Story of the Day:
Zambia owned electricity distribution company, Northwestern Energy has signed a financing agreement with Zambia National Commercial Bank that will see the company expand on its electricity distribution network in the North-Western Province. Read more
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Speaking at the launch of the Africa Financial Markets Index 2020 in Lusaka, Securities and Exchange Commission – SEC Director of Market Supervision and Development Ms. Mutomboi Mundia said the regulator was in talks with the Ministry of Finance over a 10 year capital markets master plan. Read more: The Business Telegraph
The Bank of Zambia was only able to sell K683million worth of 2-15yr paper of the K1.5billion of assets on offer it the November government bond sale. Friday 27 November saw decent interest in the 3 and 5yr tenors that absorbed K403million of the demand while the other tenors saw anemic interest. Read more: The Business Telegraph
The Industrial Development Corporation (IDC) is targeting to create a minimum of 35 thousand jobs with an emphasis on the agriculture and manufacturing sectors. This is in a bid to have a significant impact on poverty reduction efforts in the country. Read more: ZNBC
President Edgar Lungu says government will support efforts to stimulate the economy using local resources. President Lungu says this why his government has decided to invest in the Tourism industry in Luapula. Read more: ZNBC
The price of copper on Thursday hovered around a near seven-year peak, as sentiment was lifted by prospects of United States political stability, development of coronavirus vaccines and demand from China. The three-month copper on the London Metal Exchange (LME) rose as much as 0.9% to US$7,360 a tonne, a level unseen since January 2014. Read more: Zambia Daily Mail
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India has plunged into recession for the first time in nearly a quarter of a century. Official data published on Friday showed GDP for the July-September quarter fell by 7.5% compared to the same period last year, when the economy was growing by more than 4%. Read more: CNN
Although the global energy sector has been affected by the pandemic this year, gas has been less exposed to the shocks of 2020, according to the Africa Energy Outlook 2021. Launched recently by the African Energy Chamber, the Outlook said the continent’s production of oil and gas was expected to increase next year. Read more: Ghana Web
Rwanda has recorded a 12.4 percent drop in Growth Domestic Product (GDP) in the second quarter from July to September compared to the same period last year. Read more: Ghana Web
Telecoms providers must stop installing Huawei equipment in the UK’s 5G mobile network from September, the government has said. The announcement comes ahead of a new law being unveiled on Tuesday, which bans the Chinese firm from the network. Read more: CNN
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In 16 trades recorded on Friday, 78,525 shares were transacted yielding a market turnover of K259,412. A share price gain was recorded in Copperbelt Energy Corporation of K0.01. A share price loss of K0.20 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in AEL Zambia and Zanaco. The LuSE All Share Index (LASI) closed at 3,804.37 points, 0.03% up from its previous close of 3,803.23 points. The market closed on a capitalization of K57,036,948,374 including Shoprite Holdings and K22,797,742,394 excluding Shoprite Holdings.
Chart of the Day: