Stories of the Day
CEC Africa’s woes are poised to continue as the company reports another half-year of weak financial performance from their Nigerian operations. Read more
Local Business and Finance
Commerce, Trade and Industry Minister Christopher Yaluma says Zambia is set to ratify the African Continental Free Trade Area. Mr. Yaluma says engagements with key stakeholders on the African Continental Free Trade Area have been concluded and the Ministry has produced a document that is ready for presentation to Cabinet. Read more: ZNBC
Vice President Inonge Wina has urged investors in the Indian State of Madhya Pradesh to consider investing in Zambia’s manufacturing sector. Read more: ZNBC
Agriculture Minister Michael Katambo says government is finalising a Memorandum of Understanding with the Democratic Republic of Congo (DRC) for exports of maize and other crops. Read more: Diggers
About seven companies from Slovenia are expected in Zambia in the next three weeks to explore investment opportunities in the southern African nation, a Zambian envoy said on Wednesday. Read more: China.org
The United Nations Technology Bank (UNTB) has agreed to set up a regional centre for Science, Technology and Innovation in Zambia at a cost of $30 million. Read more: Zambia Reports
This week has three key market events in Zambia namely Dr. Bwalya Ng’andu’s debut 2020 fiscal budget presentation to parliament, Thursday K950million Bank of Zambia fortnight treasury bill sale and Central Statistics Office – CSO September inflation announcement. Read more: The Business Telegraph
International Business and Finance
Farmers and traders are distressed after Nigerian President, Muhammadu Buhari closed all neighbouring borders around the country with a plan to end Nigeria’s economic dependence on oil, by developing domestic agriculture and industry. The border closure means Nigeria is choked off from supplies until the next harvest by local farmers. Read more: Africa News
India has cut its corporate tax rates in an effort to spur investment and boost growth in the country’s faltering economy. Read more: BBC News
Germany unveiled a 54 billion euros ($60 billion) package over the next four years to speed up the country’s transition to renewable energy and reduce carbon emissions. Read more: CNN
The global economy is set to grow at the slowest pace since the financial crisis, with business investment and trade hampered by an escalating dispute between the U.S. and China, the OECD said. Read more: Wall Street Journal
Zimbabwe’s central bank has tightened the rules governing the trade of foreign currency by money exchange offices with immediate effect. The rates offered by exchange offices must be 7% above or below the interbank mid-rate, the central bank said in an emailed statement. Read more: Bloomberg
First Quantum Minerals Ltd. shares posted their biggest two-day jump since early 2016, after people with knowledge of the matter said the owner of Africa’s biggest copper mine was drawing preliminary takeover interest from global miners. Read more: Bloomberg
Capital Markets Report
In 8 trades recorded on Friday, 1,705,222 shares were transacted, yielding a market turnover of K1,111,573. Trading activity was recorded in Copperbelt Energy Corporation, Zambeef and Zanaco which also recorded a price decrease of K0.08. The LuSE All Share Index (LASI) closed at 4,371.04 point from its previous close of 4,398.81 points due to a price movement. The market closed on a capitalization of K56,998,673,690.57 including Shoprite Holdings and K22,759,467,710.57 excluding Shoprite Holdings.
Chart of the day: