Story of the Day
In the final week of January and beginning of February 2022 trading on the Lusaka Stock Exchange, eighteen companies’ securities recorded trades with Africa Explosives Limited as the highest priced security, in comparison to the first week of February 2021 with ten companies with Zambia Consolidated Copper Mines as the highest Priced Security. Read more
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Zambia, in common with several neighboring countries, is exploring a potential central bank digital currency (CBDC) and expects to complete its research later this year, according to a Bloomberg report Wednesday. The Bank of Zambia aims to cut transaction costs and increase citizens’ participation in the formal financial system. Read more: Coin Desk
President Hakainde Hichilema has charged that he will not relent in protecting public resources and anyone found wanting will be fired. President Hichilema says it is unfortunate that some contracts have continued to be pegged at a high cost thereby going against the UPND Policy on contracts which should be the right price, quality and timeliness. Read more: ZNBC
Cabinet has approved the construction of the New Luangwa Bridge across the Luangwa River in Luangwa District of Lusaka Province. Chief Government Spokesperson, Chushi Kasanda says the total cost of constructing the bridge is estimated at $75 million. Ms Kasanda says cabinet is encouraged that government is expected to only contribute approximately $7 million as counterpart funding, while funding from external sources is estimated to be $67 million. Read more: ZNBC
The government will next week start the official bidding process for the construction of the Lusaka-Ndola dual carriageway. Infrastructure, Housing, and Urban Development Minister Charles Milupi has said that an advert calling for bids will be issued. Read more: Lusaka Times
International Business and Finance
There is no doubt that Africa is currently witnessing a ‘financial revolution’ led by fintech startups. As it seems, traditional financial services providers (banks to be precise) are scrambling to catch up with the trend. For many years, the banks had their chance to transform the sector. But they were rather reluctant/slow until now, thanks to the competition posed by fintechs companies. How can these banks catch up and possibly gain an edge? That’s the main talking point in a recent report by CR2, a Dublin-based banking software provider. Read more: Business Insider
About one hundred and thirty (130) countries recently reached an agreement to address the global tax challenges that have arisen, following the digitisation of the global economy. The agreement was championed by the Organisation for Economic Co-operation and Development (OECD). Experts believe the agreement will be immensely beneficial to African countries. Read more: Business Insider
According to an updated report by the African Airlines Association (Afraa), the COVID-19 pandemic continued to hammer Africa’s aviation industry in 2021, resulting in an estimated $8.6 billion revenue loss. While the figure is less than the $10.21 billion revenue loss recorded by the sector in 2020, it did mark a 49.8% decline when compared to the revenue recorded by the sector prior to the pandemic in 2019. Read more: The East African
Oil prices could soar to $120 a barrel if Russia’s crude exports are derailed by tensions with Ukraine, according to projections from JPMorgan. The forecast underscores how a potential invasion of Ukraine would cause wide-ranging ripple effects that would be felt by inflation-weary consumers around the world. Read more: CNN
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In 61 trades recorded yesterday, 3,851 shares were transacted resulting in a turnover of K16,714. A share price gain was recorded in Copperbelt Energy Corporation Zambia of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation Zambia, Chilanga Cement, National Breweries, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,448.18 points, 0.06% up from its previous close of 6,444.46 points. The market closed on a capitalization of K68,878,089,416 including Shoprite Holdings and K34,095,403,976 excluding Shoprite Holdings.
Chart of the Day