Story of the Day:
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zanaco Bank Plc (“the Board”) wishes to advise the Shareholders that for the financial year ended 31 December 2021, the Basic Earnings per Share is 343% higher than that for the financial year ended 31 December 2020. Read more
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For the fifth time in the last six months, the manufacturing gauge in Africa’s red metal producer Zambia rebounded to positive territory as new orders outweighed waning business activity. Zambia headlined 50.3 in Purchasing Managers Index (PMI) resurrected from a January slide into contraction at 49.9 as omicron effects. Read more: The Business Telegraph
Zambia and the Democratic Republic of Congo (DRC) are poised to benefit from a combined trade strategy in the development of a robust Battery Electric Vehicle and Renewable Energy Value Chain, the first of its kind in Africa. Once completed the programme will employ thousands of Congolese and Zambians and will also boost the two countries economy. Read more: ZNBC
The Lusaka Securities Exchange (LuSE) has confirmed that the trading suspension of First Quantum Minerals (FQM) Limited on the Zambia Depository Receipts (ZDRs) of the Lusaka Securities Exchange (LuSE) has been lifted. Read more: Zambian Business Times
AS Zambia joined the world in commemorating the International Women’s Day, MTN Zambia yesterday launched a programme called Women in Family Business aimed at supporting women operating Small and Medium Enterprises (SMEs). Read more: Zambia Daily Mail
International Business and Finance
Ethiopia’s national air carrier, Ethiopian Airlines announced on Tuesday it has partnered with Air Djibouti and Djibouti Industrial Park Operation (IDIPO) to commence sea-air multimodal transportation. Read more: CGTN
Two non-executive directors of Huawei UK have resigned over the company’s stance on the conflict in Ukraine. The BBC understands Sir Andrew Cahn and Sir Ken Olisa felt the firm’s failure to quickly condemn the Russian invasion had made their positions untenable. Read more: BBC News
Oil prices have plunged after the United Arab Emirates said it supported increasing production. Brent crude, an international benchmark, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel Opec. Read more: BBC News
Stocks surged on Wednesday, snapping a four-day losing streak, as investors celebrated a drop in crude oil prices. The Dow gained more than 650 points, or 2%. It was a broad-based rally, with oil giant Chevron the only Dow stock trading significantly lower. It fell 2.5%. The S&P 500 and Nasdaq rose 2.6% and 3.6% respectively. Read more: CNN
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In 83 trades recorded yesterday, 83,060 shares were transacted resulting in a turnover of K168,047.90. Trading activity was recorded in AECI, Airtel, Copperbelt Energy Corporation, Puma, Standard Chartered Zambia and Zambia Breweries. The LuSE All Share Index (LASI) closed at 6,676.69 points. The market closed on a capitalization of K69,694,249,269 including Shoprite Holdings and K34,911,563,829 excluding Shoprite Holdings.