Daily FiZ – Friday 10/06
Economy

Story of the Day

The only listed tree processing company on the Lusaka Securities and Exchange has announced at 12 Million Kwacha Dividend to be paid to its investors, according to a published statement from ZAFFICO. “At the 20th Annual General Meeting (“AGM”) held virtually on the 24 th of May 2022, a Final Dividend of ZMW 12million at ZMW 0.03 per share for the financial year ended 31 st December 2021 was approved by the shareholders of Zambia Forestry and Forest Industries Corporation PLC (“ZAFFICO”)”, read a statement issued by Pangaea Securities on behalf of the Board through Chanza Sikazwe (Mr.) Company Secretary on 31 May 2022. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

President Hakainde Hichilema is expected on the Copperbelt province for a three day working visit. Provincial Permanent Secretary, Augustine Kasongo says, while in the province, the President is expected to hold several engagements with different stakeholders. Mr Kasongo further revealed that while in the province, the Head of State will also grace a fundraising gala dinner organized by the United Party for National Development (UPND). Read more: Lusaka Times

Kagem Mining Limited has reacted sharply to comments suggesting that people in the Lufwanyama District on the Copperbelt have not benefited much from minerals because it owns the bigger chunk of high-quality emerald deposits that can be subdivided to accommodate more investors. Chief Nkana of the Lamba people in Lufwanyama District has called on the government to unlock Lufwanyama’s mining area for more investment by sub-dividing the Kagem Mine area. Read more: Lusaka Times

Finance and National Planning Minister Dr Situmbeko Musokotwane says the new dawn government is now working towards growing the economy at a faster rate now that the inflation rate has drastically reduced. And Dr Musokotwane says those habits of printing money which contributed to the increase in inflation, are a thing of the past. In an interview, Dr Musokotwane said his government was extremely delighted about the continued reduction in the inflation rate. Read more: News Diggers

Zambia’s kwacha is likely to firm due to sustained central bank support and dollar sales by companies preparing to pay taxes. On Thursday, the currency of Africa’s second-largest copper producer was trading at 16.9000 per dollar from 17.1000 at the close of business a week ago, Refinitiv data showed. Read more: Nasdaq

Oilseeds stakeholders have allowed the Grain Traders Association of Zambia-GTAZ to export 100, 000 metric tonnes of soya beans due to increased production following the Ministry of Agriculture’s announcement that the country’s estimated production of soya beans is 475, 353 metric tonnes in the 2021/2022 farming season. According to FNB Zambia’s Agribusiness monthly report for May/June 2022, soya beans closed off the month of May trading at $630 per ton therefore Zambia is expected to bring in $63 million from the export of 100, 000 metric tonnes of soya beans. Read more: Zambian Business Times

International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia

The European Central Bank (ECB) has said it intends to raise interest rates for the first time in more than 11 years next month as it tries to control soaring inflation in the eurozone. The ECB said it would raise its key interest rates by 0.25% in July, with further increases planned for later in the year. The bank also intends to end its bond-buying stimulus programme on 1 July. The latest eurozone inflation estimate was 8.1%, well above the ECB’s target. Read more: BBC News

Americans’ wealth took a nosedive early this year as the stock market plummeted. The net worth of households and nonprofit organizations dropped $0.5 trillion to $149.3 trillion in the first quarter, according to Federal Reserve Bank data released Thursday. That’s a notable turnaround from the robust gains in wealth that began in mid-2020, fueled by skyrocketing prices of homes and equities. The first-quarter decline reflects the swoon in the stock market earlier this year, which slashed $3 trillion from the value of directly and indirectly held corporate equities. The total value of these holdings was $46.3 trillion in the first quarter, making it one of households’ largest assets. Read more: CNN

More than 200 business leaders, representing employees in all 50 states, sent a joint letter to the Senate on Thursday, demanding “bold urgent action” to address gun violence in the wake of the killing of 19 children and two teachers at Robb Elementary School in Uvalde, Texas last month. “Like you, we continue to bear witness to the toll of America’s gun violence epidemic and its impact on our communities. Our country needs you to take bold urgent action to address our gun violence epidemic,” the letter said. Read more: CNN

Elon Musk’s Twitter takeover bid has high-profile backing from big names like Sequoia Capital and Larry Ellison. But another backer is a little-known, Dubai-based investment firm, according to a Bloomberg report. Vy Capital which has a sparse website and no contact information has more than $5 billion in assets and committed $700 million to the Twitter bid, making it the third-biggest outside equity investor in the deal. Read more: Business Insider

Capital Markets Report

In 71 trades recorded yesterday, 68,805 shares were transacted resulting in a turnover of K1,032,460. A share price gain of K0.02 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in AECI, Airtel, Copperbelt Energy Corporation, Investrust, Chilanga Cement, PUMA, Real Estate Investment Zambia, Standard Chartered Zambia, Zambia Breweries, ZAMEFA, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 6,811.02 points. The market closed on a capitalization of K70,578,857,059 including Shoprite Holdings and K35,796,171,619 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
(Visited 16 times, 1 visits today)

Sharing is caring!

The information contained on this website is for general information purposes only. While we endeavour to keep the information as accurate as possible, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or subject companies or matters contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
 right-arrow   right-arrow