Story of the Day:
Investment in design and management of its haul road network has reduced annual spending on the haul fleet at First Quantum Minerals’ Kansanshi Mine by US$5 million. Read more
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Zambia’s Konkola Copper Mines (KCM) has not been temporarily or permanently shuttered, a mines ministry official said on Thursday, denying a Bloomberg report about the copper mine previously owned by India’s Vedanta Resources. Read more: Reuters
Amidst elevated inflation at a 62-month high fuelled by currency weakness, Africa’s second largest copper producer Zambia will have its second rate decision meeting on the 17-19 May. The Monetary Policy Committee (MPC) had in its first meeting on February 17, hiked rates 50 basis points to 8.5% which marked the genesis of the rate hiking cycle pressured by an eminent exchange rate rout. Read more: The Business Telegraph
After 2 years in contraction zone, Zambia’s private sector pulse for the month of April expanded to 50.1 from 49.7 (March) as measured by Markit Economics Purchasing Managers Index – PMI. Read more: The Business Telegraph
Minister of Commerce Trade and Industry, Christopher Yaluma has urged the business community, to make use of the regulatory services centre to register their businesses and tap into the opportunities along the Lobito corridor covering Zambia, Angola and the Democratic Republic of Congo. Read more: Lusaka Times
International Business and Finance
The UK economy will enjoy its fastest growth in more than 70 years in 2021 as Covid-19 restrictions are lifted, according to the Bank of England. The economy is expected to expand by 7.25% this year, with extra government spending helping to limit job losses. Read more: BBC News
Gary Gensler, the newly installed chairman of the Securities and Exchange Commission, put Robinhood and Citadel Securities on notice Thursday about a potential crackdown in the Biden era. Read more: CNN
China’s exports surged more than expected in April as global demand for Chinese goods remained elevated amid countries’ varying stages of dealing with the coronavirus pandemic. U.S. dollar-denominated exports rose 32.3% in April from a year ago. Imports rose 43.1% in U.S. dollar terms, also topping expectations of 42.5% growth. Read more: CNBC
European markets are set for a higher open Friday as global stocks eye a positive week amid surging commodity prices, while investors await a key jobs report out of the U.S. Britain’s FTSE 100 is seen around 29 points higher at 7,105, Germany’s DAX is expected to climb around 68 points to 15,265 and France’s CAC 40 is set to open around 20 points higher at 6,377, according to IG data. Read more: CNBC
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In 17 trades recorded yesterday, 199,365 shares were transacted resulting in a turnover of K529,067. Trading activity was recorded in Copperbelt Energy Corporation, ZMRE, PUMA, Standard Chartered Zambia and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at at 4,137.30 points, as there were no share price movements. The market closed on a capitalization of K58,217,389,894 including Shoprite Holdings and K23,972,749,120 excluding Shoprite Holdings.
Chart of the Day:
