Story of the Day:
The LuSE All Share Index (LASI) closed the month of January at 4,251.54 points, decreasing by 0.30% from its close in December. As of the month of February, the Index closed at 4,250.48 points, decreasing by 0.02% from its close in January. In March the LuSE All Share Index (LASI) closed the month at 4,232.83 points, decreasing by 0.42% from its close in February. Read more
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Zambia will get K2.7 billion ($145 million) from multilateral lenders, Britain and the United States to help fight the coronavirus, the ministry of finance said on Thursday. Read more: MSN
Zambian inflation accelerated for a 13th straight month in April to the highest rate in almost four years as its currency continued to plummet. Consumer prices rose 15.7% from a year earlier, compared with 14% in March, the Zambia Statistics Agency said Thursday. That’s the highest rate since September 2016. Prices rose 2.2% in the month. Read more: Bloomberg
Glencore’s Zambian subsidiary Mopani Copper Mines (MCM) will resume mining for 90 days, but still expects to go ahead with its initial plan to place operations on hold, the local firm said on Sunday. Read more: The New York Times
The Ministry of Finance released K6.86 billion in April to finance developmental programmes and other public service delivery operations. Secretary to the Treasury Fredson Yamba says K3.7 billion was channeled for both domestic and external debt service to ensure the country remains on track with its debt management and fiscal sustainability strategy. Read more: ZNBC
Zambia has recorded a trade surplus valued at almost K182 million (about US$10 million) in March 2020, a shift from a trade deficit of K119.5 million in February. This trade surplus means that the country exported more than it imported in nominal terms. Zambia has recorded an increase in exports of refined Copper on the international market. The country exported 71,882,200 metric tonnes of copper, which is up from 63,515,800 metric tonnes of Copper exported in February. Read more: Zambian Business Times
Standard Chartered Bank Zambia Plc’s after tax earnings slid to a record loss observed in over two decades on account of widened credit impairments and increased non – interest expenses. The Lusaka Securities Exchange listed bank incurred a K185.8million loss from a K69.5million profit a year ago. Read more: The Business Telegraph
Lusaka Securities Exchange listed Zanaco Plc’s exceptional trading and fee income performance grew its annual first quarter after tax earnings 22.8% higher to K52.8million. The big strong reliable bank doubled its non interest revenue to K264.1million supported by exceptional performance in its foreign exchange trading and fee – commission lines. Read more: The Business Telegraph
International Business and Finance
The UK will plough ahead with trade talks with the US on Tuesday as both nations insist that the negotiations will not be derailed by the coronavirus pandemic. A video conference call will be held between Liz Truss, international trade secretary, and Robert Lighthizer, US trade representative. The first round of negotiations will last for two weeks and will involve 200 officials. Future talks will take place every six weeks, according to officials. Read more: Financial Times
Tesla boss Elon Musk wiped $14bn off the carmaker’s value after tweeting its share price was too high. It also knocked $3bn off Mr Musk’s own stake in Tesla as investors promptly bailed out of the company. Read more: CNN
Amazon sales surged in the first three months of the year, as the coronavirus lockdown boosted demand for the firm’s groceries, online marketplace and cloud computing services. Sales in the quarter jumped 26% year-on-year and the firm said they could rise another 28% in the next. But the demand has strained the internet giant. It said it would spend roughly $4bn on coronavirus measures through June. Read more: BBC News
Standard and Poor’s on Wednesday lowered the credit rating for South Africa by one notch to “BB-” due to the “significant adverse implications” of the coronavirus pandemic on the country’s already-weakened economy. Read more: Africa News
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In 7 trades recorded yesterday, 1,312 shares were transacted yielding a market turnover of K14,488. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corpooration, Zambia Breweries and ZCCM. The LuSE All Share Index (LASI) maintained its close at 4,149.17 points, as there were no share price movements. The market closed on a capitalization of K56,878,720,993 including Shoprite Holdings and K22,639,515,013 excluding Shoprite Holdings.
Chart of the Day: