Story of the Day:
First Quantum Minerals (FQM) has announced that it will be offering addition debt securities that it hopes will allow it to raise $300 million, according to the company. Read more
Local Business and Finance
The price of copper yesterday hit its highest since May last year ahead of the United States-China phase one trade deal. Read more: Zambia Daily Mail
ZCCM-IH posted reduced profits after tax of K448 million during its financial year ending March 31, 2019, triggered by reduced dividends paid by Kansanshi Mining Plc, and lower income from Konkola Copper Mines (KCM) Plc, among others. Read more: News Diggers
Currency risks have continued to heighten in Zambia as dollar demand builds to fund the agribusiness sector. The Kwacha has pointed north this week after most corporate resumed business this week having come from the festivity break. Read more: The Business Telegraph
A Team of technocrats from the Ministries of Finance, Energy, and ZESCO have been constituted to look into the issues surrounding the ZESCO and Copperbelt Energy Corporation (CEC). Read more: ZNBC
Ms. Dorothy Tembo, current Deputy Executive Director of the International Trade Centre, assumed the role of Executive Director ad interim of the organization on 13 January 2020 upon the departure of Ms. Arancha González. Read more: Lusaka Times
International Business and Finance
The African Development Bank (AFDB) will on Thursday, 30 January launch the 2020 edition of its flagship African Economic Outlook (AEO) report at its headquarters in Abidjan, Cote d’Ivoire. Read more: Africa News
The UK’s inflation rate fell to its lowest for more than three years in December, increasing speculation that interest rates could be cut. Read more: BBC News
China’s Vice Premier Liu He said on Thursday that China’s 2019 GDP is estimated to grow more than 6%, according to Chinese state news agency Xinhua News. Read more: CNBC
Goldman Sachs Group Inc will set an expense target at its investor day later this month, management said on Wednesday, after the bank missed Wall Street profit expectations due to inflated costs. Read more: Reuters
Korea’s Hyundai Group is backing a UK electric vehicle startup that plans to begin selling battery-powered delivery vans in 2021, the companies said on Thursday. Hyundai Motor Co and sister firm Kia Motors Corp are making the investment of 100 million euros in Arrival Ltd. Read more: Reuters
Google controls the way most of the world surfs the internet, with its Chrome browser accounting for more than half the global market. Now, it’s planning to get rid of the way companies and advertisers track Chrome’s millions of users. Read more: CNN
Capital Markets Report
In 55 trades recorded yesterday, 27,005 shares were transacted, yielding a market turnover of K54,300. Share price gains of K0.87 in AEL Zambia and K0.02 in Lafarge were recorded today. There was also trading activity in Copperbelt Energy Corporation, Standard Chartered Bank Limited, Zambia Breweries, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,257.65 points, 0.12% higher than its previous close of 4,252.42 points. The market closed on a capitalization of K56,527,056,210 including Shoprite Holdings and K22,287,850,230 excluding Shoprite Holdings.
Chart of the Day: