Story of the Day:
In a unique public/private partnership, MTN, Africa’s leading mobile network, has announced a donation of US$25 million to support the African Union’s COVID-19 vaccination programme. Read more
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Zambia skipped a $56.1 million coupon payment on Jan. 30 on its Eurobond maturing in 2027, the Finance Ministry confirmed Sunday. Read more: Bloomberg
With market liquidity of K2.1billion, the central bank received bids totaling K884.3million of the K1.3billion of assets on offer of which K774.9million were absorbed with 56.3% housed in the one year. It is evident the 1year point is the most lucrative point on the Kwacha demand curve yielding 25.75% while all tenors below are (underwater) below inflation. Read more: The Business Telegraph
First Quantum Mineral (FQM) shares a success story of its Sentinel (Kalumbila) mine situated in the new Copperbelt of Africa, on the North Western part of the Southern African nation. The mine in 2020 recorded a 14% growth in red metal production to 251,000 metric tons compared 31,000 metric tons which benefitted the local haulage business especially in the transportation of concentrates. Read more: The Business Telegraph
Government is considering options of expanding Zambia’s export markets to other regions of the Democratic Republic of Congo other than Lubumbashi. Read more: Lusaka Times
International Business and Finance
The UK will apply to join a free trade area with 11 Asia and Pacific nations on Monday, a year after it officially left the EU. Joining the group of “fast-growing nations” will boost UK exports, the government says. Read more: BBC News
China is set to overtake the United States as the world’s largest economy a few years earlier than anticipated due to the coronavirus pandemic, analysts said. Read more: CNBC
A private survey showed Chinese manufacturing activity growth slowing in January, with the Caixin/Markit manufacturing Purchasing Managers’ Index (PMI) coming in at 51.5. That compared against expectations for a reading of 52.7 by analysts in a Reuters poll. Read more: CNBC
Britain should replicate New York’s “blank cheque” listings to boost London’s appeal as a global financial centre after Brexit, London Stock Exchange Chief Executive David Schwimmer said. Read more: Reuters
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There were no trades recorded on Friday. The LuSE All Share Index (LASI) maintained its close at 3,904.59 points, as there were no share price movements. The market closed on a capitalization of K57,319,772,494 including Shoprite Holdings and K23,086,001,308 excluding Shoprite Holdings.
Chart of the Day: