Story of the Day:
According to the abridged financial statements published on SENS, the profitability of Copperbelt Energy Corporation reduced to USD5.6 million (2019: USD12.2 million) which was impacted significantly by the high levels of impairment losses of USD94.9 million (2019: USD55.4 million). Read more
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The developers of a $4 billion hydropower plant on the Zambia-Zimbabwe border delayed the project until next year because of the coronavirus pandemic. Pre-construction work on the Batoka Gorge project has been suspended for several months because of the virus and funding is still being secured. Read more: MSN
Airtel Mobile Commerce Zambia Limited today announces the inclusion of Airtel Money on the Government Services Bus (Zamportal), a platform for public electronic services provided by the Government of Zambia to enable easy and convenient payment of various Governmental goods and services. Read more: Biztech Africa
Government says there is need to build necessary trading capacities for private sector growth and development for the successful implementation of the African Continental Free Trade Area Agreement (AFCFTA). Read more: ZNBC
Government has called on Konkola Copper Mines (KCM) management to prioritise payments to Contractors in order to enhance industrial harmony. Mines Minister Richard Musukwa says KCM management should quickly engage contractors over the best ways of reducing its indebtedness. Read more: ZNBC
International Business and Finance
The International Monetary Fund downgraded its forecasts for several Southeast Asian economies even as it turned more optimistic about the global economy and Asia-Pacific more broadly. The IMF expects the five largest developing economies in Southeast Asia to collectively grow by 4.9% in 2021, down from its previous projection of 5.2%. Read more: CNBC
Toshiba’s chief executive resigned on Wednesday amid controversy over a $20bn buyout bid from private equity firm, CVC Capital Partners. A statement from the Japanese conglomerate gave no reason for Nobuaki Kurumatani’s resignation. Read more: BBC News
New Zealand is set to consider legislation that would require banks, insurers and asset managers to disclose the impacts of climate change on their businesses as the country tries to slash its carbon emissions.The government said in a statement Tuesday that the bill is the first of its kind to be proposed anywhere in the world. Read more: CNN
Boeing on Tuesday reported strong orders and deliveries for March and the first quarter. But Boeing’s rebound is already at risk of unraveling. In March, Boeing took new orders for 185 of its 737 Max planes, including a 100-jet order from Southwest –the biggest since the plane’s grounding. But Boeing also still has airlines canceling orders for the plane, with 156 cancelled orders in the month. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 52 trades recorded yesterday, 25,887 shares were transacted resulting in a turnover of K29,619. A share price gain of K0,19 was recorded in PUMA. Trading activity was also recorded in BATA, British American Tobacco Zambia, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries and Zanaco. The LuSE All Share Index (LASI) closed at 4,043.30 points, 0.54% up from its previous close of 4,021.53 points. The market closed on a capitalization of K57,935,838,379 including Shoprite Holdings and K23,691,197,605 excluding Shoprite Holdings.
Chart of the Day: