Story of the Day:
In the third week of May 2021 trading on the LuSE, ten companies’ securities recorded trades with Africa Explosives Limited as the highest priced security in comparison to week three of May 2020 with seven companies securities recorded trades with ZCCM as the highest priced security. Read more
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Zambia Consolidated Copper Mines Investments Holdings (ZCCM-IH) says it is currently offering a very competitive price for buying gold in the country at K1,150 per gram (about K1.2m for 1kg of gold), which is in line with global gold prices. Read more: Zambian Business Times
RUBiS Energy Zambia managing director Vincent Freury has disclosed that the energy company has officially launched their presence in Zambia following the successful acquisition of Kobil and Samfuel. Read more: Zambian Business Times
For a nation like Zambia with an economic landscape shaped by a default rating status on its Long Term Issuer Risk on both local and foreign currency, spiralling inflation and constrained growth in the middle of an International Monetary Fund bail out package negotiations for an Extended Credit Facility – ECF, the copper rebound is a game changer for the Southern African nation. Read more: The Business Telegraph
Bank of Zambia Governor Christopher Mvunga has called on Commercial Banks to take advantage of huge transactions that take place at Kasumbalesa Border and open up points to help reduce on cash transactions. Read more: ZNBC
International Business and Finance
Amazon founder Jeff Bezos will officially step down from his role as chief executive on July 5, he announced during the company’s annual shareholder meeting Wednesday. Bezos will hand the reins to Andy Jassy. Bezos will become Amazon’s executive chair. Read more: CNN
The US and China’s top trade negotiators have held “candid, pragmatic” talks, in their first meeting under the Biden presidency. US Trade Representative Katherine Tai and Chinese Vice Premier Liu He held a virtual meeting on Thursday. Both sides said they discussed the importance of the trade relationship between the two countries. Read more: BBC News
Big US banks have been criticised for not doing enough to help ordinary people during the pandemic. The bosses of JP Morgan, Bank of America, Citigroup, Wells Fargo and Goldman Sachs were grilled during an appearance before US lawmakers. Read more: BBC News
In the recent issue of the Brand Africa 100: Africa’s Best Brands rankings, Dangote and MTN have retained their status as the most admired African brands recalled spontaneously and when prompted, respectively. Read more: Business Insider
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In 31 trades recorded yesterday, 92,288 shares were transacted resulting in a turnover of K198,967.80. Trading activity was recorded in Airtel, Copperbelt Energy Corporation Zambia, Lafarge, First Quantum Minerals Zambia and Zanaco. The LuSE All Share index (LASI) closed at 4,205.29 points.
Chart of the Day: