Story of the Day:
ZCCM Investments Holdings Plc hereby advises the Shareholders of the Company that the Earnings Per Share (“EPS”) for the Group and Company for the financial year ended 31 December 2020 is expected to be approximately 594% and 273% higher respectively, than the nine (9) months financial period ended 31 December 2019. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The used tyres and plastic containers that litter the back streets of cities and towns in Zambia might be an eyesore, but for one company they are also an opportunity to make fuel that could slash the nation’s energy import bill while cleaning up its trash. Read more: Reuters
The Zambia Environmental Management Agency (ZEMA) has submitted to the Constitutional Court that mining activities can sustainably take place in the Lower Zambezi National Park in accordance with conditions of approval because the anticipated risks can be sufficiently mitigated. Read more: News Diggers
Oil Marketing Companies Association of Zambia (OMCAZ) projects at least a 2 percent upward adjustment in fuel pump prices at the impending review following the rise in crude oil prices on the international market to $97 per barrel. Read more: Zambian Observer
ZESCO Limited has claimed that the leaked document suggesting that the power utility has upward adjusted electricity connection fees and separation of meters was concocted. Read more: Lusaka Times
Zambia has achieved import substitution in vegetables with increased number of local stocks in multinational chain stores.
Some of the vegetables which the country has stopped importing are sweet corn, red cabbage, cocktail tomatoes, groundnuts, English cucumber, garlic, ginger, pineapples, okra and celery, among others. Read more: Zambia Daily Mail
International Business and Finance
Asian markets and US stock futures staged a modest rebound on Wednesday, hours after the United States announced its first set of sanctions against Russia for what US President Joe Biden termed “the beginning of a Russian invasion” on Ukraine. The slight rebound in Asian markets came on the heels of modest gains in US stock futures. Dow futures were up 77 points, or 0.2%. S&P 500 and Nasdaq futures were up 0.3% and 0.4% respectively. Oil prices were slightly higher. US crude futures edged 0.2% higher to $92.09 per barrel, while Brent crude was up 0.3% to $97.08 per barrel. Read more: CNN
Russian stocks whipsawed and the ruble rebounded from a near-record low on Tuesday as investors reacted to President Vladimir Putin’s decision to order troops into eastern Ukraine. Moscow’s MOEX stock index pared heavy losses after shedding more than 10% on Monday, bringing losses so far this year to about 20%. The ruble fell toward 81 versus the US dollar on Tuesday, close to a record low, before making a recovery. Read more: CNN
Hong Kong will offer tax breaks, handouts and subsidies to small businesses and residents, to mitigate the impact of the most stringent social restrictions imposed in the city to curb the spread of COVID-19, Finance Secretary Paul Chan said. The 2022/23 budget proposals were announced as hundreds of bars, restaurants and small retailers warned they were months away from closure, and shopping malls were deserted while the city endured its worst COVID-19 outbreak so far. Read more: Reuters
The mission of the International Monetary Fund is starting its work in Ukraine for the second review of the Fund-supported programme, the global lender said on Wednesday. Ukraine hopes that the continuation of cooperation with the IMF can reassure markets that have been rattled by tensions with Russia and that the talks will result in disbursement of $700 million under its $5 billion IMF programme. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 41 trades recorded yesterday, 16,246 shares were transacted resulting in a turnover of K32,598. Share price gains were recorded in First Quantum Minerals of K1.05 and in Zanaco of K0.02. A share price loss was recorded in Copperbelt Energy Corporation of K0.05. Trading activity was also recorded in Airtel, Investrust, Chilanga Cement, Pamodzi, Standard Chartered Zambia and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,584.76 points, 0.04% down from its previous close of 6,587.14 points. The market closed on a capitalization of K69,474,025,628 including Shoprite Holdings and K34,691,340,188 excluding Shoprite Holdings.