Daily FiZ – Tuesday 06/04
Economy

Story of the Day:

In the battle of opposites, trading activity on the bond market was quite mundane as there were no trades recorded throughout the week. The equities market is glory was restored as it completely dominated the bond market which is a very rare occurrence. As it recorded a score of 100% to 0% on the bond market. Read more 

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First Quantum Minerals procured US$1.65 billion (K36.3 billion) of goods and services from companies registered in Zambia in 2020, representing 85% of the total spending by its two mines: Kansanshi in Solwezi and Sentinel in Kalumbila. Read more: Mining Review 

Veteran accountant Hastings Mtine was on March 31, named board chair of the largest indigenous bank – Zanaco Plc.Hastings Mtine ascends to the board chair role taking over from Charity Lumpa, the first ever female chairperson in the history of the bank. Read more: The Business Telegraph 

The Zambia Revenue Authority (ZRA) has embarked on a nationwide construction of Provincial offices in all Provincial Centres to enhance tax collection. ZRA Commissioner General Kingsley Chanda says the move is also aimed at enhancing service delivery across the country. Read more: ZNBC 

Centre for Trade Policy and Development (CTPD) extractive senior researcher Webby Banda urged Government to to take advantage of the currently high copper prices and increase the production base of mining companies by giving them 25% capital allowances as a short-team measure. Read more: Zambia Daily Mail

International Business and Finance

Asian markets rose on Friday following a record-breaking session on Wall Street. The S&P 500 broke the 4000-point barrier for the first time, while the Nasdaq and Dow Jones also made gains. Investors were buoyed by President Joe Biden’s new spending plan and growing optimism about the economy. Read more: BBC News

The Organization of the Petroleum Exporting Countries and allied producers have agreed to gradually increase their output over the next three months. The move follows a sharp increase in oil prices, and a call from the United States to keep energy affordable. Read more: CNN

The International Monetary Fund (IMF) has released $174.2 million to South Sudan under its Rapid Credit Facility. This is to help the country address urgent balance of payments needs, after floods and an oil price shock hurt economic performance. Read more: Business Insider 

Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations valuing the business at $2.65 billion. The Mastercard deal was announced on Thursday, roughly two weeks after U.S-based global investing firm, TPG Rise Fund bought a $200 million chunk of Africa Airtel’s mobile money unit. Read more: CGTN

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In 5 trades recorded on Thursday, 15,533 shares were transacted resulting in a turnover of K12,426. Trading activity was recorded in PUMA. The LuSE All Share Index (LASI) maintained its close at 4,021.07 points, as there were no share price movements. The market closed on a capitalization of K57,838,837,980 including Shoprite Holdings and K23,594,197,206 excluding Shoprite Holdings.

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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