Story of the Day
In the week ended 24th December 2021, a total of 234,828 shares were transacted in 180 trades, yielding a market turnover of K424,887. Trading activity was recorded in Africa Explosives Corporation Limited, Copperbelt Energy Corportation, Lafarge, National Breweries, Pamodzi, Puma, Standard Chartered, Zambeef, Zambia Metal Fabricators, Zanaco, Zambia Sugar, Zambia Forestry Corporation and First Quantum Minerals. Read more
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Management and workers at Indeni Petroleum Refinery in Ndola on the Copperbelt have welcomed the decision by government to introduce a new business model for the company. Indeni Petroleum Refinery Managing Director David Lungu says the pronouncement of a new business model by Energy Minister Peter Kapala yesterday is significant because it has given a positive future for the company. Read more: ZNBC
Ministry of Defense Permanent Secretary, Norman Chipakupaku, says overhauling the equipment at Zambia China Mulungushi Textiles in Kabwe will not be in the best interest of government. Speaking during the tour of Zambia China Mulungushi Textiles, Mr. Chipakupaku said the equipment can still be used for another five to ten years before being replaced. Read more: ZNBC
Minister of Mines and Minerals Development, Paul Kabuswe has said that the UPND Government will find a competent investor, to take over Konkola Copper Mines (KCM) on the Copperbelt once the liquidation process of the mine comes to an end. Addressing KCM workers, who wrote a petition to President Hakainde Hichilema, Mr. Kabuswe said consultations are underway on which investor will take over the mining giant. Read more: Lusaka Times
ZESCO Chairperson of the Board of Directors, Vickson Ncube has dismissed assertions that ZESCO will be privatised. Mr. Ncube contributed his official views on Amb. Emmanuel Mwamba’s facebook page and wrote; “Emmanuel Mwamba I can state categorically without fear of contradiction that there are NO plans to privatise ZESCO. You can quote me if you so desire” Vickson Ncube. Read more: Zambian Observer
International Business and Finance
Sony has announced plans to launch an electric car company later this year as it unveiled a new sports utility vehicle concept. The Japanese tech company will set up a new operating subsidiary called “Sony Mobility Inc.” in the coming months. “With our imaging and sensing, cloud, 5G and entertainment technologies combined with our content mastery, we believe Sony is well positioned as a creative entertainment company to redefine mobility.” Read more: CNN
Bitcoin prices have pulled back lately — but Goldman Sachs still sees strong gains ahead in the coming years. The world’s most valuable cryptocurrency has fallen to about $43,000 after surging to a record high near $69,000 in November. Yet Goldman Sachs said in a report this week that bitcoin could more than double, to a little over $100,000 per coin, within the next five years. Read more: CNN
A “very tight” job market and unabated inflation might require the Federal Reserve to raise interest rates sooner than expected and begin reducing its overall asset holdings as a second brake on the economy, U.S. central bank policymakers said in their meeting last month. Read more: Reuters
Honda Motor Co and its Chinese joint venture partner Dongfeng Motor said on Thursday they would build a new factory in Wuhan to exclusively manufacture electric vehicles (EVs) from 2024. The factory would have a production capacity of 120,000 vehicles a year, Honda said in a statement. Read more: Reuters
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In 36 trades recorded yesterday,171,928 shares were transacted resulting in a turnover of K 2,063,745.Trading activity was recorded in CEC Africa, CEC Zambia and Lafarge. The LuSE All Share Index (LASI) maintained its close at 6,062.99 points, as they were no share price movements. The market closed on a capitalization of K67,197,259,499 including Shoprite Holdings and K32,414,574,059 excluding Shoprite Holdings.
Chart of the Day