Story of the Day:
On the first day of the trading week, 24 trades were recorded on the day with 5,010,457 shares being transacted, resulting in a market turnover of K2,312,571. A share price loss of K0.14 was recorded in Zanaco. Read more
Local Business and Finance
Pressure on the kwacha is expected to detente as the recent sterilization measures transmit to the currency markets. Closing Friday 23 November at highs of 14.35 in bid, the copper currency pressure is forecast to ease as the effects of the 125 basis points benchmark interest rate hike to 11.5% and the 1,000 basis point hike on the overnight emergency funding rate to commercial banks to 28%, start to manifest. Read more: The Business Telegraph
With a deepening energy crisis as drought effects thicken, Zambia’s odd of a lower credit assessment with the international credit rating agencies is narrowing. Currently rated at CCC+/CCC/Caa2 by S&P/Moody’s/Fitch, the copper producer grapples with waning sentiment as evidenced by a widening in its credit default spreads on its dollar bonds maturing 2022, 2024 and 2027 respectively. Read more: The Business Telegraph
The International Monetary Fund has urged Zambia to cut spending as a way of reducing the mounting debt. Zambia has been pursuing a US$1.3 billion financial bail out from the IMF for over three years. Read more: Lusaka Times
Finance Minister Bwalya Ng’andu says the depreciation of the Kwacha is as a result of high demand for Dollar following the importation of emergency electricity. Read more: ZNBC
Chambeshi Water Supply and Sanitation (CWSS) and Green Horizon of Israel have signed an agreement to construct a US$1million water-bottling company in Kasama. The company is expected to provide 500 direct and 1,000 indirect jobs. Read more: Zambia Daily Mail
Zambia Utility Company Zesco says water Levels at Kariba dam has improved. According to a message posted on their official Facebook page, Zesco says water levels stand at 477.20 Metres which is above sea Level. Read more: Zambian Observer
Huawei Zambia pledged to foster a value-sharing platform and robust business ecosystem with local partners, for ICT industry development and social economic goals achievement in Zambia. Read more: News Diggers
International Business and Finance
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
China is planning a record sale of sovereign bonds in dollars, with a potential $6 billion offering, according to people familiar with the discussions. Read more: Bloomberg
Bitcoin fell below the $7,000 mark on Sunday for the first time since May. Read more: Market Watch
American regulators voted to impose new restrictions on subsidies for American telecom companies Friday. The ruling is designed to constrain Chinese companies, including Huawei and ZTE. The FCC’s decision will prohibit American carriers from using federal subsidies to buy products from any businesses found on a new FCC blacklist. Huawei and ZTE could soon be the first companies on the list after the FCC initially designated both as a threat to national security. Read more: CNN
Tesla has received almost 150,000 orders for its new pickup truck, boss Elon Musk has said, despite an embarrassing hiccup at its launch. Read more: BBC News
The U.S. and China may not be able to lock down a firm “phase one” deal before the next tariff deadline in mid-December, according to a senior executive at the U.S. Chamber of Commerce. Read more: CNBC
Bulgari owner LVMH has reached a deal to buy Tiffany & Co. at $135 a share in cash, or $16.3 billion, according to sources familiar with the matter. Read more: CNBC
Capital Markets Report
In 5 trades recorded on Friday, 9,100 shares were transacted, resulting in a market turnover of K12,167.There were no changes in share price. Trading activity was recorded in Copperbelt Energy Corporation and Lafarge. The LuSE All Share Index (LASI) maintained its previous close at 4,259.50 points. The market closed on a capitalization of K56,534,726,027 including Shoprite Holdings and K22,295,520,047 excluding Shoprite Holdings.
Chart of the Day: