Story of the Day:
From the Information obtained from the ZAFFICO Prospectus, the company is offering up to 40% of the shareholding of ZAFFICO totaling to 160,000,000 Ordinary Shares of the share capital in ZAFFICO to the public, employees of ZAFFICO and selected institutional investors. Read more
Local Business and Finance
A Turkish firm is in talks with the Zambia government with a possibility of developing and investing in a 50 megawatts on-grid solar plant. Read more: News Ghana
Barclays Bank Zambia PLC today announced that it will officially change its name to Absa Bank Zambia PLC on Monday, 10 February 2020. Read more: Lusaka Times
The Consumer Unit Trust Society (CUTS) has urged the Zambia Revenue Authority (ZRA) to promote a progressive tax system through engaging in effective public services around fiscal matters to maximise income. Read more: Zambia Daily Mail
Chongwe’s economy will be boosted once Sinomine Resource Geological Engineering Company Limited (SMRGEL) starts mining copper ore in the district. Read more: Zambia Daily Mail
International Business and Finance
The World Bank has cut Ethiopia’s economic growth forecast to 6.3% for the 2020 fiscal year, down from an earlier estimate of 9.0%, citing the growing debt burden of state-owned firms and a worsening security situation. Read more: Reuters
President Donald Trump said Thursday he could wait until after the 2020 election to reach the second part of the trade deal with China. Read more: CNBC
Apple stock reached all-time high after Chinese government data showed an iPhone unit sales spike. Read more: CNBC
The chief executive of Airbus has said the future of its British wing plants is “secure” and there is “great potential to expand” post Brexit. The aerospace giant had warned it could move wing-building out of the UK in the event of a no-deal Brexit. Read more: BBC News
Two Federal Reserve officials said Thursday that the economy was likely to avoid a severe downturn because of timely intervention by the central bank last year. Read more: Market Watch
Boeing has released a trove of more than 100 pages of internal company communications that further casts the company’s actions around the troubled 737 Max in a bad light. Read more: CNN
President Trump signed a staggering $4.7 trillion of debt into law throughout his time in the White House so far, according to a budget group. Read more: Business Insider
Capital Markets Report
In 22 trades recorded yesterday, 3,594 shares were transacted, yielding a market turnover of K12,557. There was a share price loss of K0.01 in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, Zambia Breweries and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,256.69 points, 0.09% down from its previous close of 4,260.60 points. The market closed on a capitalization of K56,523,055,412 including Shoprite Holdings and K22,283,849,432 excluding Shoprite Holdings.
Chart of the Day: