Story of the Day:
Mining is in ZCCM IH’s DNA. Many have heard the folklore of the once biggest mining conglomerate of Southern Africa. Fraught with mixed fortunes and family silver sold, the investment group we know as one of Zambia’s leading investment vehicles, remains a beacon of hope for all future investments in the sector. Here is why. Read more
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A name change, new leadership and a sole focus on a single commodity has put AIM-listed Arc Minerals on a strong footing to progress it copper assets in Zambia. Read more: Mining Review
ABSA Bank Zambia Plc has applied for K1.2 billion to the Bank of Zambia (BoZ) for accessing the coronavirus stimulus package. Read more: Zambia Daily Mail
Reduced sales and revenue volumes have affected earnings per share for Zambian Breweries Plc for the period ending June 30. The basic earnings per share are expected to be 108 percent lower than those of the corresponding period last year. Read more: Zambia Daily Mail
President Edgar Lungu has appealed to public procurement practitioners in the country to ensure that Government gets value for money on goods and services procured. Read more: Lusaka Times
Chinese enterprises should consider plowing their investment in Zambia’s vast gemstone and emerald sector which was yearning for more investment, an industry body said on Wednesday. Read more: CGTN
In Zambia, some Chinese companies are providing training to its local employees mostly through formal programs such as mentoring and on-the-job training. For these reasons, Chinese investments in Zambia’s key economic sectors have continued to change people’s lives. Read more: China.org
International Business and Finance
The valuation of US tech giant Apple has continued to surge, surpassing the entire value of all the members of the UK’s top share index. Apple’s shares rose 4% on Tuesday, valuing it at $2.3 trillion, compared to the £1.5tn value of all the companies in the FTSE 100. Read more: BBC News
India has banned another 118 Chinese apps, including the mobile version of popular game PUBG, as tensions between the two countries rise again over disputed territory along their shared border. Read more: CNN
The United States imported just 264,000 barrels per day of Saudi Arabian crude oil during August, according to estimates from ClipperData, a commodity research firm. That’s down nearly 50% from 2019’s average. Read more: CNN
Baillie Gifford, Tesla’s largest outside shareholder, has reduced its position in the electric auto maker after the company’s rapid share appreciation made it an outsized influence on the firm’s holdings. Shares of Tesla were down as much as 14.7% in early trading before recovering some of those losses and ending the session 5.83% lower. Read more: CNBC
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In 5 trades recorded yesterday, 408 shares were transacted yielding a market turnover of K2,950. Trading activity was recorded in Zambia Breweries. The LuSE All Share Index (LASI) maintained its close at 3,842.39 points, as there were no share price movements. The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings.
Chart of the Day: