Story of the Day:
Africa’s retail giant, Shoprite Holdings Group, has announced that it will exit the Nigerian market, according to a statement from the group. Read more
Local Business and Finance Sponsored By Liquid Telecom
The Treasury released K11.17 billion to finance developmental programmes and public service delivery. Out of the total amount, K1.48 billion was for transfer payments, subsidies, and social benefits, of which K585 million went towards the payment of pensioners under the Public Service Pensions Fund and K1.45 billion went to financial and non-financial assets, while K1.2 billion financed various government programmes. Read more: Lusaka Times
First half after tax earnings for the Zambian banking industry shriveled 54% year on year to K379.6mln. This was due to a 119.2% spike in credit impairements to K690.7mln exacerbated by sovereign risk downgrades and COVID related credit risk concerns. Read more: The Business Telegraph
Jubilee Metals Group has announced that in line with its stated strategy to expand operations in Zambia, it has signed a Joint Venture Agreement with a private Zambian company securing the rights to process 2 Mt copper Run-Of-Mine material containing in excess of 2% copper. Read more: Mining Review
Government will not lock down the country in view of the increased cases of COVID-19 cases and deaths because it can have serious effects on the economy. Read more: Zambia Daily Mail
Commerce Minister Christopher Yaluma says the World Bank-funded Zambia Agribusiness and Trade Project (ZATP) is empowering thousands of Zambians to run small businesses as a way of generating income for households. Read more: ZNBC
International Business and Finance
U.S. stock futures were mixed this morning after President Donald Trump signed several executive orders aimed at extending coronavirus relief. Dow Jones Industrial Average futures were up 76 points at today. S&P 500 futures also pointed to opening gains while Nasdaq 100 futures were marginally lower. Read more: CNBC
Goldman Sachs lowered its previously stated quarterly net earnings applicable to common shareholders to $197 million from $2.25 billion. The bank said in a filing it had set aside $2.96 billion for potential legal and regulatory costs, up from the $945 million announced in July with its second-quarter earnings. Read more: CNBC
State oil giant Saudi Aramco’s profit has plunged 73 percent in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter. Read more: Al Jazeera
Africa’s largest mobile operator, and South African telecom giant MTN, announced Thursday it would pull out of the Middle East the medium term to concentrate on its pan-African strategy resolving to simplify its portfolio and exit its Middle Eastern assets in an orderly fashion. Read more: Africa News
Botswana’s rough diamond exports plunged 68% percent in the second quarter of the year, data published by the central bank showed on Friday, as the Coronavirus pandemic hit demand while global travel restrictions hurt trading. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 2 trades recorded on Friday, 282,111,352 shares were transacted yielding a market turnover of K36,674,476. Trading activity was recorded in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 3,865.40 points, as there were no share price movements. The market closed on a capitalization of K55,645,209,233 including Shoprite Holdings and K21,406,003,253 excluding Shoprite Holdings.
Chart of the Day: