Story of the Day:
Since the onset of COVID-19, remote and hybrid work has become the new normal in Zambia, as in many other parts of the globe. Research* predicts the percentage of workers around the world who permanently work from home will double this year. And whilst remote work can bring cybersecurity threats and other challenges, it has been shown to improve productivity* and create new efficiencies. Read more
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Lafarge Zambia Plc has seen a surge in positive price momentum over the last few weeks. Currently pegged at a market capitalisation of K1.95 billion compared to a $150 million enterprise value that Huaxin China will pay for the 75.0% majority stake in Lafarge Zambia, Lafarge stock has rallied 95.0% to K9.78 per share between 18-30 June resulting in a x3.5 amplification in market capitalisation from start of year. Read more: The Business Telegraph
Castillo Copper Ltd is set to launch a comprehensive induced polarisation (IP) survey across the key Luanshya and Mkushi projects in Zambia’s copper-belt. Read more: Proactive Investors
Shareholders of ZCCM Investments Holdings Plc (ZCCM-IH) have approved a K53 million dividend at 33 ngwee per share. This follows a profit of K153.4 million at the company level for the financial year ending December 2019. The dividend was approved during the virtual 17th Annual General Meeting held on Wednesday. Read more: ZNBC
ZAMBIA Development Agency (ZDA) is looking for equity partners to establish mango, tomato and cashew nut processing plants in Lusaka, Monze and Chilanga respectively. Communications and public relations manager Laura Hamusute said the processing plants will collectively cost US$15 million and will be developed under a special purpose vehicle initiative. Read more: Zambia Daily Mail
International Business and Finance
The Ecobank Group has been adjudged the African SME Bank of the Year, 2021. The Pan-African banking group achieved this feat at the African Banker Awards 2021. Despite the previous year being a tumultuous year, Ecobank Group beat other banks in the category to take home the SME Award of the year. Read more: Business Insider
The collapse in international tourism due to the coronavirus pandemic could cost the global economy as much as $2.4 trillion this year, as the uneven rollout of vaccines devastates developing countries that are highly dependent on overseas visitors. Read more: CNN
It’s the half-way point of the year and President Joe Biden’s stock market has quite the rally to show for itself: The S&P 500 closed at a record high Wednesday and has already reached the target some analysts set for the entire year. The index, the broadest measure of the US stock market, is up more than 14% in 2021, and just a couple of points below the 4,300 mark — a target Goldman Sachs had set for the end of the year. Read more: CNN
The vast majority of investment banks are backing European stocks to outperform their U.S. peers through the remainder of the year and into 2022, as the region’s economic recovery and historic stimulus converge. Read more: CNBC
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In 23 trades recorded yesterday, 5,150,653 shares were transacted resulting in a turnover of K3,767,640. Share price gains were recorded in Lafarge of K1.95, Real Estate Investments Zambia of K0.12 and Zambia Sugar of K0.09. Share price losses were recorded in Copperbelt Energy Corporation of K0.15 and in Zanaco of K0.15. Trading activity was also recorded in AEL Zambia, and First Quantum Minerals. The LuSE All Share index (LASI) closed at 4,611.79 points, 0.17% down from its previous close of 4,619.80 points. The market closed on a capitalization of K60,329,962,163 including Shoprite Holdings and K26,085,321,389 excluding Shoprite Holdings.
Chart of the Day:
