Story of the Day:
Shareholders of Zambia’s only listed mining explosives company, AEL Zambia, have resolved to change the name of the company to AECI Mining Explosives Plc. The company has proceeded to legalize its new name with PACRA. “The new name of the Company, AECI Mining Explosives PLC, has been registered with the PACRA as of 7 th June, 2021.” Read more
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The debt securities market witnessed low appetite as evidenced by the undersubscription in Thursday’s treasury bill auction. Absa Bank Zambia Plc said in its market update issued on Friday that the treasury bill auction was undersubscribed by 2.8%, with total bids of K1.6 billion received at face value and K1.3 billion allocated at cost. Majority of the bids fell on the 364-day tenor with 90% subscription rate. Read more: Zambia Daily Mail
Zambia seeks increased investments from India and direct air connectivity between Mumbai and New Delhi to facilitate growing bilateral relations, officials of the East African country said on Thursday. Zambian High Commissioner to India Ngulkham Jathom Gangte said that India is one of his country’s major trading partners. Read more: The Free Press Journal
Sierra Leone President Julius Maada Bio has called for deep bilateral relations between Zambia and his country in agricultural, tourism and mining sector. President Bio is hopeful that the two countries would sign agreements in various areas of collaboration for mutual socio-economic benefit. Read more: ZNBC
Mopani Copper Mines with large scale copper mines at Kitwe and Mufulira will soon be announcing the official decision to pay terminal benefits to qualifying employees following the mines change of ownership from Glencore to ZCCM IH. Read more: Zambian Business Times
International Business and Finance
African leaders have pleaded with the World Bank to give some funds to help finance their economic recovery and get better access to vaccines against Covid-19. The leaders want the World Bank to give them $100 billion to help the lowest-income countries as the Covid-19 cases keep rising and affecting the finances of the economies. 23 African leaders set the goal in a joint declaration after the summit, according to the World Bank. Read more: Business Insider
The International Monetary Fund said its executive board on Thursday approved a new three-year, $1.52 billion extended credit facility program for Democratic Republic of Congo to support the African country’s economic reforms and pandemic recovery. Read more: CGTN
Oil producing nations have agreed to increase their output, with the aim of reducing prices and easing pressure on the world economy. The Opec cartel and partners such as Russia will boost supply from August after prices climbed to two-and-half-year highs during the pandemic. The move should have an impact on petrol prices at the pump, which have also rocketed. Read more: BBC News
U.S. stock index futures were lower during overnight trading on Sunday, after the major averages posted their first negative week in four. Futures contracts tied to the Dow Jones Industrial Average slid 169 points. S&P 500 futures and Nasdaq 100 futures both also traded in negative territory. Read more: CNBC
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In 25 trades recorded on Friday, 17,177 shares were transacted resulting in a turnover of K62,257. Trading activity was recorded in Airtel, Madison Financial Services, National Breweries, Pamodzi, Standard Chartered Zambia, ZCCM, ZAMEFA, Zanaco, Zambia Sugar and ZAFFICO. The LuSE All Share index (LASI) maintained its close at 4,638.75 points, as there were no share price movements. The market closed on a capitalization of K60,447,619,707 including Shoprite Holdings and K26,202,978,933 excluding Shoprite Holdings.
Chart of the Day: