Story of the Day:
There was not much trading activity during the week due to festivities. During the course of the week only two days recorded trades which were Monday and Friday in which Monday equities trading was the best performing for the week. Read more
Local Business and Finance
Government, through the Bank of Zambia (BoZ), will buy and collect more than 40,000 kilogrammes of gold from primary and secondary sources, including artisanal and small-scale gold miners, Mines Permanent Secretary Barnaby Mulenga has announced. Read more: Zambian Observer
President Edgar Lungu has issued a directive for his and salaries of other highly paid appointees to be slashed as a means of cushioning the poor across the country. Read more: Africa News
Former fiscal head Honorable Felix Mutati counseled the Zambian authorities to expedite efforts to re-profile its debt, especially that owed to the Chinese and the portion housed in dollar bonds as this would provide clarity and ease the burden on the resources the nation has. Read more: The Business Telegraph
Nairobi-based financial services provider Octagon Africa has completed the purchase of a 49 per cent shareholding in Alexander Forbes Financial Services Zambia. Read more: Standard Media
International Business and Finance
Ghana is determined to join a new West African currency, called the “Eco” which is expected to replace the CFA Franc as early as 2020, according to a statement from the presidency. Read more: Bloomberg
China’s big bang opening of its $45 trillion financial industry begins in earnest next year — a step-by-step affair that’s unfolding just as economic strains threaten the promised windfall luring in global firms. Read more: Bloomberg
Facebook’s Libra project has failed in its current form and needs reworking to be approved, said the president of Switzerland where the cryptocurrency is seeking regulatory consent. Read more: Reuters
US stocks had a fantastic year in 2019, with all three major indexes climbing more than 20%. But that performance came at the price of volatility and uncertainty. Read more: CNN
Capital Markets Report
In 13 trades recorded on Friday, 20,128 shares were transacted, resulting in a market turnover of K27,823. Trading activity was also recorded in AEL Zambia, Copperbelt Energy Corporation and Lafarge. The LuSE All Share Index (LASI) maintained it previous closes of 4,264.51 points. The market remained on a capitalization of K56,516,055,827 including Shoprite Holdings and K22,276,849,847 excluding Shoprite Holdings.
Chart of the Day: