Story of the Day:
Zambian Breweries, part of the world’s largest brewing company – Anheuser-Busch InBev – is upgrading its Lusaka and Ndola plants with cutting-edge technology worth, just under, US$20 million to increase brewing capacity and address beer shortages across the country. Read more
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Zambia said a lack of capital halted production at a copper mine it seized from Indian billionaire Anil Agarwal’s Vedanta Resources Ltd., just as the metal surges toward a record. The standstill at Konkola Deep, a high-grade underground pit that also contains cobalt, was triggered by a shortage of funds to develop new mining areas, said Barnaby Mulenga, permanent secretary in the Ministry of Mines. Read more: Bloomberg
Absa Zambia PLC is one bank that adjusted its credit risk appetite inferred from its first quarter financials for 2021. The second largest lender in Africa’s second largest hotspot posted 2.6% year on year growth of its advances book to slightly over seven yards in Kwacha terms corresponding to an infinitesimal 1.1% expansion in its advances income. Read more: The Business Telegraph
The Zambia International Mining & Energy Conference & Exhibition, which has been for the last decade, Zambia’s leading mining and energy meeting will celebrate its 10th anniversary with a virtual edition, taking place from 26-27 May 2021. The organisers of ZIMEC 2021, notably the Ministry of Mines and Minerals Development, Ministry of Energy, Chamber of Mines, Zambia in partnership with AME Trade Ltd, have decided for the safety of our participants to organise this year’s edition online. Read more: Mining Weekly
Zambia has projected an increased maize production this year compared to last year. Minister of Agriculture Micheal Katambo said preliminary figures indicate that maize production was expected to increase to 3,620,244 tons in the current agricultural season from 3,387,469 tons produced in the previous season, representing a seven percent increase. Read more: Xinhua
International Business and Finance
China has “indefinitely” suspended key economic dialogue with Australia, the latest in a growing diplomatic rift between both countries. In a statement on Thursday, a Chinese government commission accused Australia of having a “Cold War mindset”. Read more: BBC News
Google is expanding its options for when, where and how often employees return to the office. The company’s workers around the world can continue working remotely until September, after which they can choose between coming back to their pre-pandemic office, working out of a Google office in a different city or permanently working from anywhere if their role allows it. Read more: CNN
With stocks enjoying a strong start to 2021, investors are continuing to plow more money into exchange-traded funds — especially ones that are tied to the top broader market indexes. In other words, many investors are still happy to place their bets on the top techs that dominate the S&P 500, even though an army of active traders is investing in individual meme stocks like GameStop and AMC as well as top cryptocurrencies bitcoin and ethereum. Read more: CNN
The world risks “running out of copper” amid widening supply and demand deficits, according to Bank of America, and prices could hit $20,000 per metric ton by 2025. This comes as the global economy is beginning to open up and reflate. Read more: CNBC
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In 66 trades recorded yesterday, 2,572,577 shares were transacted resulting in a turnover of K2,232,361. Share price gains were recorded in PUMA of K0.23, Zambeef of K0.01 and in Zambia Sugar of K0.01. Trading activity was also recorded in Copperbelt Energy Copperbelt, ZMRE, SHOP, and Zanaco. The LuSE All Share Index (LASI) closed at 4,137.30 points, 0.67% up from its previous close of 4,109.53 points. The market closed on a capitalization of K58,217,389,894 including Shoprite Holdings and K23,972,749,120 excluding Shoprite Holdings.
Chart of the Day:
