Story of the Day:
Copperbelt Energy Plc. has expressed delight over Zambia’s Minister of Energy’s revocation of a statutory instrument that had declared parts of its network common carrier, according to a statement issued by the company to Lusaka Securities and Exchange. Read more
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Government on Friday declined to borrow about K1 billion through a bond auction that saw an oversubscription of K2.935.06 billion but only K1.935.85 was gotten. In the first government bond auction of the year, the State has maintained borrowing within its target range of K2.6 billion, thereby creating space for the private sector to borrow from the domestic market. Read more: Zambia Daily Mail
President Hakainde Hichilema has said that the United Arab Emirates is critical for Zambia in achieving its agenda of resuscitating the economy anchored on trade and investment. Read more: Lusaka Times
Finance and National Planning Minister Situmbeko Musokotwane has requested Banks to develop products that will support the country’s development agenda. Dr. Musokotwane says banks should seek to promote rural development, skills training for youths and financing small and medium enterprises. Read more: ZNBC
Zambia Association of Manufacturers (ZAM) Acting CEO Lewis Chimfwembe has urged Zambians to buy local products for improved job creation and sustainable economic development. Mr. Chimfwembe says ZAM has noted that Zambia’s manufacturing sector is this year expected to perform better than the past few years despite the covid-19 pandemic. Read more: ZNBC
International Business and Finance
African nations need to establish and/or reinforce their infrastructure to meet the looming implementation of the Africa Continental Free Trade Agreement (AfCFTA), a panel of speakers participating in the UK-Africa Investment Conference said. Read more: CGTN
The International Monetary Fund (IMF) said it plans to put together a $50 billion trust fund that would benefit low-income and vulnerable middle-income countries of the world. In a recent blogpost, the multilateral lender explained that the trust fund would primarily help the targeted countries to become resilient to balance of payment shocks, as well as ensure sustainable recovery. Read more: Business Insider
Accelerating inflation could cause the Federal Reserve to get even more aggressive than economists expect in the way it raises interest rates this year, according to a Goldman Sachs analysis. With the market already expecting four quarter-percentage-point hikes this year, Goldman economist David Mericle said the omicron spread is aggravating price increases and could push the Fed into a faster pace of rate increases. Read more: CNBC
Stock futures rose slightly in overnight trading Sunday, following the S&P 500′s worst week since March 2020, as investors awaited more corporate earnings results and a key policy decision from the Federal Reserve. Futures on the Dow Jones Industrial Average edged up 120 points. S&P 500 futures climbed 0.5% and Nasdaq 100 futures rose 0.9%. Read more: CNBC
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In 136 trades recorded on Friday, 3,972,528 shares were transacted resulting in a turnover of K8,883,682.53. Trading activity was also recorded in Airtel, CEC Africa, Copperbelt Energy Corporation, CHIL, Puma, Standard Chartered Zambia, SHOP, Zambia Breweries, Zambeef, Zanaco, ZCCM, ZAFFICO, ZAMEFA, and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,143.69 points, 0% down from its previous close of 6,143.69 points. The market closed on a capitalization of K67,549,422,690 including Shoprite Holdings and K32,766,737,250 excluding Shoprite Holdings