Story of the Day:
In a combined week of January and February 2022 bond trading, there were no bonds recorded throughout the week. Bonds are a low risk investment issued when the government borrows money from its people. You can purchase bonds using the Lusaka Securities Exchange Application online. Let’s take a look back at February 2021 bond market performance. Read more
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The Centre for Trade, Policy and Development (CTPD) has said Zambia’s 2022 National Budget support will directly be boosted in the next three years as a result of the Staff Level Agreement with the International Monetary Fund (IMF). CTPD researcher finance Mataa Wakumelo further says Zambia’s economic growth is projected to remain positive. Read more: Times of Zambia
Zambia Association of Manufacturers (ZAM) says 17 manufacturing companies have been exempted from paying duty on raw materials this year following the signing of Statutory Instrument (SI) Number 110. SI 110 of 2020 was signed into law in October 2021. It allows manufacturers get a waiver on customs duty charged on imported raw materials which cannot be sourced locally. Read more: Zambia Daily Mail
Energy Minister Peter Kapala says government wants people to get used to the monthly review of fuel prices because it is the international standard. . In an interview, Kapala noted that South Africans were already used to this section. “We are now following the international trend of fuel pricing. If the prices of fuel go up, we also adjust upwards. But adjusting upwards, it must go beyond 2.5 percent of our current pricing then it can trigger to go up. Read more: News Diggers
Airtel Networks Zambia Plc has launched a fraud awareness campaign dubbed ‘Be Fraud Alert’ on the back of the rising levels of mobile phone scams and fraud. The campaign will consist of informative and educative programmes delivered through Short Message Services (SMS) and all media channels. Read more: Times of Zambia
International Business and Finance
Global markets have rallied on hopes that military tensions over Ukraine could ease after Russia said it was recalling some of its troops from the country’s border. Exchanges in Italy and Germany climbed roughly 2%, France’s CAC 40 jumped 1.8% and London’s FTSE 100 gained 1%. The three major US indexes also closed more than 1% higher. Read more: BBC News
U.K. inflation came in at an annual 5.5% in January, slightly ahead of forecasts and remaining at a 30-year high. On a monthly basis, consumer prices contracted by 0.1%, slightly less than expected by economists in a Reuters poll. The annual print was expected to remain at 5.4%. Read more: CNBC
A prominent member of the European Central Bank’s Governing Council has said its net asset purchases could end in the third quarter of this year, but tweaks to the bank’s monetary policy could mean that rate hikes might not immediately follow. Read more: CNBC
The latest consumer price index report by the National Bureau of Statistics (NBS) has shown that Nigeria’s inflation rate reversed back to its pre-December levels after dropping to 15.6% in January 2022. Recall that the West African country’s inflation rate had risen to 15.63% in December and left many stakeholders worried. Read more: Business Insider
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In 74 trades recorded yesterday, 66,251 shares were transacted resulting in a turnover of K209,833. A share price loss was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,383.10 points, 0.06% down from its previous close of 6,386.82 points. The market closed on a capitalization of K68,594,086,383 including Shoprite Holdings and K33,811,400,943 excluding Shoprite Holdings.