Story of the Day:
In the final week of May 2020, bonds of total face value of K47,627,000 were transacted in 5 trades, yielding a market value sales of K23,457,230. Only two days recorded trades of which Tuesdays’ bond trading was the best performing for the week. Week three was the best performing week of the month of May 2020 bond trading. Read more
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Energy Minister Matthew Nkhuwa has denied that government is expropriating Copperbelt Energy Corporation’s power lines, and said the government is operating within the law. Read more: Bloomberg
Zambia’s private sector pulse slid 2.5 index points to the lowest ever in history since the Markit index tracking began, headlining 34.8 for May. Read more: The Business Telegraph
Lusaka Securities Exchange indigenous financial institutions, Investrust Bank Plc, is in the market for K400.5mln ($22.3mln equivalent) for capitalization purposes. Read more: The Business Telegraph
President Edgar Lungu has called for the debt relief or cancellation of debt among all African Caribbean Pacific member States. President Lungu says this is because of the massive disruption that has occurred in the world and Zambia due to the Covid-19. Read more: ZNBC
The Global Environment Facility has given Zambia a grant aimed at helping the country build resilience in areas prone to negative effects of climate change, a government official said on Wednesday. Read more: Xinhua
International Business and Finance
The Bank of England governor has told lenders to be ready for the possibility that the UK and EU fail to agree a free trade deal by the end of the year. On a call with financial firms, Andrew Bailey stressed the importance of ensuring the financial system could cope with a no-deal. Read more: BBC News
Hong Kong-listed shares of HSBC and Standard Chartered rose on Thursday after the banks backed China’s imposition of a national security law on the city, even as a pro-democracy and newly formed financial workers’ union criticized the move. Read more: Reuters
The stock market’s June rally continued on Wednesday as growing hopes of a smooth economic recovery drowned out nationwide protests. Major indexes gained through the morning after an ADP labor-market report said US private payrolls fell by 2.76 million in May, less than one-third of the decline expected by economists. Read more: Business Insider
Saudi Arabia is set to unwind the extra production cuts it pledged last month, increasingly confident that the grand bargain agreed by oil producers in April to reduce supply has restored order to a market thrown into disarray by the Covid-19 crisis. Read more: Financial Times
Germany adopted its second economic-stimulus package since the start of the coronavirus pandemic, bringing their total cost to €1.3 trillion ($1.5 trillion), by far the largest in Europe as a share of gross domestic product. The new bundle, agreed to on Wednesday after extensive talks included measures worth €130 billion for 2020 and 2021. Read more: Market Watch
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The Lusaka Securities Exchange was closed on Wednesday.
Chart of the Day:
