Story of the Day:
With 2020, a year that has been ravaged by the adverse effects of Covid-19 leading to massive downsizing of the workforce by many companies and consequently cutting down on output coming to an end, most companies have also started concluding their financial calendars. The latest being Zambia Sugar Plc, which announced its financial results, in accordance with Securities Act No.41 of 2016, for the year ended 31st August, 2020. Read more
Local Business and Finance Sponsored By Liquid Telecom
Copper explorer Arc Minerals, which has done extensive exploration drilling in Zambia in its study of a near-term copper opportunity, has signed an exclusivity agreement with Anglo American, Arc Minerals executive chairperson and CEO Nick von Schirnding has reported. Read more: Mining Weekly
Local businesses in Zambia have continued to express low confidence in the economy as a result of persistent negative sentiments caused by load shedding and the COVID-19 outbreak, according to a ZACCI Survey. Read more: News Diggers
The cost of living for a family of five has remained at over K7,000, mainly induced by high mealie meal prices that have registered steep rises in recent months, says the JCTR. In the latest Basic Needs and Nutrition Basket (BNNB), JCTR announced that the cost of living for the mouth of October, 2020, stood at K7,060.29, reflecting a marginal reduction of K11.08 from September. Read more: News Diggers
First Quantum Minerals (FQM) Limited global exploration Director Mike Christie has praised the Zambian government for creating a conducive investment environment in the mining sector. Mr. Christie made the remarks during a presentation titled Africa Update at the just ended 2020 Africa Down Under Mining conference held in Perth, Western Australia. Read more: Lusaka Times
International Business and Finance
US stock futures advanced Sunday as investors got a chance to react to projections of a Joe Biden presidential victory. Dow futures were last up 349 points, or about 1.2%. S&P 500 futures were up around 1.5% and Nasdaq futures were up 2.1%. Read more: CNN
A meeting set to be held on November 9 to consider the appointment of former Nigerian Finance minister Ngozi Okonjo-Iweala as the next director general of the World Trade Organization (WTO) has been postponed until further notice. Read more: CGTN
The Moroccan government, the World Bank, and the International Monetary Fund on Thursday said they will postpone plans to hold the World Bank Group-IMF Annual Meetings in Marrakesh in October 2021 until 2022 due to the COVID-19 pandemic. Read more: CGTN
Standard Chartered will make permanent the flexible working arrangements for most employees that were put in place during the coronavirus pandemic, it said on Thursday. The Asia, Africa and Middle East-focused bank said it aims for around 50% of its markets, comprising around 70% or 60,000 of its employees, to be able to adopt hybrid working patterns by the end of 2021. That would mean those staff can choose to work entirely at home, entirely in offices or a mix of both. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 4 trades recorded on Friday, 14,351 shares were transacted yielding a market turnover of K36,790. A share price gain of K0.04 was recorded in Zambia Sugar. Trading activity was also recorded in Airtel and Lafarge. The LuSE All Share Index (LASI) closed at 3,760.73 points, 0.08% up from its previous close of 3,757.83 points. The market closed on a capitalization of K56,878,773,523 including Shoprite Holdings and K22,639,567,543 excluding Shoprite Holdings.
Chart of the Day: