Story of the Day:
Zambia Sugar has announced the resignation of its Company Secretary, Mwansa Mutimushi. Mwansa, who holds a Bachalor of Laws and Masters of Laws from the University of Zambia and University of Turin, respectively, has served on the Board for 6 years, much to the delight of the sugar company. “The Board also wishes to thank Ms Mutimushi for her 6 years of service to the Company and wishes her all the best in her future endeavours”. Read more
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October business pulse in Africa’s copper hotspot, Zambia, rallied to a 20 month high with a headline reading of 48.9 from 46.6 levels in September. Readings above 50 signal expansion while those below 50 reflect contraction. According to Market economics release, Zambia’s private sector neared stabilization during October as business conditions across the country showed signs of improvement following the worst of the coronavirus disease pandemic earlier in the year. Read more: The Business Telegraph
Zambia Federation of Associations of Women in Business (ZFAWIB) has intensified inter-provincial trade and electronic trading to boost business among women entrepreneurs. ZFAWIB chief executive officer Maureen Sumbwe said the new innovative ways of conducting business have helped female entrepreneurs come up with new means of survival during the COVID-19. Read more: Zambia Daily Mail
The price of copper on Monday hit its highest in more than two years on the global market after news of progress on a coronavirus vaccine and investor optimism over global trade after Joe Biden’s victory in the United States of America presidential race. Reuters reports that the price of copper, which is Zambia’s main source of export revenue, rose to US$7,045 a tonne. Read more: Zambia Daily Mail
The Private Sector Development Association-PSDA says most Small and Medium Enterprises (SMEs) are still facing challenges with their businesses as they were greatly affected by the depreciating Kwacha whose effects are now compounded with the COVID 19 pandemic. Read more: Zambian Business Times
International Business and Finance
Nigeria on Wednesday ratified its membership of the African Continental Free Trade Area (AfCFTA) less than a month before the deadline to do so expires. “The Federal Executive Council (FEC) today Ratified Nigeria’s membership of the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The AfCFTA Agreement comes into effect on the 1st of January 2021,” a tweet from the Nigerian government said. Read more: CGTN
Shutting down U.S. businesses and paying people for lost wages for four to six weeks could help keep the coronavirus pandemic in check and get the economy on track until a vaccine is approved and distributed, said Dr. Michael Osterholm, a coronavirus advisor to President-elect Joe Biden. Read more: CNBC
Justin Trudeau, Canada’s prime minister, has claimed that Britain is struggling to conclude a trade deal with his country before the Brexit transition ends on January 1 because it does not have “the bandwidth”. Mr Trudeau said Canada was highly experienced at striking trade deals and was ready to conclude an agreement with the UK, rolling over the terms of the existing EU-Canada deal when the transition period ends. Read more: Financial Times
The United Nations (UN) has approved a US$250 million fund to help strengthen Nigeria’s Economic Sustainability Plan (ESP), an initiative aimed at supporting key policy reforms to complement Nigeria’s COVID-19 economic recovery efforts. Read more: Business Insider
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In 40 trades recorded yesterday, 1,600,520 shares were transacted yielding a market turnover of K2,542,382. A share price gain was recorded in Lafarge of K0.49. A share price loss was recorded in ZAFFICO of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation and Zambeef. The LuSE All Share Index (LASI) closed at 3,796.85 points, 0.57% up from its precious close of 3,775.30 points. The market closed on a capitalization of K57,004,211,081 including Shoprite Holdings and K22,765,005,101 excluding Shoprite Holdings.
Chart of the Day: