Story of the Day:
First Quantum Minerals’ Sentinel mine in Kalumbila achieved its highest ever quarterly production of 70,829 tonnes and record low cash costs in the third quarter of this year, according to its latest results announcement to shareholders. Increased throughput and higher grades resulted in a 25% rise in copper production compared with the same period in 2019. Read more
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The Bank of Zambia has embarked on the disbursement of COVID-19 funds to business entities impacted negatively by the pandemic through commercial banks and other financial institutions. Bank of Zambia Governor Christopher Mvunga explained that the Central Bank has since disbursed a total of K1.2 billion and engaged commercial and other financial institutions across the country to ensure quick disbursement of the remaining funds. Read more: ZNBC
The Bank of Zambia has called on financial service providers to offer and expand attractive interests on savings. Bank of Zambia Deputy Governor Administration Rekha Mhango says this follows a growing awareness among savers that money should not just be saved but be seen to be growing. Read more: ZNBC
French Ambassador to Zambia Sylvain Berger has pledged to assist Zambia in intensifying its marketing to attract more French investors to Zambia. Mr. Berger observed that Zambia has considerable potential for investments in most of its economic sectors that need to be exploited. Read more: Lusaka Times
The Southern Africa Development Community (SADC) Cross Border Traders Association has praised governments of Zambia and Botswana for the progress made towards the completion of the Kazungula Bridge. Association Chairperson Jacob Makambwe says the completion of the bridge will further cement the strides made in attaining regional integration among the 16 SADC countries. Read more: Lusaka Times
International Business and Finance
The economies of the eurozone bounced back in the third quarter of the year, according to new official figures. Economic activity for the region as a whole was 12.7% higher than in the previous three months. But the growth was not enough to reverse the declines in the first half of 2020 due to the pandemic. Read more: BBC News
The presidential election is just two days away and the stock market has locked-in its prediction, according to one indicator. The S&P 500 fell 0.04% between July 31 and October 31. That means the market forecasts — by a hair — that Joe Biden will win, according to CFRA Research’s Presidential Predictor. Read more: CNN
Remittances to Sub-Saharan Africa are expected to decline by around 9% in 2020 to $44 billion, according to the World Bank. As the COVID-19 pandemic affects both destination and origin countries of Sub-Saharan migrants, the fall in remittances is expected to further lead to an increase in food insecurity and poverty. Read more: Business Insider
China’s factory activity expanded for the sixth straight month in October as business confidence grew to its strongest in years, a private survey showed on Monday. The Caixin/Markit Purchasing Managers’ Index for Chinese manufacturing came in at 53.6 for October, better than the 53.0 forecast by analysts in a Reuters poll. The latest reading was the highest since January 2011, the survey results showed. Read more: CNBC
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In 16 trades recorded on Friday, 6,129 shares were transacted yielding a market turnover of K4,816. Trading activity was recorded in British American Tobacco Zambia, Copperbelt Energy Corporation, Standard Chartered Zambia and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,809.22 points, as there were no share price movements. The market closed on a capitalization of K57,090,342,990 including Shoprite Holdings and K22,851,137,010 excluding Shoprite Holdings.
Chart of the Day: