Story of the Day:
In the second week of March 2020 trading on the LuSE, only two days recorded trades of which Wednesdays’ equity trading was the best performing for the week. Trading activity was recorded in AEL Zambia, Airtel , CEC Zambia , Lafarge, Standard Chartered Bank and Zambeef. Six companies securities recorded trades as compared to week two of February which recorded seven companies. Read more
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The Securities and Exchange Commission’s (SEC) temporary possession of Madison Asset Management Company (MAMCo) came as a result of its financial challenges, which emanated from exposure to companies that collapsed, LSA Group chairman Dr Lawrence Sikutwa has disclosed. But MAMCo’s financial challenges, , are being worked on as plans to inject liquidity amounting to around K70 million are progressing well. Read more: News Diggers
AUVIV Zambia Limited Chief Executive Officer Clive Chirwa says the company intends in the near future to manufacture electric-powered vehicles. And Prof Chirwa told says AUVIV Zambia has the capacity to design and manufacture electric vehicles locally. Read more: Lusaka Times
The International Labour Organisation (ILO) and the Kafue Gorge Regional Training Centre (KGRTC) have partnered to enhance the latter’s capacity to deliver training in renewable energy and energy efficiency (REEE). The programme, which is being implemented under the Skills Development for the Renewable Energy Project Sector (SKIDRES), a Swedish Embassy-supported programme, is aimed at bridging skills gaps in the renewable energy and energy efficiency subsectors in the country and region. Read more: Zambia Daily Mail
Cassava processing company Kemiko Limited has partnered with Musika to upscale the buying of the commodity from small-scale farmers in Luapula and Northern provinces as the country embraces cassava production in the agriculture diversification programme. Read more: Zambia Daily Mail
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1990 birthed the concept of a network of networks. Tim Bernes-Lee was the scientist behind this invention. Although the internet cannot be credited to one specific scientist, Nikola Tesla toyed with the idea of a “world wireless system” in the early 1900’s. Read more
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The European Central Bank (ECB) has launched an emergency €750bn ($820bn) package to ease the impact of the coronavirus pandemic. It will buy government and company debt across the eurozone, including that of troubled Greece and Italy. ECB boss Christine Lagarde tweeted “there are no limits” to its commitment to the euro. Read more: BBC News
The trading floor of the New York Stock Exchange (NYSE) is set to shut in the latest coronavirus-related closure. The Intercontinental Exchange, which operates the NYSE, said all buying and selling of shares will happen electronically from 23 March. Much of the trading is already electronic. It comes after some staff had tested positive for the virus. Read more: CNN
An oil price war between Saudi Arabia and Russia will most likely accumulate over the course of the year, energy analysts have told CNBC, with no end in sight until 2021 at the earliest. Read more: CNBC
Sterling has collapsed to multi-decade lows against the US dollar, sinking as much as 4 per cent as the coronavirus outbreak continues to rip through global markets. On Wednesday, the pound traded below $1.15 against the dollar for the first time since the 1980s, extending a decline over the past week. Read more: Financial Times
South Africa’s annual inflation rate rose above the midpoint of the central bank’s target range for the first time in 15 months in February driven by higher fuel prices. Read more: Bloomberg
Capital Markets Report
In 12 trades recorded yesterday, 33,690 shares were transacted yielding a market turnover of K23,241. Trading activity was recorded in AEL Zambia, Standard Chartered Bank Limited, Zanaco and CEC Africa on the quoted tier. There was a share price loss of K0.01 recorded in Standard Chartered Bank Limited. The LuSE All Share Index (LASI) closed at 4,228.43 points, 0.09% down from its previous close of 4,232.26 points. The market closed on a capitalization of K57,223,768,167 including Shoprite Holdings and K22,984,562,187 excluding Shoprite Holdings.
Chart of the Day: