Story of the Day:
It is no secret that mining in Africa has for the longest time been viewed by ‘big capital’ as an uncertain adventure. Most investors who dare to venture, take an astute approach to assess whether or not investing in a country’s mining sector is worth the risks associated with uncertainty. This approach includes assessing the regulatory framework around mining in the country and any associated political risk. Read more
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The British Government says it will help Zambia to move towards a sustainable debt trajectory and access emergency international financing support. Read more: Lusaka Times
Atlas Mara Bank has extended a K1 billion relief package to its customers who have been adversely affected by the Covid-19 pandemic. Atlas Mara Bank Zambia Managing Director James Koni says the bank is pleased to provide businesses with appropriate financial solutions and debt distress support programmes. Read more: Zambian Business Times
The Government of Zambia, cooperating partners and other stakeholders have reviewed the performance of the Seventh National Development Plan (7NDP) as at Mid-Term. Read more: Zambia Reports
The Zambia Airports Corporation Limited (ZACL) board of directors has approved a survival plan that seeks to tide the organisation through the lean times. Read more: Zambia Daily Mail
The copper price on the international market rebound to the US$6,000 mark per tonne yesterday due to renewed hope of anticipated improved demand for the commodity by top consumer China. Read more: Zambia Daily Mail
International Business and Finance
Tesla has become the world’s most valuable carmaker, overtaking Japan’s Toyota, after its stock hit a record high. Shares in the electric carmaker touched $1,134 on Wednesday morning before falling back, leaving it with a market value of $209.47bn, around $4bn more than Toyota’s current stock market value. Read more: BBC News
The chief executive officers of Facebook Inc., Alphabet Inc., Amazon.com Inc. and Apple Inc. have agreed to testify before a congressional panel investigating competition issues in the technology industry, according to a spokeswoman for the U.S. House Judiciary Committee overseeing the probe. Read more: Bloomberg
China’s imposition of its sweeping national security law on Hong Kong has already divided the business community. Now executives are anxiously waiting to see whether its implementation will undermine the city’s role as a global finance and trading hub. Read more: CNN
South Africa’s recession deepened in the first quarter of 2020, with official data on Tuesday showing that gross domestic product contracted 2% from the previous three months, led by declines in mining and manufacturing. Read more: Reuters
Netflix said on Tuesday that it would move up to $100 million, or 2 percent of its cash holdings, to financial institutions that focus on Black communities. It is intended to address a longstanding problem that these communities face: a lack of capital for the banks and other lenders that service them. Read more: The New York Times
Capital Markets Report
In 6 trades recorded yesterday, 61,371 shares were transacted yielding a market turnover of K44,505. A share price loss of K0.09 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, Zambeef and ZAFFICO. The LuSE All Share Index (LASI) closed at 3,885.97 points, 0.86% down from its previous close of 3,919.57 points. The market closed on a capitalization of K55,734,729,197 including Shoprite Holdings and K21,495,523,217 excluding Shoprite Holdings.
Chart of the Day: