Story of the Day:
In the second week of trading in December on the equities market, trading was strongest during mid-week. Read more
Local Business and Finance
Zambia will suspend a 15% export duty on gemstones but not diamonds from Jan. 1 after the move that was intended to raise more revenues instead undermined production, the finance minister said on Thursday. Read more: Reuters
Copperbelt Energy Corporation (CEC) Plc says it geared to tap into the Southern African Power Pool (SAPP) as an alternative source of electricity, should its Bulk Supply Agreement (BSA) with Zesco Limited not be renewed. Read more: News Diggers
Government, through the Industrial Development Corporation (IDC), and three Indian banks have signed a shareholders agreement that will further stimulate growth for Indo Zambia Bank. Read more: Zambia Daily Mail
Airtel Money subscribers in Zambia can now send or receive money to Kenya and Uganda following the launch of the international money transfer services in the two countries. Read more: Zambia Daily Mail
Government is working with Beyond the Grid Fund Zambia in order to provide clean energy using renewable sources. And Swedish ambassador to Zambia, Anna Maj Hultgard said Sweden is willing to further fund the off the grid project with a sum of $20million to allow more get connected to clean energy solution. Read more: Lusaka Times
Zambia Revenue Authority (ZRA) Commissioner General Kingsley Chanda has urged the judiciary to establish a fast track court to expedite tax related cases. Read more: ZNBC
International Business and Finance
The Bank of England has kept interest rates on hold at 0.75% but indicated it may cut the cost of borrowing if global economic growth fails to recover or Brexit uncertainties persist. It said the UK economy was expected to pick up from its current weakness. Read more: BBC News
U.S. regulators are poised to add new criteria for who’s considered a sophisticated investor in an effort to allow more people to invest in hedge funds or hot startups that have become known for raising billions of dollars outside of public markets. Read more: Investment News
Emerging market and developing economies (EMDEs) pushed their borrowing to a record $55 trillion last year, according to the World Bank, marking an eight-year surge that is the “largest, fastest and most broad-based in nearly five decades”. Read more: The Guardian
The House passed a new North American trade deal on Thursday, ending a more than year long slog to iron out Democratic concerns about the agreement. The chamber approved the United States-Mexico-Canada Agreement, one of President Donald Trump’s economic and political priorities, in an overwhelming 385-41 vote. Read more: CNBC
Stocks rose to all-time highs on Thursday as investors looked past the news of President Donald Trump’s impeachment by the House as well as mixed U.S. economic data. CNBC
Capital Markets Report
In 6 trades recorded yesterday, 1,898 shares were transacted, resulting in a market turnover of K2,178. A share price gain of K0.04 was recorded in Zanaco. Trading activity was also recorded in Copperbelt Energy Corporation, Lafarge and Standard Chartered Bank. The LuSE All Share Index (LASI) closed at 4,264.51 points, 0.33% up from its previous close of 4,250.62. The market closed on a capitalization of K56,516,055,827 including Shoprite Holdings and K22,276,849,847 excluding Shoprite Holdings.
Chart of the Day: