Story of the Day:
ZCCM IH has advised shareholders that it intends to appeal against the decision of the Court of Appeal and to stay the judgment in the matter relating to KCM, according to a statement from the Company. Read more
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The International Monetary Fund still hopes to reach a deal with Zambia before elections in August on an economic program that will form the basis of the nation’s planned debt restructuring. The nation’s dollar bonds rose. Read more: Bloomberg
ZCCM-IH Gold will next month increase production at its Kansenseli Gold Mine in Mwinilunga following successful explorations. Public Relations Manager, Loisa Mbatha Kakoma, said ZCCM-IH Gold had been given the mining licence and all approvals by Zambia Environmental Management Agency (ZEMA) have been done. Read more: Lusaka Times
Government in the first quarter of this year recorded a 13% rise in budgetary revenue collection. Secretary to the Treasury Fredson Yamba says government collected K18.5 billion from January to March which is 13% above the targeted K16.3 billion, mainly driven by Pay As You Earn tax arrears, upward amendments of provisional returns and advance payments by both mining and non-mining firms. Read more: ZNBC
Minister of Finance Bwalya Ng’andu has issued a Commencement Order through Statutory Instrument No. 26 of 2021 to bring into effect the Public Procurement Act No. 8 of 2020. The Public Procurement Act is a major milestone in addressing gaps and weaknesses in dealing with emerging public procurement related issues. Read more: ZNBC
International Business and Finance
Sub-Saharan Africa will be the world’s slowest-growing region in 2021, with economic activity growing by 3.4 percent this year, according to a report released by the International Monetary Fund on Thursday. Read more: CGTN
China’s economy grew a record 18.3% in the first quarter of 2021 compared to the same quarter last year. It’s the biggest jump in gross domestic product (GDP) since China started keeping quarterly records in 1992. However, Friday’s figures are below expectations, with a Reuters poll of economists predicting 19% growth. Read more: BBC News
America’s largest bank is adding some serious firepower to the fight against climate change and inequality. JPMorgan Chase announced on Thursday that it aims to finance or facilitate investments of $2.5 trillion over 10 years to support solutions that address climate change and contribute to sustainable development. Read more: CNN
Nigeria’s inflation rate for the month of March 2021 has risen to its highest since 2017 as the recently released data by the National Bureau of Statistics (NBS) report that the Consumer Price Index rose to 18.17% from 17.33% recorded in February 2021. This represents 0.82% points higher than the February figures. Read more: Business Insider
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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,996.33 points, as there were no share price movements. The market closed on a capitalization of K57,730,900,875 including Shoprite Holdings and K23,486,260,101 excluding Shoprite Holdings.
Chart of the Day:
