Story of the Day:
Zambian Breweries has recorded a 9% growth in total beer volume, thanks to one of its flagship ‘pints’, for the financial year 2019 which the company describes as one of the toughest years it has had to operate in, according to a SENS statement from the company. Read more
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The annual overall inflation rate for the month of March 2020 has increased to 14 %, up from 13.9 % reported in the previous month. This development was mainly on an account of price increases in nonfood items such as vehicles, and airfares, that culminated into nonfood inflation increasing to 12%, up from 11.6 % in February 2020. The Zambia Statistic Agency have Reported. Read more: Zambian Business Times
Zambia’s tourism sector has not been spared from the effects of COVID-19 as the country has recorded a total loss in revenues of about US$7 million representing a reduction of 21% in the short time that COVID 19 effects have spread to the country. Read more: Zambian Business Times
Zambia is unlikely to benefit from the current low oil prices on the international market, which have reduced to a five-year low of $26 per barrel. As Zambia’s pump prices are determined by the cost of crude oil on the international market and the prevailing foreign exchange rate at the time the cargo is received, it is unclear if the fall in crude oil prices could have a meaningful impact on the local fuel price. Read more: News Diggers
Zimbabwe recently completed the construction of a landing bay to ferry heavy trucks into Zambia and Mozambique across the Zambezi River at the country’s Kanyemba border post, in order to boost trade between the neighbours. Read more: The Southern Times
The much anticipated US$500 million C-400 road project on the Copperbelt Province has been shelved until further notice by government due to financial constraints. Read more: Zambian Observer
Finance Minister Bwalya Ng’andu says the full impact of the coronavirus on the economy is not yet known as the pandemic is still evolving. Dr. Ng’andu says it is, therefore, difficult to assess exactly how it will affect the economy and that the impact will be known once the pandemic had run its full course. Read more: Lusaka Times
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As a result of the fluctuations in the Zambian economy and the volatility of the financial performance of industries caused by aggregate shocks from macroeconomic policies, there have been many businesses in distress. Read more
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The UK economy is plunging into a deeper recession than the 2008-09 financial crisis, according to the most reliable data published so far, with unemployment surging and the public finances sliding sharply into the red because of the coronavirus pandemic. Read more: Financial Times
President Donald Trump, fearing an economic catastrophe ahead of the November election, is hoping to swiftly remove the severe health restrictions imposed to fight the coronavirus pandemic. But opening America for business in a few weeks could have the opposite effect: It could lay the groundwork for a repeat of the Great Depression. Read more: CNN
The United States, Europe, Japan, China and India are unleashing trillions of dollars in government spending and newly created money as they desperately attempt to keep the global economy from sinking into depression. Commitments from governments and central banks to date are close to $7 trillion. Read more: CNN
Top US share indexes have jumped for a third day in a row as investors hope a giant government relief package will blunt the economic blow from the coronavirus. The Dow Jones and S&P 500 both climbed more than 6%, capping their best three-day streaks since the Great Depression. The rise came despite data showing a record 3.28 million Americans filed for unemployment last week. Read more: BBC News
Daimler is in talks with lenders for a credit facility of at least 10 billion euros ($11.03 billion) to help the car company cope with the coronavirus outbreak, Bloomberg reported on Thursday. Read more: Reuters
Zimbabwe’s government, which banned use of the dollar nine months ago, has restored the peg its currency had to the greenback due to a scarcity of foreign exchange. The southern African nation faces shortages of fuel, power and food because it can’t afford to pay for the imports. The worst drought in 40 years means the government needs to import 1 million tons of corn to keep its people from starving. Read more: Bloomberg
Falling oil prices amid the coronavirus pandemic. Nigeria is predicting a recession that could lead to a devaluation of its national currency. The coronavirus continues to claim human, financial and economic victims. Read more: Africa News
Capital Markets Report
In 4 trades recorded yesterday, 7,100 shares were transacted yielding a market turnover of 4,124. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, and Zanaco. The LuSE All Share Index (LASI) closed at 4,233.35 points, 0.09% down from its previous close of 4,228.43 points. The market closed on a capitalization of K57,245,169,522 including Shoprite Holdings and K23,005,963,542 excluding Shoprite Holdings.
Chart of the Day: