Story of the Day:
Lusaka Securities and Exchange listed sugar processing company, Zambia Sugar Plc, has advised shareholders that has recorded a record performance for the financial year ended 2021. The Company recorded revenue for the year ended 31 August 2021 of K4.989 billion, an impressive 50% above the prior year. Read more
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Standard Chartered Bank Zambia Plc has reclaimed its traditional place in the top 4 tier earners on the commercial banking score board. According to third quarter financial statements released in the local press, the Lusaka Securities Exchange – LuSE listed entity grew its after tax earnings to K405.98 million from a loss of K155.2 million a year ago. Read more: The Business Telegraph
Airtel Money has today launched the Airtel Money Mastercard virtual payment solution in Zambia, that allows all Airtel Money customers in the country, even those without a bank account, to make global e-commerce payments safely and securely, underpinned by a growing demand for digital payments. Read more: IT News Africa
Fuel pump prices are likely to be hiked in view of increased oil prices on the international market, compounded by the unbalanced oil subsector obtaining in Zambia where foreign players continue dominating, says Oil Marketing Companies (OMCs) Association president Dr. Kafula Mubanga. Read more: Zambian Business Times
Huaxin Investments Limited, a Chinese firm, is set to take ownership of Lafarge Cement Zambia Plc following approvals for it to acquire a 75 percent stake in the cement company. The company plans to spend US$160 million on buying the cement plants in Zambia and Malawi. Read more: Zambian Business Times
International Business and Finance
UK economic growth slowed between July and September as supply chain problems hindered the recovery, latest official figures show. The Office for National Statistics said consumer spending increased as Britain continued to emerge from lockdown. But that was offset by falls in other areas of the economy, leaving growth for the three months at 1.3%. It means the economy is 2.1% smaller than in the final three months of 2019, before the coronavirus pandemic hit. Read more: BBC News
Boeing has reached an agreement with the families of the 157 people who died in the Ethiopia 737 Max crash in 2019. The plane maker accepts liability for their deaths, according to court documents in Chicago. In return, families of the victims will not seek punitive damages from the company. Read more: BBC News
U.S. President Joe Biden and Chinese leader Xi Jinping are expected to address leaders of the Pacific Rim late on Friday amid heightened regional trade and geopolitical tensions. China set the tone for the 21 member Asia Pacific Economic Cooperation (APEC) meeting this week, with Xi warning in a video recording on Thursday that the region must not return to the tensions of the Cold War era. Read more: CNBC
The Nasdaq Composite rebounded Thursday after hot inflation data and surging bond yields sparked a sell-off in technology stocks in the previous session. The tech-heavy Nasdaq gained 0.5% to close at 15,704.28. The S&P 500 closed marginally higher at 4,649.27. The Dow Jones Industrial Average shed 158.71 points, or 0.4%, to 35,921.23 — pulled down by Disney’s 7% drop. Read more: CNBC
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In 53 trades recorded yesterday, 74,364 shares were transacted resulting in a turnover of K119,611.44. Trading activity was recorded in, Copperbelt Energy Corporation, Lafarge, Zambia Reinsurance, Puma, Standard Chartered Zambia, ZCCM, and Zanaco. The LuSE All Share Index (LASI) remained at 5,387.33 with a percentage change of 2.19.
Chart of the Day: