Story of the Day:
When the Minister of Finance delivered his budget speech, he declared that the overall performance of the banking sector had received a grading of satisfactory despite increases in non-performing loans. Read more
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Zambia has started talks with its bondholders a day after an investor committee rejected the country’s request for an interest-payment standstill, saying it needed more information on restructuring plans. Dialog has commenced between representatives of some of the Eurobond holders and Lazard Freres SAS and White & Case LLP, which are advising Zambia’s government. Read more: Bloomberg
Parliament has unanimously ratified President Edgar Lungu’s appointment of Christopher Mvunga as Bank of Zambia (BOZ) Governor replacing Denny Kalyalya. Read more: Lusaka Times
Zanaco has recorded an increase in the operating income by 37% to K982 million in the first six months of this year supported by strong performance from the lending and trading activities. During the period under review, income from lending grew by 32% to K493 million while trading income grew by 317% to K196 million. Read more: Zambia Daily Mail
President Edgar Lungu has assured that a commission of inquiry to investigate the privatisation of national assets will soon be instituted as Zambians have demanded to know what went wrong during the process. Read more: Zambia Reports
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The EU has begun legal proceedings against the UK after it refused to ditch plans to override sections of its Brexit divorce deal. An EU deadline for the government to remove sections of the Internal Market Bill expired on Wednesday. The “letter of formal notice” could eventually lead to a court case against the UK at the EU’s top court. But the EU has not walked away from talks over a post-Brexit trade deal. Read more: BBC News
Huawei has failed to adequately tackle security flaws in equipment used in the UK’s telecoms networks despite previous complaints, an official report says. It also flagged that a vulnerability “of national significance” had occurred in 2019 but been fixed before it could be exploited. Read more: BBC News
U.S. stock futures dipped on Friday after President Donald Trump said he and his wife tested positive for the coronavirus. Read more: Reuters
South Africa’s state-owned airline has suspended all its operations as it struggles to raise a bailout of more than 10 billion rands ($591 million). South African Airways, one of the country’s state-owned enterprises face allegations of corruption and mismanagement, filed for liquidation and bankruptcy protection in December last year. Read more: CGTN
Capital Markets Report Sponsored By ZCCM-IH
In 4 trades recorded yesterday, 40,286 shares were transacted yielding a market turnover of K31,161. A share price loss of K0.62 was recorded in Real Estate Investments Zambia. Trading activity was also recorded in Copperbelt Energy Corporation. The LuSE All Share Index (LASI) closed at 3,815.54 points, 0.21% down from its previous close of 3,823.58 points. The market closed on a capitalization of K55,428,669,068 including Shoprite Holdings and K21,189,463,088 excluding Shoprite Holdings.
Chart of the Day: