Story of the Day:
The only listed metal fabricator company on the Lusaka Securities Exchange has recorded an improvement in its loss per share, according to a statement from ZAMEFA. “For the six-month period ended 31 March 2021 the loss per share (“LPS”) for the Group and the Company improved by 93% from the LPS achieved in the corresponding period of the prior year” Read more
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Zimbabwe and Zambia are working on setting up industrial joint ventures to assist the two countries to unlock higher economic potential in line with regional industrialisation ideals, according to Zimbabwean Industry and Commerce Minister, Dr Sekai Nzenza. Read more: Chronicle
GoviEx Uranium Inc. is pleased to announce that it has executed a drilling contract with Hydro Tech Drilling & Exploration LTD to undertake exploration and resource delineation drilling programs focused at the Company’s Mutanga Uranium Project, in Zambia. Read more: Investing News
Bank of Zambia Governor Christopher Mvunga has disclosed that international reserves have increased from around 1.2 billion US Dollars to over 1.4 Billion US Dollars, contrary to assertions that the Central Bank has completely moped out strategic reserves. Read more: ZNBC
Construction of the US$31 million Silk processing plant at the silk farm in Mpika has advanced. The farm is expected to accommodate about 2000 employees in the initial stage of commencement of operations. Read more: ZNBC
International Business and Finance
US President Joe Biden has released his first annual budget – a $6 trillion spending plan that includes steep tax increases for wealthier Americans. The bumper proposal would include huge new social programmes and investment in the fight against climate change. Under the plan, debt would reach 117% of GDP by 2031, surpassing levels during World War Two. Read more: BBC News
Oil and gas giant Total will be rebranded as TotalEnergies as it shifts some of its focus towards renewable energy sources. Shareholders voted overwhelmingly in favour of the move and approved the firm’s environmental goals. Read more: BBC News
China’s official manufacturing Purchasing Managers’ Index for May came in at 51.0. That compared against analyst expectations for a reading of 51.1 in a Reuters poll. The May figure was also a slight decrease from the previous month’s reading of 51.1. PMI readings above 50 represent expansion while those below that level signify contraction. Read more: CNBC
The heads of major U.S. retail banks faced renewed criticism Thursday from Democratic lawmakers who said financial institutions should not have charged Americans billions of dollars in overdraft and other fees during the pandemic. Read more: Reuters
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In 18 trades recorded on Friday, 1,888,825 shares were transacted resulting in a turnover of K12,112,877. Trading activity was recorded in Copperbelt Energy Corporation Zambia, First Quantum Minerals Zambia, Zambia Breweries, ZCCM and Zanaco. The LuSE All Share index (LASI) closed at 4,155.21 points.
Chart of the Day: