Story of the Day
The only listed reinsurance company on the Lusaka Securities and Exchange has announced a 0.059 kwacha dividend to be paid to shareholders, according to a statement issued by Zambia Re Plc. “At the 17th Annual General Meeting held virtually on 21st April 2022, a Final Dividend of ZMW0.059 per share for the financial year ended 31st December 2021 was approved by the Shareholders of Zambia Reinsurance PLC”, read a statement issued by Sharetrack Zambia, ZamRe’s appointed Company Secretary on 29th April 2022. Read more
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The Zambian and Namibian governments are next month expected to sign a Memorandum of Understanding for the construction of a Gas and Oil pipeline from Windhoek into Lusaka. Energy Minister Peter Kapala disclosed this when he paid a courtesy call on Siavonga District Commissioner Geoffrey Jakopo at his office. Mr.Kapala said the oil pipeline will help reduce the cost of petroleum products in the country. Read more: Lusaka Times
Copperbelt Province Minister, Elisha Matambo says emerald mining has not been fully exploited to the satisfaction and benefit of the country. Mr. Matambo has urged the Parliamentary Committee on National, Economic, Trade and Labour matters, which is on tour of the province, to come up with proposals of how such issues can be dealt with in future in order to change the state of affairs. The minister was speaking when the Committee paid a courtesy call on him at his office in Ndola. Read more: ZNBC
Transport and Logistics Minister Frank Tayali has unveiled a three Member Tanzania-Zambia Railways Authority (TAZARA) Board. Mr. Tayali has named the three from the Zambian side as Frederick Mwalusaka who is Permanent Secretary in the Ministry of Transport and logistics, Musokotwane Sichuzwe assistant Director at Ministry of Finance and National Planning, and Ireen Lumbwe, senior manager at KPMG Zambia. The Minister has tasked the new board to endeavour to provide the much needed leadership that will enhance operations of TAZARA. Read more: ZNBC
First Quantum Minerals (FQM) Limited Plc has posted a decline in copper production at Sentinel and Kansanshi Mine in the first quarter of this year due to lower grades on the oxide. During the period under review, Kansanshi copper production reduced to 41,899 tonnes from over 42,800 tonnes in the fourth quarter of last year, while Sentinel dropped to 52,475 tonnes from about 60,197 tonnes. Read more: Zambia Daily Mail
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The Bank of England has warned the UK faces a “sharp economic slowdown” this year as it raises interest rates to try to stem the pace of rising prices. Rates rose to 1% from 0.75%, their highest level since 2009 and the fourth consecutive increase since December. Inflation – the rate at which prices rise – is at a 30-year high and set to hit 10% by the autumn as the Ukraine war drives up fuel and energy prices. Read more: BBC News
Billionaire Elon Musk has lined up 19 new investors to help with his $44bn purchase of Twitter. The commitments, totalling $7.1bn, will allow Mr Musk to reduce his own risk in the deal which has been approved by Twitter’s board but not completed. Read more: BBC News
The CEOs of several European blue chip companies have told CNBC that they see a significant recession coming down the pike in Europe. The continent is particularly vulnerable to the fallout from the Russia-Ukraine war, associated economic sanctions and energy supply concerns, and economists have been downgrading growth forecasts for the euro zone in recent weeks. Read more: CNBC
Stocks pulled back sharply on Thursday, completely erasing a rally from the prior session in a stunning reversal that delivered investors one of the worst days since 2020. The Dow Jones Industrial Average lost 1,063 points, or 3.12%, to close at 32,997.97. The tech-heavy Nasdaq Composite fell 4.99% to finish at 12,317.69, its lowest closing level since November 2020. Both of those losses were the worst single-day drops since 2020. The S&P 500 fell 3.56% to 4,146.87, marking its second worst day of the year. Read more: CNBC
Capital Markets Report
In 41 trades recorded yesterday, 10,500 shares were transacted resulting in a turnover of K158,112.86. Trading activity was recorded in AECI, Airtel, British American Tobacco, Copperbelt Energy Corporation, Pamodzi, Real Estate Investments Zambia, Standard Chartered Zambia, Zambia Breweries, ZCCM, Zambeef, ZAMEFA, Zanaco and Zambia Sugar on the quoted tier. The LuSE All Share Index (LASI) closed at 6,727.88 points. The market closed on a capitalization of K70,102,476,871 including Shoprite Holdings and K35,319,791,431 excluding Shoprite Holdings.