Story of the Day:
The Board of Pamodzi Hotel Plc has announced the appointment of a new Director following the demise of Board member and Chilubi Member of Parliament Rosario Fundanga. Read more
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Zimbabwe intends to build a second fuel pipeline in partnership with Zambia, Botswana and Mozambique in a deal that will be funded by the Russian Government to the tune of US$1.5 billion. The deal puts a lid on the much talked about Mining, Oil and Gas Services (MOGS) deal which some politicians principally Christopher Mutsvangwa (Zanu-PF) and Tendai Biti (MDC) have been pushing for over five years without success. Read more: Club of Mozambique
Castillo Copper Ltd has completed the acquisition of four projects in Zambia being Mkushi, Luanshya, Lumwana North & South, and Mwansa. Read more: Proactive Investors
Katenga Resources Limited intends to set up a copper and gold mine at a cost of K2 million while Star Tanganyika Limited has set aside US$50 million to mine copper from old deposits sites in Luanshya. The mine will have a production capacity of between 500 tonnes and 1,000 tonnes of copper per day and 70 tonnes to 100 tonnes of gold at a purity of more than 70 weight (in percentages) per day. Read more: Zambia Daily Mail
Airtel Money director James Chona said to broaden access to financial services, National Savings and Credit Bank (NATSAVE) has partnered with Airtel Mobile Commerce Zambia Limited to launch its wallet-to-bank and bank-to-wallet services in Zambia. Read more: Zambia Daily Mail
The Government of Zambia has set a conducive environment for implementation of the Sustainable Development Goals (SDGs) and will continue to assess its performance and check for areas needing further refinement. Read more: Lusaka Times
Interest rates on loan facilities increased to an average 28 per cent by the end of last year from 26.1 per cent by September 30, 2019, reflecting elevated government financing needs and tight liquidity conditions. Read more: News Diggers
Centre for Trade Policy and Development (CTPD) executive director Isaac Mwaipopo says government should put in place practical measures that will put the country on a path of economic recovery. Read more: News Diggers
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A professional in the corporate world who does not aspire to be Chief Executive Officer (CEO) or managing director is rare. One who does not aspire to be a leader in his field is rarer still. And a professional who does not crave recognition of any kind – you would search the whole world, you’d be lucky to find one. Read more
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Global financial markets saw some of the sharpest falls in years on Monday after a rise in coronavirus cases renewed fears about economic slowdown. In the US, the Dow Jones and S&P 500 posted their sharpest daily declines since 2018, with the Dow falling 3.5% or more than 1,000 points. The UK’s FTSE 100 share index closed 3.3% lower, the sharpest drop since January 2016. Read more: BBC News
Nigeria’s economic growth rose to an annual rate of 2.55% in the three months to the end of December, its highest quarterly growth since a 2016 recession, the statistics office said on Monday. Read more: Reuters
Goldman Sachs lowered its US gross domestic product forecast for the first quarter to 1.2%, down from 1.4% previously, according to a client note on Monday. The forecast cut comes amid concern that the coronavirus will limit global growth and be a negative demand on US supply and demand. Read more: Business Insider
The White House on Monday sent lawmakers an urgent $2.5 billion plan to address the deadly coronavirus outbreak, whose rapid spread and threat to the global economy rocked financial markets. Read more: Market Watch
Capital Markets Report Sponsored By ZCCM-IH
In 13 trades recorded yesterday, 24,873 shares were transacted yielding a market turnover of K28,442. A share price gain of K0.01 was recorded in Lafarge, and a share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,250.58 points, 0.08% down from its previous close of 4,253.85 points. The market closed on a capitalization of K57,320,193,974 including Shoprite Holdings and K23,080,987,994 excluding Shoprite Holdings.
Chart of the Day: