Story of the Day:
The Bank of Zambia has advised members of the Zambian public that it has noted an increase in demand for kwacha bank notes over the last few months, according to a published statement. Read more
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An increased avalanche of sentiment into Zambia has given a cue to August private sector pulse. The gauge used to measure factory activity, the Markit Economics Purchasing Managers Index (PMI) levitated to 49.8 in the month of August, 0.5 points from previous months levels. Read more: The Business Telegraph
An Indian firm plans to set up a Steel Processing Plant in Lupososhi district with an initial investment of 15 Million United States Dollars. Olive Steel Limited also estimates to create about 200 direct jobs. Senior Chieftainess Chungu has since allocated 60 hectares of land to the developer. Read more: The Independent Observer
The Food Reserve Agency, (FRA), has assured farmers that it will continue buying crops until the end of October this year, despite the Agency having already met its target of buying maize. FRA Public Relations Coordinator, John Chipandwe has told ZNBC News in a statement that all depots across the country are still open for maize buying. Read more: Lusaka Times
The National Association of Savings and Credit Unions (NASCU) says there is need to revamps and enhance the cooperative sector to enable the country create employment in line with President Hakainde Hichilema’s vision. Read more: ZNBC
International Business and Finance
Oil prices extended losses on Monday, falling more than 1%, after the world’s top exporter Saudi Arabia slashed crude prices for Asia over the weekend, signalling demand concerns and that global markets are well supplied. Read more: Reuters
America’s jobs recovery hit a major roadblock in August as the Delta variant threatened the labor market recovery, and the US economy added far fewer jobs than expected. Only 235,000 jobs were added back to the economy last month, the lowest number since January, vastly missing economists’ expectations. Read more: CNN
Top banks in Europe continue to use tax havens to book chunks of profits, a trend that has changed little since 2014 despite country-by-country disclosures becoming mandatory, the EU Tax Observatory said in a report on Monday. Read more: Reuters
Australia must diversify its economy to rely less on China, its largest trading partner, Treasurer Josh Frydenberg said on Monday, as he warned businesses to brace for new tensions with Beijing. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 8 trades recorded on Friday, 10,050 shares were transacted resulting in a turnover of K38,550. A share price gain of K0.60 was recorded in AECI. Trading was also recorded in Lafarge, ZCCM and Zanaco. The LuSE All Share Index (LASI) closed at 4,802.81 points, 0.06% up from its previous close of 4,800.00 points. The market closed on a capitalization of K61,699,936,456 including Shoprite Holdings and K26,917,251,016 excluding Shoprite Holdings.
Chart of the Day: