Story of the Day:
On 30th March, the ZCCM IH Board will host its investors at an Extra Ordinary General Meeting to seek its shareholders’ approval for the Transaction whereby it will acquire 90% of the issued shares of Mopani Copper Mines Plc (being all of the issued shares in Mopani which it currently does not own) from Carlisa Investments Corporation. Read more
Local Business and Finance Sponsored By Liquid Telecom
Government has launched a K40 million Integrated Resource Plan (IRP) for the development of the electricity sector in the country. Minister of Energy Mathew Nkhuwa said the IRP will help government assess the available energy resources and opportunities in order to meet Zambia’s electricity requirements. Read more: Lusaka Times
The K160 million Katete Tropical Fruit processing plant is set to start operations in May this year. Katete District Commissioner (DC), Joseph Makukula has disclosed today that the fruit plant, expected to create 200 jobs, will be commissioned in the next two months. Read more: Lusaka Times
LuSE listed British American Tobacco recorded 49.0% climb in top line to K343.2million compared to K230.6million a year ago same period in 2019. The increase in turnover was supported by price increases in key brands. Read more: The Business Telegraph
Former Bank of Zambia Governor Operations in the October 2010-2011 period, Dr. Austin Mwape will head Absa Zambia PLC board effective April 01, 2021. Dr. Mwape will succeed Chishala Kateka who in the previous year, on September 30, retired. Read more: The Business Telegraph
International Business and Finance
It was another tough day on Wall Street for most of the FAANGs and other Big Techs, as investors fled growth stocks for value sectors. The Dow was flat. The S&P 500 was down 0.6%. The Nasdaq Composite fell 2%. Read more: CNN
African smartphone maker Mara Phones, has entered a strong bid to acquire the mobile business of LG Electronics, according to a report by Ventures Africa. Read more: Business Insider
Sub-Saharan Africa, which has been at the forefront of the mobile money industry for over a decade, continued to account for the majority of the sectors growth with 43 per cent of all new accounts in the world. By the end of the year, there were 548 million registered accounts in the region, over 150 million of which were active monthly. Read more: Business Insider
Kenya Airways has made a record net loss of $332m in 2020, compared to $118 million the previous year. The 179% increase in loss has been attributed to a complete shutdown in international air travel due to the Covid-19 pandemic. The national carrier reported that passenger numbers reduced by 65.7% to 1.8 million in the reported year, leading to a $473m loss in revenue. Read more: ZNBC
Capital Markets Report Sponsored By ZCCM-IH
In 5 trades recorded yesterday, a volume of 4,488 shares were transacted resulting in a market turnover of K118,650. A share price gain was recorded in SHOP of K0.01. Trading activity was also recorded in Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 3,974.75 points. The market closed on a capitalization of K57,636,712,974 including Shoprite Holdings and K23,392,072,200 excluding Shoprite Holdings.
Chart of the Day: