Story of the Day:
GreenCo Power Services, a Mauritius-based subsidiary of Africa GreenCo Group, has joined the Southern African Power Pool (SAPP). GreenCo joined the SAPP as a Market Participant on October 8th, 2021. GreenCo Group CEO Ana Hajduka thanks the SAPP team and existing SAPP members for their faith and support of innovative new business models like GreenCo`s. Read more
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Zambia has seen more bull that bear trajectories in the financial markets with the copper currency, the Kwacha, on a winning streak while the bond curve flattened as an interest rate ebb commenced. Empirical evidence has shown that bond rallies precede equity market bulls. Read more: The Business Telegraph
Small and Medium entrepreneurs have been advised to take advantage of the increased economic empowerment fund in the 2022 national budget by engaging viable businesses. Senior Monitoring and Evaluation Officer in the Ministry of Small and Medium Enterprise Development, William Kabwe said government has increased the economic empowerment fund from K41 million to K350 million. Read more: Lusaka Times
Zambia National Union of Teachers – ZNUT says it is yet to agree with government on the way forward concerning the issue of debt swap. The teacher Union has also called on some banks that are yet to refund the deductions to do so soonest. Read more: Zambian Business Times
President Hakainde Hichilema says government wants to maximize its membership with the Common Market for Eastern and Southern Africa (COMESA) to promote industrialization and job creation. President Hichilema says this can be achieved through promoting value addition and processing of goods targeted at the 550-million population in the regional block. Read more: ZNBC
International Business and Finance
AfricArena has released a new report using Partech data which has forecast that venture capital funding for African tech startups this year will be between $2.25 and $2.8 billion, making it the best year in the history of tech investment on the continent. Read more: Business Insider
Crisis-hit Chinese real estate giant Evergrande is selling its entire stake in film and television streaming company HengTen for $273m. The move comes as the world’s most indebted developer has been struggling to meet interest payments on its loans. Read more: BBC News
Britain looks set to become the first major economy to hike interest rates since the Covid-19 pandemic began after inflation data showed prices rising at the fastest rate in a decade. Driven by higher energy and transport costs, the UK Consumer Prices Index rose by 4.2% in the year to October. That’s the biggest jump in the index since November 2011. Read more: CNN
U.S. stock futures traded up early Thursday after the major averages pulled back, albeit close to records, on Wednesday. Dow futures rose 31 points. S&P 500 futures gained 0.22% and Nasdaq 100 futures rose 0.41%. Read more: CNBC
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In 74 trades recorded yesterday, 157,937 shares were transacted resulting in a turnover of K67,553.37. Trading activity was recorded in, AECI, Copperbelt Energy Corporation, First Quantum Minerals, Investrust, Lafarge, Pamodzi, Puma, Standard Chartered Zambia, Shoprite, Zambeef and Zanaco. The LuSE All Share Index (LASI) remained at 5,578.63 with a percentage change of 0.69.
Chart of the Day: