Story of the Day
Liquid Intelligent Technologies (Liquid), a business of Cassava Technologies (Cassava) in Zambia, is expanding its operations to Central Province by launching its first office in Mkushi. This launch will bring high-speed connectivity and a suite of intelligent technologies to the district for the first time. With the opening of this new branch in the country, the pan-African technology group has reiterated its commitment to enabling social mobility and economic prosperity of individuals and enterprises across Zambia. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The bourse in Africa’s second-largest copper producer Zambia, the Lusaka Securities Exchange (LuSE) has outperformed the continent’s stock markets with its share index flirting with a fresh all-time high on August 24 to 7,010.4. Trading 15.7% (YTD) firmer in, local currency terms, the index is in dollar terms 19.3% stronger, surpassing the S&P500 index and previous scoreboard winner, the Nigerian Stock Exchange (NSE) currently at 16.3% (YTD). Read more: The Business Telegraph
Minister of Commerce, Trade and Industry Chipoka Mulenga has disclosed that feasibility studies on the land which has been secured for the manufacturing of electric car batteries are currently underway and commencement of construction of the factory will begin once the studies are concluded. Speaking in an exclusive interview with the Zambian Business Times-ZBT, Mulenga explained that the land is on the Copperbelt Province but declined to state the exact location. Mulenga said he could not give the timeframe for commencement of the construction of the manufacturing factory stating that it will only commence once all things have been put in place. Read more: Zambian Business Times
The Mine Workers Union of Zambia-MUZ has disclosed that it has resolved to take a lead in participating in mining activities in order to create job opportunities for its members and local Zambians. Union President Joseph Chewe said the union has been representing and protecting workers’ interest and the country at large in terms of beneficiation for some time now which has not benefited a lot of its members hence the need to acquire a mine that will support members. Speaking in an exclusive interview with the Zambian Business Times-ZBT, Chewe said the union has resolved to acquire a mine in Northwestern Province and is only waiting for the Cadastre to open so that it can push for its exploration license. Read more: Zambian Business Times
There is need to intensify financial literacy among people in order to reduce the risk of individuals and businesses falling prey to money scams, says Prudential Pensions Management Zambia (PPMZ) chief executive officer Kanyifwa Nyirongo. And Prudential Life Assurance Zambia (PLAZ), in collaboration with the Ministry of Education, has rolled out children’s financial literacy programmes in schools in three provinces, teaching young learners about generational wealth. During the Prudential financial literacy master class in Lusaka on Saturday, Mr Nyirongo said the public needs to be aware about available investment options and savings solutions, as well as bringing to light the risks and possible financial pitfalls associated with them. Read more: Zambia Daily Mail
International Business and Finance
Kenya Airways reported a loss of $82.4 million during the half-year period ending June 2022, according to disclosure during the airline’s investor briefing held today. Business Insider Africa understands that the reported loss represents a 14% reduction compared to the $95.9 million loss during the comparable period in 2021. The loss in H1 2022 was despite the fact that the airline had ramped up its earnings during the period under review. Reported revenue jumped 76% to $401.3 million, driven by an 85% surge in passenger demands. A total of 1.61 million air travellers were uplifted during the period. Read more: Business Insider
The UK imported no fuel from Russia in June for the first time on record, according to official figures. Imports of goods from Russia also fell to £33m in June, the lowest level since records began in January 1997, the Office for National Statics (ONS) said. Western nations have imposed strict sanctions on Russia since it invaded Ukraine in February. The UK has pledged to phase out Russian oil imports by the end of the year and gas imports as soon as possible. Fuel imports from Russia fell by £499m – or 100% – compared with the average for the previous 12 months to February. Read more: BBC News
U.S. stock futures were higher Thursday morning after all three major averages ended higher during the daily trading session. Dow Jones Industrial Average futures gained 220 points, or 0.67%. S&P 500 and Nasdaq 100 futures climbed 0.88% and 0.97%, respectively. Shares of Nvidia slid more than 2% on the heels of a quarterly report that missed Wall Street’s expectations. Salesforce fell more than 4% after the company provided a disappointing forecast for fiscal 2023. Snowflake jumped 16% after posting a beat on revenue. Read more: CNBC
The pan-European STOXX 600 rose 0.6% as of 0712 GMT. Energy stocks jumped 1.2% to near 12-week highs as crude prices rose on mounting supply tightness concerns. Germany’s DAX jumped 0.8%. The German economy expanded by 0.1% in the second quarter, beating analyst expectations, supported by private and government spending despite the energy crisis. Read more: Reuters
Capital Markets Report
In 76 trades recorded yesterday, 116,009 shares were transacted resulting in a turnover of K183,114. A share price gain of K0.03 was recorded in ZMBF. Trading activity was also recorded in AECI, Copperbelt Energy Corporation, PUMA, Standard Chartered Zambia, ZAMEFA, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,012.48 points, 0.03% up from its previous close of 7,010.41 points. The market closed on a capitalization of K71,455,748,377 including Shoprite Holdings and K36,673,062,937 excluding Shoprite Holdings.