Story of the Day:
CEC Plc has notified shareholders that the arbitration matter regarding outstanding amounts owed to ZESCO Limited is still ongoing despite the epilogue of the BSA on 31st March 2020, according to the latest SENS announcement from the company. Read more
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Glencore told the Zambian government this week that it wants to keep operating its Zambian copper mining subsidiary Mopani Copper Mines (MCM), not shutter the operations, mines ministry permanent secretary Barnaby Mulenga said on Sunday. Read more: Reuters
Zambia’s inflation rate for the month of March 2019 has recorded a decrease of 0.3 percent the largest decrease in four months. The March inflation rate decreased from 7.8 recorded in February 2019 to 7.5 recorded this month. Read more: Zambian Business Times
National Road Fund Agency (NRFA) has failed to meet it’s 2020 first quarter revenue target by 20 percent after it collected only K328.5 million in toll fees instead of the projected K410 million. Read more: Zambia Reports
ZESCO will have to continue implementing the over 10 hours load shedding for the rest of this year if the 750 megawatts at Kafue Gorge Lower Hydro Power station does NOT come on board by the third quarter of this year. Read more: ZNBC
The Northern Chamber of Commerce, Trade and Industry has implored the Zambia Revenue Authority (ZRA) to consider deferring taxes during the period businesses are not operating in the wake of the coronavirus (COVID-19). Read more: Zambia Daily Mail
The Zambia Association of Manufacturers (ZAM) has asked Zesco to consider reducing electricity tariffs by at least half of the last increment to help the manufacturing sector thrive during the COVID-19 pandemic period. Read more: News Diggers
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African leaders, the IMF and the World Bank on Friday appealed for rapid international action to help African countries respond to the coronavirus pandemic that will cause the continent’s economy to shrink by 1.25% in 2020, the worst reading on record. Read more: Reuters
The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage running out. Read more: CNN
China cut its benchmark lending rate as expected today to reduce borrowing costs for companies and prop up the coronavirus-hit economy, after it contracted for the first time in decades. The one-year loan prime rate (LPR) was lowered by 20 basis points (bps) to 3.85% from 4.05% previously, while the five year LPR was cut by 10 bps to 4.65% from 4.75%. Read more: CNBC
The government has announced a £1.25bn package to support innovative new companies that are not eligible for existing coronavirus rescue schemes. Read more: BBC News
The International Monetary Fund (IMF) has disclosed that five wealthy countries have pledged to provide $11.7 billion to an IMF loan and grant facility for poor countries. Read more: Business Insider
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In 4 trades recorded on Friday, 284 shares were transacted yielding a market turnover of K5,211. Trading activity was recorded in AEL Zambia and Real Estate Investments Limited. The LuSE All Share Index (LASI) maintained its close at 4,140.56 points, as there were no changes in share price. The market closed on a capitalization of K56,841,276,360 including Shoprite Holdings and K22,602,070,380 excluding Shoprite Holdings.
Chart of the Day: