expects ties between the two countries to improve in the next “12 to 24 months,” according to Eric Robertsen, chief strategist and global head of research at the bank. Read more: CNBC

Shares of Snap popped suddenly on Tuesday after it announced that is in position to drive multiple years of revenue growth of more than 50% during the company’s investor day. Shares moved from around $58.50, which was about 7% below Monday’s close, to a peak of $67.68, up nearly 7%, on the comments. Read more: CNBC

The largest bank in the United States, JPMorgan Chase, unveiled a series of new initiatives Tuesday as part of its recently announced $30 billion commitment to advancing racial equity over the next five years. Read more: Fox News

Sudan’s central bank sharply devalued the currency on Sunday, announcing a new regime to “unify” official and black-market exchange rates in an effort to overcome a crippling economic crisis and access debt relief. The change is a key reform demanded by foreign donors and the International Monetary Fund. Read more: Ghana Web 

Capital Markets Report Sponsored By ZCCM-IH

In 24 trades recorded yesterday, 17,505 shares were transacted yielding a market turnover of K15,998. A share price gain of K0.01 was recorded in Zanaco. A share price loss of K0.01 was recorded in Standard Chartered Zambia. Trading activity was also recorded in Copperbelt Energy Corporation and Zambia Breweries. The LuSE All Share Index (LASI) closed at 3,983.90 points, 0.01% down from its previous close of 3,984.41 points. The market closed on a capitalization of K57,665,804,485 including Shoprite Holdings and K23,432,033,300 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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