Daily FiZ – Monday 22/11

Story of the Day:

First Quantum Minerals Ltd. (“First Quantum” or the “Company”) today announced that the Board of Directors will appoint Tristan Pascall, currently the Company’s Chief Operating Officer (COO), to the role of Chief Executive Officer (CEO). Read more 

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Vice President Mutale Nalumango says Zambia is no longer a dumping site of products from outside the country noting that government will ensure it gets maximum benefit of belonging to trade blocks. Mrs Nalumango says the trend of thinking Zambia is a dump site for foreign goods is not part of the new dawn administration.  Read more: ZNBC 

Zamtel says government’s strong focus on developing the Small Medium Enterprises sector is encouraging. Zamtel Acting Chief Commercial Officer Keith Banda says the policy pronouncements by President Hakainde Hichilema  and other senior government officials focusing on the growth of the SME sector are setting the right tone for the development of the sector. Read more: ZNBC

The Tony Elumelu Foundation (TEF) has awarded 300 small and medium-sized entrepreneurs (SMEs) in Zambia with a seed capital of US$5,000 each to help them grow their businesses. And 142 Zambian youths have received a combined total of US$710,000 non-refundable seed capital. Founder Tony Elumelu said they will this year assist SMEs and young entrepreneurs recover from coronavirus. Read more: Zambia Daily Mail 

To help promote value addition in the agriculture sector, four companies will invest US$12.6 million in establishing agro-processing plants in the Lusaka South Multi-Facility Economic Zones (LSMFEZ). The firms will be buying farm produce such as rice and soya beans from farmers and process it into edible oils, soya products and flour. Read more: Zambia Daily Mail 

International Business and Finance

The oil market has gone from booming to busting, much to the relief of inflation-weary American drivers ahead of the Thanksgiving holiday. US crude tumbled to a fresh seven-week low on Friday, settling at $76.10 a barrel. The slide is good news for American drivers hurt by the seven-year high in gasoline prices — a crunch that has soured consumers’ views on the US economy. Read more: CNN

Stock futures rose slightly in overnight trading on Sunday ahead of the holiday-shortened week, a historically seasonally strong period for Wall Street. Futures on the Dow Jones Industrial Average gained 55 points. S&P 500 futures edged up 0.1% and Nasdaq 100 futures climbed 0.2%. Read more: CNBC

Kenya’s foreign exchange reserves fell $US222 million (25 billion shillings) this week as the Central Bank released dollars into the market to buttress the local currency, a report on the financial markets released Friday evening showed. During the period, the shilling hit its lowest level ever against the dollar, exchanging at 112.1, from 111.1 in the week ending November 12. Read more: CGTN 

The Bank of Tanzania (BoT) said in its latest monthly economic review that foreign reserves jumped to $6.7 billion up from $4.9 billion in September, marking a historic high for the East African country. Apparently, the significant increase was due to export diversification. Read more: Business Insider

Capital Markets Report Sponsored By ZCCM-IH

In 65 trades recorded on Friday, 248,665 shares were transacted resulting in a turnover of K625,451.96. Trading activity was recorded in, Airtel, Copperbelt Energy Corporation, Lafarge, Zambia Reinsurance, Puma, and Standard Chartered Zambia, Zambeef, Zambia Breweries ZAMEFA. The LuSE All Share Index (LASI) remained at 5,440.89 with a percentage change of -2.51.

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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