Story of the Day:
Ahead of of the year ended 31 December 2020 trading results to be announced on 9th March 2021, Zambrew in its trading statement, issued on the 3rd March, 2021, announced to its shareholders that their dividends will be 98% less compared to the corresponding period last year. Read more
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The Zambia Forestry and Forest Industries Corporation – ZAFFICO has been given the mandate to resume the trade in the famous Mukula logs. In a statement seen by the Zambian Business Times – ZBT, ZAFFICO has announced the commencement of of the purchase of legally harvested Mukula logs country wide. Read more: Zambian Business Times
The Petroleum Transporters Association of Zambia (PTAZ) has urged Zambians to be supportive of having more local fuel transporters as this will mean saving on foreign exchange payments out of the country because transportation of imported fuel is paid in US dollars. Read more: Zambian Business Times
Vice President Inonge Wina says Government will ensure women-led businesses survive the effects of the covid-19 pandemic as women are instrumental in the running of the economy. The vice President has suggested that women in business need a special stimulus package that will enable their enterprises thrive amid the covid-19 era. Read more: ZNBC
The United Nations Development Capital Fund (UNDCF) will partner the Lusaka Securities Exchange (LuSE) in supporting small- and medium-scale enterprises (SMEs) in the wake of coronavirus. LuSE will soon launch a mobile trading platform to allow users access on their computers, phones and tablets when purchasing shares and bonds. Read more: Zambia Daily Mail
International Business and Finance
Nokia is reducing its workforce by as much as 10,000 jobs over the next two years. The cuts will see the telecommunications, information technology, and consumer electronics giant go from an organisation of 90,000 employees to somewhere between 80,000 and 85,000. Read more: CGTN
Chinese President Xi Jinping called on the country’s regulators this week to step up their crackdown on tech companies and extend scrutiny to all areas of financial activity. Read more: CNN
Don’t rule out a 10-year Treasury Note yield as high as 2.25% this year. That’s the message from Wells Fargo Securities’ Michael Schumacher, ahead of Wednesday’s Federal Reserve interest rate decision. Read more: CNBC
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In 2 trades recorded yesterday, 4,500 shares were transacted resulting in a market turnover of K2,430. Trading activity was recorded in Real Estate Investments Zambia. The LuSE All Share Index (LASI) maintained its close at 3,955.65 points, as there were no share price movements. The market closed on a capitalization of K57,542,494,385 including Shoprite Holdings and K23,308,723,200 excluding Shoprite Holdings.
Chart of the Day: