Story of the Day:
First Quantum Minerals through Kansanshi Mining Mining Plc recently co-sponsored the Hematon Youth and Women Agricultural Summit, that took place in Lusaka. Local youth were encouraged to take up a more active and productive role in the agriculture and livestock sector to become more self reliant. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The European Union (EU) says it will sign a €299 million support to Zambia in January 2022 with priority on green alliance and partnership for a sustainable recovery growth. The funds will support the people of Zambia to reach potential and build resilience for an inclusive society. Read more: ZNBC
Technology and Science Minister Felix Mutati says government has invested over $50 million in infratel to be the host for data storage in the country. Mr. Mutati says the state of the art equipment which has been installed meets international standards. He says there is no need going forward for the corporate world to store their data abroad at a huge cost. Read more: ZNBC
Zambia’s annual inflation slowed down to 19.3 percent in November from 21.1 percent in October, its statistics agency said on Thursday. The Zambia Statistics Agency attributed the decrease to price reductions in both food and non-food items. Read more: China.org
The Association of Mine Suppliers and Contractors has announced that Augustine Mubanga has stepped down as president of the association effective 23 November 2021. His stepping down has raised concerns that the mining industry may be pivoting away from supporting the cause of local contractors and suppliers. Read more: Zambian Business Times
International Business and Finance
Ecobank Group said a new agreement with the European Investment Bank (EIB) has enabled it to secure a €100 million long-term credit facility which would be invested in Africa’s small businesses; particularly those that were most affected by the pandemic. Read more: Business Insider
With an estimated 3.6 million metric tons of extractable cobalt in its lands, the Democratic Republic of Congo (DRC) prides itself as the world’s largest cobalt owner; representing nearly 50% of global reserves. The DRC’s Prime Minister, Jean-Michel Sama Lukonde, said a Battery Council would be created for the purpose of “piloting the government’s policy to develop a regional value chain around the electric battery industry.” Read more: Business Insider
U.S. stock futures dropped in overnight trading on Thursday as investors geared up for a shortened trading day amid renewed Covid fears over a new variant found in South Africa. Futures for the Dow Jones Industrial Average fell more than 400 points, while those for the S&P 500 and the Nasdaq 100 were both in negative territory. Read more: CNBC
The South African rand on Friday fell sharply against the dollar after a new variant with many mutations was detected in the country. The currency fell to as low as 16.2391 against the greenback during Asia trading hours on Friday and was last trading about 1.6% weaker at 16.2215 per dollar. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 136 trades recorded yesterday, 31,370 shares were transacted resulting in a turnover of K59,093.75. Trading activity was recorded in British American Tobacco Zambia, Copperbelt Energy Corporation, Investrust, Lafarge, National Breweries, ZAMEFA and Zanaco. The LuSE All Share Index (LASI) remained at 5,440.89 with a percentage change of 0.
Chart of the Day: