Story of the Day:
Three weeks into May 2021 trading on the Lusaka Stock Exchange and once again the capital market is quite mundane as there is still no movement on the equities market that would make a significant change. The equities Market was completely dominated by bond market as the bond market recorded a score of 100% to 0% in comparison to the third week of May 2020 which recorded a 97% to 0% on the equities market. Read more
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The Bank of Zambia sold K2 billion worth of government bonds in an oversubscribed sale supported by a sentiment boom as Zambia’s recovery prospects brighten. Of the K1.5 billion of assets on offer, the Bank of Zambia saw exceptional appetite of K9.4 billion in bids of which 2 yards were absorbed. Investor interest was concentrated in the 5 and 10 – year tenors yielding 32.99% and 31.0% respectively. Read more: The Business Telegraph
Lusaka Securities Exchange – LuSE listed Zambeef advised its shareholders that its 1H (first half) Group Earnings per Share – EPS for the year period ended March 31, is forecast to be 3,290% higher in local currency terms (2,167% higher in USD) compared to a year ago in the same period. This was according to a Stock Exchange News – SENs dated June 03. Read more: The Business Telegraph
The Zambia Association of Manufacturers (ZAM) has identified South Africa and the United States of America (USA) as the two trading partners which Zambia has a huge trade deficit with where locally based manufacturers can increase their non-traditional (non Copper) exports. Read more: Zambian Business Times
Lafarge Cement Zambia Plc shareholders have approved a final dividend of K0.25 per share for the financial year ended December 31, 2020.The shareholders approved the dividend at the firm’s 29th annual general meeting held on Monday. Read more: Zambia Daily Mail
International Business and Finance
United Nations labour experts on Wednesday stated that the economic crisis caused by the COVID-19 pandemic is expected to contribute to global unemployment of more than 200 million people next year, with women and youth workers the worst hit. Read more: CGTN
Price are rising quickly across huge swaths of the developed world, with inflation in countries that belong to the Organization for Economic Cooperation and Development surging in April to the highest rate since 2008. Energy price hikes boosted average annual inflation across OECD countries to 3.3% in April, compared with 2.4% in March. Read more: CNN
US President Joe Biden is set to ban Americans from investing in dozens of Chinese tech and defence firms with alleged military ties. The new executive order will come into effect on 2 August, hitting 59 firms including communications giant Huawei. The list of firms will be updated on a rolling basis. Read more: BBC News
Africa’s largest food retailer, Shoprite Holdings Ltd, has sold its Nigerian operations to local investors. In a statement, Ketron said Shoprite is changing its strategy “from an ownership model to a franchise model.” The sale makes Shoprite the latest South African business to exit Nigeria in the last decade. Shoprite operates 25 outlets in eight states across Nigeria. However, the retail shop has been struggling with disruptions. Read more: Business Insider
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In 18 trades recorded yesterday 3,057,588 shares were transacted resulting in a turnover of K3,888,032. A share price gain was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in BATA, Copperbelt Energy Corporation, First Quantum Minerals, Standard Chartered Zambia, Zambia Breweries, and Zanaco. The LuSE All Share index (LASI) closed at 4,296.70 points, 0.09% up from its previous close of 4,292.98 points.
