Story of the Day:
In the first week into the month of August 2021 bond trading, we have yet another full week of no trades on the bond market. We are not quite certain why the bond market has not been recording trades for the past few weeks. The equities market completely eclipsed the bond market recording a 100%. Read more
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Soaring food prices and economic hardship could sway this week’s tightly-contested Zambian presidential vote in favour of the opposition, as citizens grapple with the fallout from rampant financial mismanagement. Read more: Barron’s
Policy Monitoring and Research Centre (PMRC) has welcomed the construction of the New Simon Mwansa Kapwepwe International Airport and the upgrading of the Kenneth Kaunda International Airport into ultra-modern facilities. PMRC Executive Director Bernadette Zulu says the two airports should be seen as an opportunity to expand the tourism business. Read more: Lusaka Times
Over K6 billion has been disbursed out of the K10 billion targeted medium-term refinancing facility (TMTRF) aimed at strengthening financial sector resilience in mitigating the economic impact of COVID-19. Read more: Zambia Daily Mail
Zambia’s High Commissioner to India Judith Kapijimpanga has urged Indian manufacturers to consider Zambia as their safest destination for investment. Mrs. Kapijimpanga says Zambia looked forward to attracting investors from approximately 600 paper mills in India which had twelve major players. Read more: ZNBC
International Business and Finance
eCommerce sales are projected to grow to $7 trillion across the globe by 2024, according to a new Visa report. Visa’s white paper, entitled E-trade advancements across Sub Saharan Africa (SSA), showed that the top contributors to eCommerce in the region over the last three years, in order of contribution, were South Africa, Nigeria and Kenya. Read more: Business Insider
Saudi Arabian energy giant Aramco has seen its profits jump almost four times boosted by a rise in oil prices and a recovery in demand. The company added that the easing of Covid restrictions, vaccinations, stimulus measures and the return of economic activity have supported results. Read more: BBC News
America’s second largest stock exchange has said it will set binding gender and diversity targets for its listed companies. Firms on the Nasdaq, which include tech giants such as Apple and Tesla, will have to have at least two diverse directors, or explain why they do not. Read more: BBC News
The dollar climbed against major peers on Monday, reaching a four-month high versus the euro, as traders positioned for an earlier tapering of Federal Reserve stimulus. Read more: Reuters
Asian shares fought back from early losses on Monday as sharp falls in gold and oil prices briefly spooked sentiment, while the dollar reached four-month highs on the euro after an upbeat U.S. jobs report lifted bond yields. Read more: Reuters
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In 20 trades recorded on Friday, 176,101 shares were transacted resulting in a turnover of K237,568. Trading activity was recorded in Copperbelt Energy Corporation, Investrust and PUMA. The LuSE All Share Index (LASI) maintained its close at 4,623.82 points, as there were no share price movements. The market closed on a capitalization of K60,920,508,265 including Shoprite Holdings and K26,137,822,825 excluding Shoprite Holdings.
Chart of the Day: