Story of the Day:
Zambia Sugar CEO Rebecca Katowa is scheduled to meet with shareholders of the LuSE listed company on the 28th November 2019 with her Board of Director`s recommendation that a dividend of K0.08 per share be paid for the financial year ending 31 August 2019. Read more
Local Business and Finance
As the second largest copper producer on the African continent, Zambia has been trying to expand exports beyond the metal while diversifying its economy and lifting thousands out of poverty, for instance, developing honey export. Read more: Africa News
Zambia’s cabinet has approved a revised national energy policy which will guide the development and management of the energy sector, Dora Siliya said on Wednesday. The revised policy builds on the previous policies of 1994 and 2008 and was anchored on the Seventh National Development Plan. Read more: Xinhua
Barrick Gold CEO, Mark Bristow says natural pressure will force the re-arrangement of Zambia’s mining sector. Read more: Mining Mx
The Zambian government on Wednesday announced that no mining activities will take place in a national park after the plans to grant an Australian mining firm a license received a backlash from stakeholders. Read more: China.org
Zesco Director of Transmission Webster Musonda told the gathering at the public hearing held on 5th November 2019 in Lusaka attended by the Zambian Business Times – ZBT that the proposed tariff adjustment is expected to generate revenue of up to K16.056 billion in the first full year of its implementation. Read more: Zambian Business Times
International Business and Finance
Europe’s real GDP (gross domestic product) for the year is projected to grow at its lowest rate since 2013, according to the International Monetary Fund (IMF). In its latest Regional Economic Outlook report, the IMF suggests that real GDP across the continent will moderate to 1.4%, down from 2.3% in 2018, before rebounding to 1.8% in 2020. Read more: CNBC
Xerox has launched a bold bid to acquire its much larger rival HP for more than $30 billion, including debt, in a move to revive the fortunes of two former tech innovators that have struggled for growth in recent years. Read more: Financial Times
Uber shares fell sharply to a new record low on Tuesday, a day ahead of the expiry of the ride-hailing company’s IPO lock-up agreement, after which early investors will be allowed to sell their stock. In afternoon trading in New York, Uber’s share price was down 9 per cent to $28.29. The company has now lost 37 per cent of its market value since listing in May. Read more: Financial Times
The number of CEOs who left their jobs in October alone was 172, a new high, according to a report from career tracking firm Challenger, Gray and Christmas. That is up 14% compared to September and 15% more than the 149 CEO departures in October 2018. Read more: CNN
The Securities and Exchange Commission set five-year highs in several enforcement categories in its 2019 fiscal year ending in September, including punishment of violators and investor restitution, according to statistics released Wednesday. Read more: Investment News
President Emmanuel Macron’s visit to China this week suggests that the United States risks being sidelined on the global stage under President Donald Trump. Read more: Market Watch
Democratic presidential candidate Elizabeth Warren announced on Wednesday that she would be willing to meet with Bill Gates, hours after the Microsoft co-founder stopped short of expressing support for Warren’s proposed 6% tax on billionaires to cover Medicare costs. Read more: CNBC
Capital Markets Report
In 18 trades recorded yesterday, 16,699 shares were transacted, resulting in a market turnover of K29,705. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in AEL Zambia, Real Estate Investments Zambia, Standard Chartered Bank Limited and Zanaco. The LuSE All Share Index (LASI) closed at 4,313.77 points down by 0.09% from its previous close of 4,317.68 points. The market closed on a capitalization of K56,760,444,053 including Shoprite Holdings and K22,521,238,073 excluding Shoprite Holdings.
Chart of the Day: