Story of the Day:
Metal fabrication company, ZAMEFA, expects to record significantly lower earnings per share when it reports its half-year results, according to a statement from the company. Read more
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Minister of Energy Mathew Nkhuwa says benefits of reduced fuel prices are expected to be granted to consumers once Government buys new stock at a reduced price. Read more: Zambia Daily Mail
Mining companies in Zambia, Africa’s No.2 copper producer, have suffered a 30% drop in revenue over the three months to April due to the COVID-19 pandemic and the fallout could last for at least 12 months, the Chamber of Mines said on Thursday. Read more: Reuters
Barrick Gold on Thursday said there is “absolutely no truth” in a news release circulated on social media in Zambia claiming the gold miner sold its Lumwana copper mine. Read more: Reuters
Northwestern Chamber of Commerce, Trade and industry (NWCCI) has appealed to the Bank of Zambia to change the 10 billion stimulus package to a grant. Stressing the importance of the grant and not a loan, NWCCI said it is difficult for businesses to benefit from the package because they might struggle to repay the loan. Read more: Lusaka Times
Jubilee Metals Group has secured the rights to approximately 150 Mt of copper containing surface tailings targeted to be upgraded at site and refined at its Sable Refinery in Zambia. Read more: Mining Review
The Economic Association of Zambia has defended the move by ZESCO to terminate the Bulk Supply Agreement with Copperbelt Energy Corporation, revealing that ZESCO lost an excess of US$500million due to the Bulk Supply Agreement with CEC. Read more: ZNBC
International Business and Finance
The Bank of England will pump an extra £100 billion into the UK economy to help fight the “unprecedented” coronavirus-induced downturn. Read more: BBC News
The United States has shocked Europe by pulling out of negotiations over an international digital tax and threatened to retaliate if the region moves ahead with plans on its own. Read more: MSN
President Donald Trump on Thursday said the U.S. has the option of “a complete decoupling from China,” a day after his top trade adviser said such a move isn’t a reasonable policy. Read more: Market Watch
The stock market could be on the verge of a “lost decade” for investors, as globalization “has already peaked,” Ray Dalio’s Bridgewater Associates said. Bridgewater, the largest hedge fund in the world, said it thought the years-long trend of strong corporate earnings could see a multiyear reversal exacerbated by the COVID-19 pandemic. Read more: Business Insider
Former Google CEO Eric Schmidt told the BBC that Chinese tech giant Huawei has compromised US national security. Read more: Business Insider
The International Energy Agency, which is calling on governments to invest $3 trillion in a green recovery from the coronavirus pandemic. The agency released a blueprint produced with the IMF that recommends governments spend big over the next three years on technology and infrastructure projects to create millions of jobs and make 2019 “the definitive peak in global emissions. Read more: CNN
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In 31 trades recorded yesterday, 203,314,382 shares were transacted yielding a market turnover of K26,434,333. A share price loss of K0.07 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,944.98 points, 0.66% down from its previous close of 3,971.11 points. The market closed on a capitalization of K55,991,569,876 including Shoprite Holdings and K21,752,363,896 excluding Shoprite Holdings.
Chart of the Day: