Story of the Day:
Could Lusaka-based Fintech, Zazu Africa, popularly known as Zazu, play a pivotal role in reshaping Zambia’s digital financing space? In a blog post shared on Wednesday, September 25th, 2019, Zazu announced that it had raised a smashing $1.4million in funding from a venture round. Read more
Local Business and Finance
Zambia should Chinese tourism market, which is one of the biggest markets in Asia, in order to increase foreign exchange earnings, a local leader said on Thursday. Read more: News Ghana
Barclays Bank Zambia PLC has announced its preparations to rebrand to Absa Bank Zambia by starting to open a new branch branded as Absa at Kubulonga on 7th October 2019. Read more: Zambian Business Times
Government says it has found an investor who will inject 150 million United states dollars into Mulungushi textiles in Kabwe. Central Province Minister Sydney Mushanga says the investor, Qingdao Ruichang is currently working on the Chinese flats which will be occupied by the technical staff. Read more: ZNBC
Industrial Development Corporation (IDC) Group Chief Executive Officer Mr. Mateyo Kaluba says positive transformation in State-Owned Enterprises (SOEs) has been taking place. He said the IDC had moved from being a Group worth US$ 4.2 billion to one worth US$ 7.7 billion, representing not just growth but the value IDC represents in the country. Read more: Lusaka Times
International Business and Finance
Uber is testing new ground with an app to put casual workers in touch with employers, as it faces an increasingly tough climate for its core ride-hailing business. Read more: BBC News
The UK’s economy may have tipped into recession following a downturn in the dominant service sector, according to closely-watched figures. Read more: BBC News
The European Union signaled it wouldn’t immediately retaliate against new U.S. tariffs, seeking to avoid a broader trade war as Washington moves to punish the bloc over Airbus SE subsidies the World Trade Organization ruled illegal. Read more: Wall Street Journal
Gold prices could surge by about 30% to as high as $2,000 per ounce next year, according to David Roche, president and global strategist at Independent Strategy. Read more: CNBC
Capital Markets Report
In 24 trades recorded yesterday, 11,852 shares were transacted, yielding a market turnover of K10,907. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) maintained its previous close of 4,397.61 points as there were no price movements. The market remained on a capitalization of K57,109,173,694 including Shoprite Holdings and K22,869,967,714 excluding Shoprite Holdings.
Chart of the Day: