Daily FiZ – Friday 26/02
Economy

Story of the Day:

Anthony Mukutuma was recently appointed General Manager at First Quantum Mineral’s Kansanshi mine in Solwezi, North-Western Province. He grew up in the mining town of Kabwe in Central Zambia. His upbringing developed his interest and passion for mining at an early age. Read more 

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Newly appointed UK Trade Envoy to Zambia, Laurence Robertson MP, today completed a successful and productive first visit to Zambia. Conducted virtually, the visit included meetings with the Minister of Commerce, Trade and Industry, the Ministries of Finance and Mines and a range of UK and Zambian businesses. Read more: Lusaka Times 

Minister of Energy Mathews Nkhuwa says the biofuel sector is a tool for increasing fuel supply in the country. Speaking during the Surya Biofuels Limited launch of 99.9 percent Fuel Grade in Katuba yesterday, Mr Nkhuwa said Surya energy project is in line with government policy of promoting production and use of biofuels. Read more: Lusaka Times 

The world’s largest emerald producer Kagem Mine in Lufwanyama is set to reopen next week, a year after the mine was shut down due to the outbreak of the coronavirus. Kagem Mine Board Chairman Sixtus Mulenga says major operations will resume next week following major steps the government has taken to fight the Coronavirus. Read more: ZNBC 

Real yields on Kwacha treasury bills just widened 70 basis points in the negatives following a further spiral in February inflation headline to 22.2% as cost push inflationary effects from a weakened currency persist. Zambia Statistics Agency (ZSA) on February 25, announced that inflation for the month accelerated 0.7% to 22.2% from previous months 21.5%. The Business Telegraph 

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Online booking platform Airbnb has said it is preparing for a “significant” travel rebound as the world emerges from coronavirus lockdowns. However the company said it was still “too early” to predict how the business would fare this year. Read more: BBC News 

U.S. stocks fell sharply Thursday as an outsized surge in bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names. The Dow Jones Industrial Average dropped 559.85 points, or 1.8%, to 31,402.01, slipping from a record high. The S&P 500 lost 2.5% to 3,829.34 in its worst day since Jan. 27. The tech-heavy Nasdaq Composite slid 3.5% to 13,119.43, posting its biggest sell-off since Oct. 28. Read more: CNBC

Digital currency exchange Coinbase has officially filed to go public, riding a wave of bitcoin enthusiasm that has sent the cryptocurrency markets soaring. The company said it plans to list its shares on the Nasdaq exchange under the ticker symbol “COIN.” More than 43 million investors in more than 100 countries use Coinbase, accounting for $455 billion in trades and $90 billion in assets on the platform. Read more: CNN

A rebound in corporate profits is expected to send European stocks to record highs by the end of 2021, a year during which massive fiscal and monetary stimulus and COVID-19 vaccines will back the recovery of the continent’s economy. Read more: Reuters

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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,983.90 points, as there were no share price movements. 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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