Story of the Day:
Opaque beer maker National Breweries Plc has announced that it continues to record loss per share, according to a statement from the company. “The company recorded a 14% reduction in revenue due to the reduced volumes compared to last year as the COVID-19 restrictions in 2020 resulted in higher sales of some of the company’s packs”. Read more
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Copper prices on London Metal Exchange yesterday edged higher buoyed by a softer United States (US) dollar to trade at US$9,491 a tonne. The price of copper, which is Zambia’s major foreign exchange earner, was US$9,426 on Monday. Read more: Zambia Daily Mail
Minister of Finance and National Planning Situmbeko Musokotwane has said that the proposed 2022 National budget is anchored on the draft Eighth National development plan and some elements in the Seventh National Development Plan. Read more: Lusaka Times
Secretary to the Treasury Felix Nkulukusa says political interference in the procurement process has led to companies being paid for projects they have NOT fully implemented. He says this practice has consequently weakened Zambia’s macro economic performance because of lack of transparency therefore making budget credibility weak. Mr. Nkulukusa says Zambia’s transparency score over the years has been very low with public participation recording 20 out of 100 while budget oversight being 46 out of 100. Read more: ZNBC
Minister of Mines Paul Kabuswe says government will come up with a policy that will stop the export of raw Manganese and other minerals. Mr Kabuswe says this will be done in consultations with the Ministry of Finance and Justice. He says it is unacceptable that huge tonnes of raw Manganese is leaving the country when it can be processed locally. Read more: ZNBC
International Business and Finance
The safe-haven dollar languished near an almost one-week low against its major peers on Thursday as investors adopted a more optimistic stance about the global economic outlook, despite the rapid spread of the Omicron coronavirus variant. The dollar index , which measures the currency against six rivals, slipped 0.08% to 96.032 and earlier reached 96.018 for the first time since Dec. 17. Read more: Reuters
Tesla Inc Chief Executive Elon Musk said on Wednesday he was “almost done” with his stock sales after selling over $15 billion worth for more than one month. Tesla shares ended 7.5% higher at $1,008.87, valuing the company at just over $1 trillion. Read more: Reuters
The third Turkey-Africa Partnership Summit has taken place in Istanbul under the theme “Enhanced Partnership for Common Development and Prosperity”. The two-day summit, hosted by President Recep Tayyip Erdoğan, marks a new stage in Turkey’s relations with the African Union and African countries, according to Turkey’s Ministry of Foreign Affairs (MFA). Read more: African Business
US President Joe Biden has said government measures to tackle global supply chain issues have averted a pre-Christmas crisis. He was speaking ahead of a meeting with officials and company bosses, including transportation giant FedEx. In June, he created a task force to address rising prices and shortages of goods caused by the pandemic. Read more: BBC News
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In 29 trades recorded yesterday, 5,570 shares were transacted resulting in a turnover of K13,196.28. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge and Puma. The LuSE All Share Index (LASI) closed at 5,794.82 with a percentage change of 0.
Chart of the Day: