Story of the Day:
Zambia National Commercial Bank (ZANACO) PLC has appointed Mrs. Mukwandi Chibesakunda as its new Chief Executive Officer (CEO), effective October 1st, 2020, according to an announcement issued by the bank’s Board of Directors. Read more
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The Bank of Zambia on Friday sold K818.5mln worth of government bonds in a debt sale that was 86% subscribed. With a just over a yard on offer, the sixth bond sale subscription was the best so far year to date. Read more: The Business Telegraph
The Ministry of Finance has released K30 million for ex-employees of Tazara, Zamtel and former Railway System of Zambia. The release of funds is in line with the government’s on-going commitment to dismantle domestic arrears. Read more: ZNBC
Konkola Copper Mines (KCM) Plc’s provisional liquidator Milingo Lungu’s claim that Copperbelt Energy Corporation (CEC) Plc agreed to have the mining company’s debt paid following a pending sale is misleading, says the power utility’s chief legal counsel Julia Chaila. Read more: News Diggers
ZESCO spend US$40million rolling out Smart meters which will allow the utility company to remotely switch off some appliances in households as part of load management. Read more: Lusaka Times
International Business and Finance
Zimbabwe suspended trade on the stock exchange and mobile phone-based payments to address what government called “criminality and economic sabotage”. The decision to suspend mobile payments will hit the economy hard as more than 80% of all transactions are conducted on phones due to a shortage of banknotes. Read more: Reuters
The South African government target to stabilise its ballooning debt by 2023 will be very difficult to achieve and unlikely, ratings agency Moody’s said. The Treasury presented a supplementary budget in response to the coronavirus crisis that projected a wider budget deficit, while public debt was estimated to be more than three quarters of GDP in the medium term. Read more: Africa News
Kenya Airways has lost an estimated $100 million in revenue as a result of the coronavirus pandemic and related lockdowns, CEO Allan Kilavuka told reporters on Friday. Read more: Africa News
The U.S. and China are moving beyond bellicose trade threats to exchanging regulatory punches that threaten a wide range of industries including technology, energy and air travel. Read more: Bloomberg
The US issued a fresh warning about security risks posed by Huawei after the Chinese company was given clearance to build a £1bn new chip research and manufacturing facility in England, saying the decision put its trust in the UK at risk. Read more: Financial Times
Boeing’s bid to see its 737 Max return to the skies faces a pivotal week with flight safety tests expected to begin. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
Trading activity was recorded in AEL Zambia, CEC Zambia, FQM Zambia and CEC Africa. A total volume of 141,813 shares were transacted yielding a market turnover of K 27,793.62 The LuSE All Share Index (LASI) closed at 3,937.70 points as there were no price movments. The market closed on a capitalization of K55,959,900,076 including Shoprite Holdings and K21,720,694,096 excluding Shoprite Holdings.
Chart of the Day:
