Story of the Day:
Zambia’s only listed sugar manufacturing company has announced the appointment of Harriet K Katongo as its new Company Secretary after the position fell vacant on 30th September 2020. Read more
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The Association of Zambian Mineral Exploration Companies (AZMEC) has said there is urgent need for new and more geophysical surveys in the country to increase exploration activities, which in-turn leads to increased mining production. Read more: Zambian Business Times
First quarter financial results for banks in Africa’s red metal producer, Zambia, have signalled appetite for sovereign deals and a risk skew towards shorter dated higher yielding assets inferred from income decomposition, asset and after tax earnings growth. Despite commencing the year with healthcare concerns on the back of a second ferocious COVID strain, the banking sector showed resilience. Read more: The Business Telegraph
The Energy Regulation Board (ERB) has suspended the issuance of construction permits for new filling stations within Lusaka District, for the next 6 months. The Board has also stopped reviewing Environmental Project Briefs (EPBs) for new filling stations in Lusaka district for the same period. Read more: Lusaka Times
The State-of-the-art Presidential Initiative Milling Plant in Monze district is set to produce its first bag of mealie meal in the next two weeks. Once operational the milling plant, which will be run by the Zambia National Service, will be producing 9-thousand 6-hundred bags of mealie meal per day. Read more: ZNBC
International Business and Finance
Stock futures were little changed in early morning trading on Monday following last week’s sell-off triggered by inflation jitters. Futures on the Dow Jones Industrial Average dipped 36 points. S&P 500 futures sat below the flatline, while Nasdaq 100 futures hovered slightly higher. Read more: CNBC
Online booking platform Airbnb is predicting a travel rebound “unlike anything we have seen before” after seeing a big jump in holiday bookings. In the first three months of the year, US bookings beat pre-pandemic levels, while there was a “steady improvement” in business in the UK and France. Read more: BBC News
Egypt has started dredging work to extend a second lane that will allow for two-way traffic at the Suez Canal, nearly three months after a giant container ship got stuck across the canal and blocked the passage for days. Reports indicate that about 12 percent of global trade passes through the 193km canal, which connects the Mediterranean Sea to the Red Sea. Read more: CGTN
Microsoft Corp. conducted an investigation into co-founder Bill Gates’s involvement with an employee almost two decades ago after it was informed in 2019 of his attempt to start a romantic relationship with that person. Read more: Bloomberg
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In 33 trades recorded on Friday, 5,111,246 shares were transacted resulting in a turnover of K4,600,481. Share price gains were recorded in La of K0.61 and in Zanaco of K0.15. Trading activity was also Copperbelt Energy Corporation, First Quantum Minerals and ZAMEFA. The LuSE All Share Index (LASI) closed at 4,218.25 points, 1.84% up from its previous close of 4,140.66 points. The market closed on a capitalization of K58,570,656,394 including Shoprite Holdings and K24,326,015,619 excluding Shoprite Holdings.
Chart of the Day: