Daily FiZ – Thursday 28/10

Story of the Day:

The mining sector remains a significant part of the Zambian economy, accounting for over 9 percent of the GDP and 70 percent of export earnings. The sector is also a significant source of government revenue and formal employment, both directly and indirectly. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Finnish Ambassador to Zambia Pirjo Suomela-Chowdhury says her country will support the new Zambian government’s initiative to strengthen small and medium entrepreneurs (SMEs) in an effort to steer up economic development. Read more: Lusaka Times

Vice President Mutale Nalumango says Zambia will work with other nations to realise the global ambitious agenda of sustainable peace, security and development. And Mrs. Nalumango has acknowledged the growing relations between Zambia and Israel. Read more: ZNBC 

Access Bank Plc has signed an agreement with Atlas Mara Ltd. on a merger between African Banking Corporation Zambia Ltd., and its subsidiary, Access Bank Zambia Ltd. The bank’s Group Managing Director/Chief Executive Officer, Dr Herbert Wigwe, said this in a notice posted on the website of the Nigerian Exchange (NGX) Ltd. on Monday. Read more: News Verge

Canada-based First Quantum has narrowed its total copper production guidance for the year by 15 000 t to a range of 800 000 t to 835 000 t, as it adjusted expectations for output from Cobre Panama mine, as well as Kansanshi and Senitel, in Zambia. Read more: Mining Weekly

International Business and Finance

The impact of Brexit on the UK economy will be worse in the long run compared to the coronavirus pandemic, the chairman of the Office for Budget Responsibility has said. Richard Hughes said leaving the EU will reduce the UK’s potential GDP by about 4% in the long term. He said forecasts showed the pandemic would reduce GDP “by a further 2%”. Read more: BBC News 

The Bank of Japan kept interest rate targets unchanged on Thursday and the central bank cut its real GDP growth outlook and consumer inflation forecasts for fiscal 2021. Read more: CNBC

Stock futures edged higher in overnight trading on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs. Dow futures rose 45 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly positive territory. Read more: CNBC

Rising inflation across the eurozone will take centre stage as European Central Bank governors meet on Thursday to debate the future of the bank’s monetary policy. Disruptions in supply have not only pushed up prices but also squeezed industrial production, providing perilous economic terrain through which policymakers must plot a course. Read more: Yahoo Finance 

Capital Markets Report Sponsored By ZCCM-IH

In 53 trades recorded yesterday, 311,931 shares were transacted resulting in a turnover of K474,218.60. Trading activity was recorded in CEC Africa, Copperbelt Energy Corporation, Standard Chartered Limited Zambia, Lafarge, Madison Financial Services, Puma, Zambia Breweries, ZAFFICO and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,827.53 points with a percentage change of -0.10.

Chart of the Day:

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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