Story of the Day:
ZCCM-IH recorded a turnover of ZMW8.3 billion for this period compared to ZMW62 million reported during the six-month period to 30th June 2020. The significant increase is largely on account of acquisition of Mopani Copper Mines Plc (Mopani) during the period. The revenue from Mopani accounts for 97% of the total revenue for the period. Read more
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President Hakainde Hichilema says that the K635 Million Agriculture investment initiative that has just been launched between the European Union (European Investment Bank) and ZANACO, will be utilized with transparency and accountability. Read more: The Independent Observer
Financial Analyst Maambo Hamaundu has attributed the continued plummeting of the Kwacha against the US Dollar the high demand for hard currency brought about by Government’s and private suppliers need to meet their obligations and procure farming inputs. Hamaundu said the local currency was being affected by the country’s level of indebtedness and Governments need to procure fertilizer and other agricultural inputs. Read more: Zambian Business Times
Minister of Mines and Minerals Development Paul Kabuswe says confusion associated with illegal mining will no longer be tolerated under the new dawn administration. Delivering a ministerial statement to Parliament, Wednesday, Kabuswe warned that the new government under the leadership of President Hakainde Hichilema would not allow illegality in the mining sector. Read more: News Diggers
As Zanaco Plc clocks 52 years this month, the financial institution has launched a ‘Thank You’ campaign to honour its over two million customers for associating with the bank. It has also assured its customers that it will continue meeting their needs while contributing to the country’s transformation by supporting various sectors of the economy. Read more: Zambia Daily Mail
International Business and Finance
Senators in the United States have voted to temporarily extend the country’s debt ceiling, less than two weeks before it was due to be reached. Disagreements over the ceiling – the limit on how much the government can borrow – are not new in US politics. Read more: BBC News
The African Development Bank (AfDB) said it plans to spur economic activities in the Africa Free-Trade Area by supporting trade financing. This, it will specifically do, by guaranteeing loans given to companies that sell their products across the continent. Read more: Business Insider
US business leaders are still upbeat about the economic recovery. But they’re not as confident as they were just a few months ago, and they blame the Delta variant and a super tight labor market for the drop in sentiment. The Conference Board, a leading business research think tank, reported Thursday a steep slide in its CEO confidence index for the third quarter. Read more: CNN
There’s no end in sight to the volatility on Wall Street as US stocks rallied again Thursday. The Dow finished with a gain of nearly 340 points, or 1%, while the broader S&P 500 rose 0.8%. The tech-heavy Nasdaq Composite increased by 1.1%. Read more: CNN
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In 23 trades recorded yesterday, 27,100 shares were transacted resulting in a turnover of K6,215,829. Trading activity was recorded in ZAFFICO, British American Tobacco Zambia, Copperbelt Energy Corporation, PUMA and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 4,978.43 points, as there were no share price movements.
Chart of the Day: