Story of the Day:
The first quarter of 2021 revealed that Zambia’s current account on average hit a record all time high of courtesy in an overview from 1998 till date. With a record all time low being in the 3rd quarter of 2008. Before the third quarter in 2020, the surplus had narrowed to 0.6 billion (3.3% of GDP) from US$(3.75% of GDP) due to the payout earnings of mining shareholders precisely those that are non-residence. Read more
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President Hakainde Hichilema has urged financial lenders in the country to consider giving credit to individuals and institutions at affordable rates in order to attract more clients. Read more: News Diggers
Government should not be deceived to further redesign taxation policies to favour mining companies at the expense of the domestic revenue mobilisation objectives, Centre for Trade Policy and Development (CTPD) has said. Read more: Zambia Daily Mail
The Zambia Association of Manufacturers (ZAM) says the looming price hikes for fuel and electricity will result in the increase of the cost of production, cost of transportation and price of locally manufactured products. Read more: Zambian Business Times
The Industrial Development Corporation (IDC) – has appointed the new ZCCM-IH Board Chairperson Dolika Banda, the first female to head ZCCM-IH. Ms. Banda has extensive and deep experience in development finance, and is an independent consultant among other achievements. Read more: ZNBC
International Business and Finance
U.S. stocks cut their losses and moved higher on Wednesday as the market got past one of the big uncertainties heading into year-end. The Federal Reserve signaled a more aggressive unwinding of its monthly bond buying, as expected by the market, and forecast multiple rate hikes on the way next year. Read more: CNBC
Nigerian inflation slowed to a 12-month low in November, easing pressure on the central bank to increase borrowing costs as the spread of the omicron variant may crimp economic growth. Consumer prices rose 15.4% in November from a year earlier, compared with 15.99% in the previous month. That’s the lowest level since November 2020. Read more: Al-Jazeera
Shares in Chinese healthcare and technology firms tumbled on Wednesday after a report that the United States would add more Chinese firms, including the largest commercial drone maker and biotech firms, to investment and export blacklists this week. Read more: Reuters
European Central Bank policymakers will gather on Thursday for a crunch meeting, as soaring inflation heaps pressure on the bank to wind down its stimulus just as a new coronavirus variant threatens to derail the recovery. The institution is expected to confirm the planned end of its massive pandemic-era stimulus plan in March. Read more: Yahoo Finance
Capital Markets Report Sponsored By ZCCM-IH
In 38 trades recorded yesterday, 10,122 shares were transacted resulting in a turnover of K50,909.79. Trading activity was recorded in AECI, Copperbelt Energy Corporation, CEC Africa, Lafarge, ZAMEFA, ZAFFICO and Zanaco.The LuSE All Share Index (LASI) closed at 5,649.63 with a percentage change of 0.44.
Chart of the Day: