Story of the Day
As I embark on my duties as Board Chairperson for ZCCM-IH, I am conscious that the past few years have seen a tumultuous global economic and business environment. The advent of the corona virus further exacerbated business disruptions bringing about dislocations that demanded a shift in the way we do and conduct business. This being said, I strongly believe that the challenges facing us are not insurmountable. The combination of a conducive and enabling business environment set by the Zambian Government, an apposite ZCCM-IH 6-year strategic plan to 2026, and the augmentation of the ZCCM-IH board, leaves me feeling optimistic about the heights to which we can take this internationally owned Company. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Lusaka Securities Exchange in Zambia finished 2021 as the best-performing stock market in Africa, registering a 93.2 percent gain in U.S. dollars for investors. Ghana’s exchange finished second, recording a 38.59 percent gain in U.S. dollars. The Malawi stock exchange posted a 32.24 percent gain, good enough for third. Read more: CGTN
First Capital Bank sees a bullish recovery trajectory for Zambia in 2022 and onwards following the Washington based lender, International Monetary Fund (IMF). Speaking in a Money Watch show on Spring24TV, the banks Head Trader Dean Nathaniel Onyambu stated that Zambia’s engagement with the IMF and the strides attained has clawed back sentiment in the copper producer manifesting in a rally in bond yields and a boost in foreign direct investment to circa $3bn (2021) from $869 million (2020). Read more: The Business Telegraph
First Quantum Minerals has embarked on a new GM Leadership Development Programme in Zambia to mould talented staff into capable leaders. This is expected to build on the success of the mining company’s CEO training programme that saw seven talented employees receive mentorship and training in senior management roles to drive long-term sustainable growth. Read more: Mining Weekly
Mines and Minerals Development Minister Paul Kabuswe has urged mining companies to invest more in their operations and unlock the potential of their sites in the wake of favourable policies under the new dawn administration. Mr. Kabuswe says mining companies in the country should step up mining activities and ramp up production. The Minister says this is in tandem with UPND’s aspirations to produce 3 million tonnes of copper in ten years. Read more: ZNBC
International Business and Finance
Airtel Africa announced that it has commenced the process of selling off its telecommunications tower assets in Tanzania to a joint venture (JV) comprised of two global owners/operators of telecom infrastructure. The statement by Airtel Africa also disclosed that the gross consideration for the transaction is $176.1 million. Already, the JV has paid Airtel Africa approximately $159 million out of the total sum of $176.1 million. And this follows the completion of the first phase of the transaction. Read more: Business Insider
U.S. stock index futures during early morning trading on Friday, ahead of the key jobs report release. Futures contracts tied to the Dow Jones Industrial Average gained 70 points. S&P 500 futures advanced 0.18%, while Nasdaq 100 futures added 0.07%. During regular trading Thursday the Dow fell 170 points, or 0.47%, while the S&P declined 0.1%. The Nasdaq Composite slid 0.13% for its seventh negative session in the last eight. Read more: CNBC
European bank shares rose further above a three-year high on Thursday, boosted by the U.S. Federal Reserve’s signal that it could raise rates faster than expected, which lifted some of the December gloom hanging over the sector. Read more: Al Jazeera
The dollar is set to notch broad weekly gains and could extend its rally if U.S. labour data due on Friday reinforces the case for early Federal Reserve interest rate hikes. The yen has been the most prominent casualty in the first trading week of the year, as investors reckon the Bank of Japan is likely to lag most of all on rate hikes. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 52 trades recorded yesterday, 295,978 shares were transacted resulting in a turnover of K 709,871. A share price increase of K0.47 was recorded in Zanaco. Trading activity was recorded in CEC Zambia, Lafarge, Standard Chartered Bank Limited, Zanaco, Zambia Sugar and ZAFFICO. The LuSE All Share Index (LASI) closed at 6218.49 points, 2.50% up from its previous close of 6,062.99 points. The market closed on a capitalization of K67,875,822,018 including Shoprite Holdings and K33,093,136,578 excluding Shoprite Holdings.
Chart of the Day