Story of the Day:
At 47.7 the month of January 2021 PMI shows the sharpest contraction from the previous months of slight improvements. From the 49.0 recorded in December 2020, this is a drop of 1.3. Private sector business activities have not been able to break the threshold of 50.0 since 2019. In other words, the private sector business activities have been contracting since 2019. Read more
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Zanaco grew its total income by over 50% to K2.4billion compared to a year ago. This growth pulse was the highest in the market leveraging off solid performance in the interest income lines which widened 55.2% and non – interest earnings which were 48.8% stronger. The Business Telegraph
Absa Zambia PLC FY20 earnings bore the brunt of high risk weightings in widened credit impairments whose stock totaled K249.3million, weighing its after tax profits (PAT) lower by 41.2% on an annual basis to K143.8million. Read more: The Business Telegraph
Zambia Consolidated Copper Mines (ZCCM) Investments Holdings (ZCCM-IH) should consider listing Mopani Copper Mines (MCM) on the Lusaka Securities Exchange (LuSE) to help raise capital for the company, the Zambia Chamber of Commerce and Industry (ZACCI) has said. Read more: Daily Mail Zambia
Progress in bailout negotiations between the IMF and Zambia will depend on disclosures of the country’s debts to China, says the head of a China-Africa think-tank. Read more: Zambian Observer
International Business and Finance
Pressure is building on Wall Street banks to accept bitcoin as a legitimate asset class — and it’s coming from within, CNBC has learned. Read more: CNBC
KPMG UK has appointed its first female leaders in its 150-year history, replacing boss Bill Michael who was forced to step aside. Bina Mehta has been asked to step in as acting chairman and Mary O’Connor will take over Mr Michael’s day-to-day executive responsibilities as acting senior partner. Read more: BBC News
Bitcoin is this close to $50,000, continuing a stunning rise that has sent it soaring nearly $20,000 this year. The digital currency hit a record $49,714.66 Sunday before pulling back somewhat. Bitcoin is still up about 4% over the past 24 hours. Read more: CNN
Britain’s annual economic growth rate could be in double digits a year from now, the Bank of England’s chief economist Andy Haldane wrote in a Daily Mail column published online late on Thursday. Read more: Reuters
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In 130 trades recorded on Friday, 401,147 shares were transacted yielding a market turnover of K362,264. A share price gain of K0.01 was recorded in Zanaco. Trading activity was also recorded in Copperbelt Energy Corporation, Lafarge, PUMA and Standard Chartered Zambia. The LuSE All Share Index (LASI) closed at 3,948.15 points, 0.08% up from its previous close of 3,944.84 points. The market closed on a capitalization of K57,509,780,951 including Shoprite Holdings and K23,276,009,766 excluding Shoprite Holdings.
Chart of the Day: