Story of the Day:
Zambia National Building Society has launched its much-anticipated mortgage product that seeks to address the home ownership gap that currently exists in the market. Read more
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Positive sentiments have continued to characterise the financial markets with increased participation from non-resident investors in auctions of Government bonds that recorded an over subscription to K6.4 billion but only K2.3 billon was borrowed. Read more: Zambia Daily Mail
Cement production in the first half of this year increased by 5 percent to hit 1.2 million metric tonnes compared to 1.1 million tonnes last year.
This is according to data obtained from the Ministry of Mines and Minerals Development on the performance of the construction industry in the first half of this year. Read more: Zambia Daily Mail
Science and Technology Minister Felix Mutati says government will come up with policy measures and a legal framework aimed at empowering lower Zambian scientists and technologists to transform Zambia’s technological dream. Read more: News Diggers
Mopani Copper Mine is expected to record over $57 million in profits by the end of this year, after recording losses in the last few years. Mopani Copper Mine Chief Executive Officer Charles Sakarya disclosed this during a presentation to Mines and Mineral Development Minister Paul Kabuswe at Central Offices in Kitwe. Read more: ZNBC
International Business and Finance
Joe Biden has played down the chances of brokering a post-Brexit free trade deal with the UK, as he held talks with Boris Johnson at the White House. Downing Street said its priority was still getting a deal with the US alone. Read more: BBC News
The main property unit of Chinese real estate giant Evergrande has said it has struck a deal over a bond interest payment which is due on Thursday. The amount due for the domestic bond is estimated to be $35.9m. The announcement will offer some relief to investors concerned over the company’s debt crisis. Read more: BBC News
U.S. stock futures were higher in early morning trading on Wednesday after the major averages failed to rebound from Monday’s Evergrande-led sell-off in the regular session. Dow Jones Industrial Average futures rose 96 points. S&P 500 futures and Nasdaq 100 futures both also traded in positive territory. Read more: CNBC
Disney’s CEO Bob Chapek said Tuesday his company’s streaming service growth has “hit some headwinds” related to coronavirus, causing shares to close lower for the day. Disney expects to add “low single-digit millions” of streaming subscribers in the fourth quarter, Chapek said. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 12 trades recorded yesterday, 102,045 shares were transacted resulting in a turnover of K190,572. A share price gain of K0.35 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, PUMA, Standard Chartered Zambia, ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 4,876.92 points, 2.67% up from its previous close of 4,746.58 points.