Story of the Day:
In the second week of July 2020 bond trading, bonds of total face value of K57,945,000 were transacted in 17 trades, yielding a market value sales of K33,693,000. Thursdays’ bond trading was the best performing for the week. Read more
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Glencore’s Zambia subsidiary Mopani Copper Mines on Thursday said the country’s mines ministry rejected its proposal to suspend operations because of low copper prices and disruptions caused by the coronavirus crisis. Mopani said it would appeal against the decision and will continue mining operations pending the outcome of the appeal process. Read more: Reuters
The International Monetary Fund (IMF) has announced that Zambia has requested support under the G20 Debt Service Standstill Initiative in a bid to help provide temporary fiscal space this year. This comes after the conclusion of virtual talks between IMF and Zambia to discuss Zambia’s request for emergency support under the Rapid Credit Facility. Read more: News Diggers
Vice President Inonge Wina has praised the German Government for giving Zambia US$19.2million towards the COVID 19 crisis. Mrs. Wina says Zambia is grateful to Germany for the support to the Country’s social economic development. Read more: ZNBC
The government has disbursed K19million to 35 Small Medium Enterprises, Producers’ Organisations and farmers. Of the amount, SMEs have received K10million while producers’ organizations and farmers have been given nine million. Read more: Lusaka Times
With K4.7bln of market liquidity into the fifteenth treasury bill sale of the year, the Bank of Zambia sold K1.8bln worth of assets absorbing part of the K2.6bln appetite in bids. This is the second debt sale after the central bank widened its assets offered by 37% to K1.3bln from K950mln while simultaneously abolishing the 40% borrowing limit above the auction size. Read more: The Business Telegraph
Spar chain store is winding up its operations in Zambia and has requested suppliers to submit outstanding invoices to enable the company to reconcile the accounts. Read more: Zambia Daily Mail
International Business and Finance
Zimbabwe’s economy is expected to shrink by 4.5% this year owing to the fallout from the COVID-19 pandemic and a brutal climate change-related drought, the finance minister said on Thursday. Read more: Reuters
Thousands of companies may have to find new ways of transferring data from Europe to the United States after a court ruled that the current transatlantic agreement does not sufficiently protect European citizens’ data from US surveillance. Read more: CNN
British Airways has said it will retire all of its Boeing 747s as it suffers from the sharp travel downturn. The UK airline is the world’s largest operator of the jumbo jets, with 31 in the fleet. Read more: BBC News
Netflix reported a massive surge in users as people stayed home due to the coronavirus, but the company’s stock dropped almost 9% after hours on guidance for new subscribers that was less than half what analysts expected. Read more: CNBC
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There were no trades recorded yesterday. The LuSE All Share Index (LASI) maintained its close at 3,890.85 points, as there were no share price movements. The market closed on a capitalization of K55,755,977,208 including Shoprite Holdings and K21,516,771,228 excluding Shoprite Holdings.
Chart of the Day:
