Story of the Day:
The last two weeks of trading in the Zambian capital markets saw the Corporate Bond Market continue to dominate the Equities Market with the former taking up 85% of all sales in the final week of November 2019. Read more
Local Business and Finance
Zambia has recorded a trade surplus of K147 million (about US$10.5 million) in October 2019 from a trade deficit of K732 million in September 2019, meaning that the country exported more goods that it imported in nominal terms for the month of October. Read more: Zambian Business Times
Stanbic was by Financial Times named Zambia’s best bank with a pedigree of excellence at a function in London, demonstrating remarkable service and financing of key projects in the country. It’s the second time in row the blue bank is bagging this accolade. Read more: The Business Telegraph
Finance Minister Bwalya Ng’andu has officially opened the $25million British American Tobacco – BAT Zambia Cigarette Manufacturing Plant in the Lusaka South Multi Facility Economic Zone (MFEZ) with the call for more investment in the manufacturing sector. Read more: ZNBC
Finance Minister Bwalya Ng’andu says the current mining taxation regime is stable and government believes mining companies can still pay more tax. Read more: ZNBC
United Kingdom based company Jubilee Metals Group Plc, has said there is real potential for the mining sector in Zambia especially gold and that investors in the United Kingdom needed to know about Zambia’s gold. Read more: Lusaka Times
On Thursday, 28 November 2019, the Lusaka High Court granted the Board of Konkola Copper Mines (KCM) and Vedanta Resources Holdings Ltd (Vedanta) an injunction order preventing the sale of KCM Mining Right areas by the KCM Provisional Liquidator, Mr Milingo Lungu, to the Defendants. Read more: Lusaka Times
AgDevCo is pleased to announce its latest investment in Zambia’s agribusiness sector. The UK-based social impact investor has closed a multi-million USD debt investment in Goldenlay, the market leader in table eggs in Zambia. Read more: Yahoo Finance
International Business and Finance
The African Export and Import Bank will avail Credit financing of One billion United States dollars to African countries that may incur losses during the transitional period of the operationalization of the African Continental Free Trade Area -AfCFTA. Read more: ZNBC
The African Development Bank (AfDB) has approved a $210 million loan to help Nigeria upgrade its dilapidated electricity transmission and distribution network. Read more: Africa News
Nigeria’s economic growth rose to an annual rate of 2.28% in the three months to the end of September after the production of its main export commodity, crude oil, rose to a more than three year high, the statistics office said on Friday. Read more: Africa News
Three years ago, India was enjoying economic growth of about 9%. Now the rate of expansion has slumped to just half that. The country’s gross domestic product grew by just 4.5% in the July to September quarter, the lowest level since early 2013. Read more: CNN
Mercedes-Benz parent company, Daimler said on Friday it will cut at least 10,000 jobs worldwide over the next three years, following others in the industry as they cut costs to invest in electric vehicles while grappling with weakening sales. Read more: New York Post
Bank of England governor Mark Carney has been appointed United Nations Special Envoy for Climate Action and Finance. Mr Carney will take up his new post once his term as governor ends on 31 January 2020. Read more: BBC News
American tech companies are getting the go-ahead to resume business with Chinese smartphone giant Huawei Technologies Co., but it may be too late: It is now building smartphones without U.S. chips. Read more: Wall Street Journal
Capital Markets Report
In 2 trades recorded yesterday, 4,255 shares were transacted, resulting in a market turnover of K4,176. Trading activity was recorded in PUMA and Zambeef. The LuSE All Share Index (LASI) maintained its close of 4,259.02 points. The market closed on a capitalization of K56,532,725,628 including Shoprite Holdings and K22,293,519,648 excluding Shoprite Holdings.
Chart of the Day: