Story of the Day:
The only LUSE listed oil marketing company has recorded an approximately 52% increase in profit after tax to K160.18 million, according to PUMA Energy’s latest SENS announcement. Read more
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Zambia and Angola are set to sign an agreement for the construction of an oil pipeline connecting the two neighbours in a move expected to ease Lusaka’s fuel challenges, APA learnt here on Wednesday. Read more: APA News
Radisson Hotel Group announced its first resort and third hotel in Zambia, with the signing of Radisson Blu Resort Mosi-oa-Tunya, Livingstone, Zambia. Due to open by the end of 2022, this new addition places the Group firmly on track to achieving its objective of reaching 150 hotels in operation and under development in Africa by 2025. Read more: FTN News
Kumbele Mining Limited has set aside US$150 million to develop a copper mine and a mineral processing plant in Chingola. According to the environmental impact assessment (EIA) report submitted by Kumbele Mining Limited to the Zambia Environmental Management Agency yesterday, the project is expected to have a lifespan of over 30 years. Read more: Daily Mail Zambia
Government has assured foreign investors that their investment is protected in the country. Commerce, Trade and Industry Christopher Yaluma says this is why Government has continued to create a good business environment in a bid to attract more investors. Read more: ZNBC
International Business and Finance
Cryptocurrency firm Coinbase, which runs a top exchange for Bitcoin and other digital currency trading, hit a market value of nearly $100bn in its stock market listing. Shares debuted on the Nasdaq at a price of $381, but later closed below $330. The initial valuation put Coinbase ahead of many well-known firms, such as oil giant BP and key stock exchanges. Read more: BBC News
The US government is set to issue a wide range of sanctions against Russia, according to reports. The move would be retaliation for cyber-attacks aimed at the US, including alleged interference in the 2020 presidential elections. The US is expected to issue an executive order barring US financial institutions from purchasing ruble-denominated bonds from June. Read more: BBC News
HSBC will move four of its most senior executives to Hong Kong later this year, as the London-based bank focuses more attention on fast-growing markets in Asia. The bank will invest more than $3.5 billion over the next three to five years into wealth and asset management, hiring more than 5,000 wealth advisers and establishing Singapore as a wealth management hub. Read more: CNN
European markets are heading for a muted open Thursday, as investors digest a fresh round of corporate earnings and inflation figures from several major economies. Britain’s FTSE 100 is seen around 9 points higher at 6,949, Germany’s DAX is set to gain around 12 points to 15,221 and France’s CAC 40 is expected to open around 6 points higher at 6,206. Read more: CNBC
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In 46 trades recorded yesterday, 90,597 shares were transacted resulting in a turnover of K61,985. Share price losses were recorded in PUMA of K0.15 and in Zanaco of K0.09. Trading activity was also recorded in BATA, Copperbelt Energy Corporation and First Quantum Minerals. The LuSE All Share Index (LASI) closed at 3,996.33 points, 1.18% down from its previous close of 4,043.30 points. The market closed on a capitalization of K57,730,900,875 including Shoprite Holdings and K23,486,260,101 excluding Shoprite Holdings.
Chart of the Day: