Story of the Day:
Prima Reinsurance Plc has successfully listed 15 million additional shares following a Rights issue, according to a statement from the company. Read more
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The Association of Mine suppliers and Contractors – AMSC has expressed disappointment at Glencore owned Mopani Copper Mines – MCM decision to offer one-month contracts to all its contractors and suppliers following its insistence to place the mines under care and maintenance. Read more: Zambian Business Times
The development of the Northern Tourism Circuit has continued to receive lip service with more projects expected to strengthen the infrastructure and world class hotel service offering being either delayed or simply shelved. Read more: Zambian Business Times
The Bank of Zambia (BoZ) is inviting applications for the issuance of the coronavirus bond, whose proceeds will be used to mitigate the negative impact of the pandemic on economic activities. According to a statement, the amount of bonds available on offer is K2.6 billion and will be issued by opening a five-year bond, seven-year bond, 10-year bond and 15-year bond. Read more: Zambia Daily Mail
Works and Supply Minister Sylvia Chalikosa has expressed gratitude towards the immense contributions that the African Development Bank has made to the social, economic and industrial development of Zambia by funding priority projects. Read more: ZNBC
International Business and Finance
The International Monetary Fund confirmed on Thursday that South Africa has requested emergency financing assistance and its executive board will consider the request on Monday, which would bring to 72 the number of countries receiving IMF aid to deal with the coronavirus pandemic. Read more: Reuters
A divided South African central bank cut interest rates for a fifth time this year on Thursday, trimming them to a record low as it looks to support an economy strangled by the coronavirus pandemic. The cut brought the main lending rates to 3.50% and followed a previous 275 bps of cuts this year to try to cushion the impact of COVID-19 on consumers and firms. Read more: Reuters
The UK and EU have said they still remain some way off reaching a post-Brexit trade agreement, following the latest negotiations in London. EU chief negotiator Michel Barnier said a deal looked “at this point unlikely” given the UK position on fishing rights and post-Brexit competition rules. Read more: BBC News
Mainland Chinese stocks deepened losses by the afternoon, with other Asia Pacific markets also moving lower as U.S.-China tensions worsened today. In mainland China, the Shanghai composite was down 3.05%, while the Shenzhen composite tumbled nearly 3%. The Shenzhen component dived 4.33%. Read more: CNBC
The U.S. could extend tariffs to more European products. A wider swath of wine and spirits including Italian wine, blended Scotch whisky gin, vodka, beer, and other food products, such as olives, chocolates, and pastries, could face U.S. retaliatory tariffs as high as 100% later this summer. Read more: Market Watch
Silver prices have rocketed to their highest level in seven years this week as a falling US dollar and record low interest rates send investors rushing for other safe havens. The metal has rallied more than 18% this week, reaching a high of $23.24 an ounce. It’s up 28% this year. Read more: CNN
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In 3 trades recorded yesterday, 10,000 shares were transacted yielding a market turnover of K16,000. A share price loss of K0.15 was recorded in Lafarge. The LuSE All Share Index (LASI) closed at 3,885.21 points, 0.18% down from its previous close of 3,892.10 points. The market closed on a capitalization of K55,731,431,222 including Shoprite Holdings and K21,492,225,242 excluding Shoprite Holdings.
Chart of the Day: