Story of the Day:
Much has been published regarding the relationship between ZCCM IH and Vedanta (the majority shareholder of Konkola Copper Mines Plc). According to the recently published annual report, ZCCM IH which owns a minority stake of 20.60%, decided to take action in a contentious relationship. Read more
Local Business and Finance
Fitch Ratings has affirmed Zambia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘CCC’. Read more: African Markets
Bank of Zambia has with immediate family jeffect appointed Rekha Mhango as Deputy Governor Administration taking over from Dr. Tukiya Kankasa Mabula who retired on 15th December. Read more: The Business Telegraph
Ahead of the implementation of the cash reserve requirement, the Kwacha posted its strongest one day rally to close Friday 20 December below 13 for a unit of dollar. Having opened at levels of 14.3/14.25 the red metal currency was on a bullish streak hitting intraday highs of 13.4/13.45 levels last seen on October 10. Read more: The Business Telegraph
The Zambian government has said the tech giant Huawei’s to construct a solar mini-grid power station in Mwinilunga District in the North-western Province of Zambia will help improve lives and bring about more economic activities in the recipient community and beyond. Read more: Xinhua
Minister of Mines Mines Minister Richard Musukwa has announced that Cabinet has resolved that all operations at Kasenseli gold mine be suspended. Read more: Zambian Observer
International Business and Finance
The Food and Agricultural Organization (FAO) Food Price Index shows an increase of more that 2% in global food prices. A situation affecting millions of consumers around the world. Read more: Africa News
African carriers will experience a collective loss of US$200 million next year, according to projections by the International Air Transport Association (IATA). Read more: Africa News
South African Airways (SAA) has a reasonable chance of being saved from collapse, the specialists appointed to turn around the state-run carrier said on Friday. Read more: Reuters
China is set to lower tariffs on some imported products from the beginning of 2020, said the state-run Xinhua News Agency on Monday, in a bid to expand imports amid weakening domestic demand. Read more: Market Watch
HSBC and JPMorgan accessed the high-speed audio feed of central bank press conferences that is in the midst of a probe by the Bank of England and the Financial Conduct Authority, the Financial Times reported on Friday. Read more: Bloomberg
Capital Markets Report
In 9 trades recorded today, 8,059 shares were transacted, resulting in a market turnover of K11,783. Trading activity was also recorded in CEC, LAFA, REIZ and ZNCO. The LuSE All Share Index (LASI) maintained it previous closes at 4,264.51 points. The market closed on a capitalization of K56,516,055,827 including Shoprite Holdings and K22,276,849,847 excluding Shoprite Holdings.
Chart of the Day: