Story of the Day
Two weeks into the month of February 2022, there is still no trading being recorded on the bond market leaving the equities market to completely dominate the capital market. The equities market recorded a 100% to 0% on the bond market. Read more
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BOZ successfully absorbed K2.6 billion of the K4.5 billion bids with the curve unchanged (save the 3yr that ebbed 50bps to 20.5%) and the highest interest concentrated in the 5 and 10 year tenors whose yields paid 22.25% and 25.49% respectively. Read more: The Business Telegraph
Minister of Technology and Science Felix Mutati has launched the new ZICTA licensing framework which he says is necessary in the transformation journey of making Zambia a digital economy. Read more: News Diggers
Over 491 cooperatives have applied to participate in mining activities at the ore rich black mountain in Kitwe. Kitwe District Commissioner Lawrence Mwanza has disclosed that his office has received overwhelming response from various groups. Mr Mwanza says those that have submitted cooperatives include youths and church groups whose membership is not less than 15. Read more: ZNBC
Mopani Copper Mines has cried foul over the payment of 47 million United States Dollars in separation packages to 5,000 employees which they claim was a result of political pressure under the previous PF Government. Mopani Copper Mines Chief Executive Officer, Charles Sakanya says before the August, 12 elections, there was political pronouncement to pay accrued benefits for employees. Read more: ZNBC
International Business and Finance
Google, in its latest “Africa Developer Ecosystem Report 2021”, has revealed that Africa’s tech developer ecosystem is on the rise. This is according to the findings of a study conducted across 16 Sub-Saharan African countries through fielded and analysed surveys of software developers and interviews with local experts. African startups raised over $4 billion in 2021, 2.5 times more than in 2020, with fintech startups making up over half of this funding. Read more: Business Insider
Russia’s ruble plunged Thursday as the country’s military invaded Ukraine. The dollar was up more than 10% against the Russian currency, sending the ruble to its lowest level ever against the dollar. The ruble was trading at 89.8903 to the dollar at 8:40 a.m. in Moscow, with the greenback up 10.45% against it from the previous day. Moscow has suspended trading on all its markets. Read more: CNBC
U.S. stock futures fell sharply early Thursday as Russia attacked Ukraine. Dow futures fell 720 points, or 2.19%, while futures tied to the S&P 500 were down 2.26%. Nasdaq 100 futures declined 2.73%. Meanwhile, oil prices popped, with West Texas Intermediate futures trading 5.29% higher at $96.97 per barrel. Global benchmark Brent jumped 5.39% to $102.06 per barrel, passing the $100 level for the first time since 2014. Read more: CNBC
A Bank of England deputy governor has said that only a “modest tightening” of monetary policy will probably be needed to keep inflation under control in the coming months. Dave Ramsden said on Tuesday that consumer inflation “would fall below our [the BoE] 2 per cent target within two years” if the Bank rate followed the market policy trajectory in one scenario, falling further to 1.4 per cent in 2025. Read more: Financial Times
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In 95 trades recorded yesterday, 75,054 shares were transacted resulting in a turnover of K207,320.63. Share price gains were recorded in First Quantum Minerals of K1.05 and in Zanaco of K0.02. A share price loss was recorded in Copperbelt Energy Corporation of K0.05. Trading activity was also recorded in Airtel, First Quantum Minerals, Chilanga Cement, Puma, Standard Chartered Zambia and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,407.90 points, 2.76% down from its previous close of 6,584.76 points. The market closed on a capitalization of K69,474,025,628 including Shoprite Holdings and K34,691,340,188 excluding Shoprite Holdings.