Story of the Day:
The Board and Management of Zambia National Building Society presented a dividend cheque to Finance Minister Honorable Situmbeko Musokotwane on 9thSeptember 2021, becoming the first company to do so from the GRZ portfolio of parastatals under the new administration. Read more
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United States Charge d’Affaires David Young says that President Hakainde Hichilema has shown he is putting in place a lean cabinet which is focused on key Government priorities. Mr Young said that the cooperation between the Zambia and the US can help to strengthen democracy, support economic revitalisation and create opportunities for the young people. Read more: The Independent Observer
The Zambia Timber and Forest Based Industries – ZATFBI- in North Western Province has appealed to government to lift the suspension of issuance of export permits for Timber. ZATFBI Provincial Chairperson Getson Sondashi says the suspension has negatively affected Timber prices and the business. Read more: ZNBC
The Zambia Development Agency (ZDA) has urged Zambians to invest locally to promote trade and investment. Board chairperson David Masupa said in an interview recently that Zambians should take advantage of opportunities available in various sectors of the economy such as agriculture, technology, health and education among others. Read more: Zambia Daily Mail
Citizens Economic Empowerment Commission (CEEC) will spend over K27 million this year under the Zambia Aquaculture Enterprise Development Project (ZAEDP) to finance 362 projects involving fish processors and marketeers cross the country. Read more: Zambia Daily Mail
International Business and Finance
U.S. stock index futures were higher in early morning trading on Friday, after stocks registered a fourth-straight day of losses on Thursday. Futures contracts tied to the Dow Jones Industrial Average rose 118 points. S&P 500 futures and Nasdaq 100 futures were both also in positive territory. Read more: CNBC
Ford will stop manufacturing vehicles in India, shutting down its two large plants there that employ thousands of people. The company said Thursday the changes will cost about $2 billion, including about $600 million in 2021 and $1.2 billion in 2022 and the remainder in the following years. Read more: CNBC
Money services providers could lose $400 million a year in commissions for remittances thanks to bitcoin, increasing Salvadorans’ money. El Salvador’s bitcoin adoption will increase the wealth of its people while diminishing the commission fees paid out to intermediaries. Read more: Nasdaq
In a recent call with investors, Morgan Stanley reiterated its confidence that the market is due for a major correction — between 10% and 15% — before the end of the year. Read more: Yahoo Finance
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In 14 trades recorded yesterday,19,267 shares were transacted resulting in a turnover of K32,992. Share prices were recorded in Bata of K0.01 and in ZCCM of K0.01. Trading was also recorded in Copperbelt, Lafarge, Standard Chartered Zambia and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 4,763.52 points, down from its previous close of 4,763.69 points. The market closed on a capitalization of K61,526,878,777 including Shoprite Holdings and K26,744,193,337 excluding Shoprite Holdings.
Chart of the Day: