Story of the Day:
In the fourth week of April 2021 trading on the LuSE, seven companies’ securities recorded traded this is a similar recorded to 2020 week four of April as it also recorded seven companies securities with AEL Zambia as the highest priced security. Fridays’ equities trading was the best performance of the week, ZANACO recorded the highest turnover for the week. Read more
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Zambia is expected to sign a Memorandum of Understanding (MoU) with Angolan that will facilitate for the commencement of a feasibility study on the establishment of the Angola-Zambia Oil Pipeline. Read more: Zambian Business Times
The Timber Producers Association of Zambia (TPAZ) has accused the Zambia Forestry and Forest Industries Corporation – ZAFFICO of distorting the pricing of Mukula timber logs in the country, in the process short changing local traders. Read more: Zambian Business Times
Finance Minister Dr Bwalya Ng’andu says Zambians should not be imposed with a limitation when it comes to accessing contracts. Speaking when he appeared on ZNBC’s Sunday Interview, Dr Ng’andu said the 20 percent allocation of sub-contracts to Zambian firms in the new Public Procurement Act should be changed. Read more: News Diggers
The Office of the Auditor General has launched the simplified version of its report on audit accounts for local authorities, aimed at generating interest among citizens. The simplified version of the Auditor General’s report is for the financial years ended 31st December 2018 and 2019. Read more: ZNBC
International Business and Finance
Sub Saharan Africa has been ranked as the region with the most expensive data prices in the world. The new report from UK Company Cable.co.uk gathered and analysed 6,148 mobile data plans in 230 countries between December 8, 2020, and February 25, 2021, to calculate the average cost of 1GB of data. Read more: Business Insider
The Federal Reserve said Wednesday the US economy is growing stronger, but it left interest rates unchanged near zero. Interest rates will stay the range of zero to a quarter of a percent until the Fed’s goal of maximum employment and inflation of about 2% over the longer term. Read more: CNN
Samsung Electronics has announced its strongest first quarter profits since 2018 on the back of strong mobile sales led by its flagship Galaxy S21 line. The Korean giant’s net profits rose 46.3% compared to the same quarter in 2020 to 7.1trn won ($6.4bn). Read more: BBC News
Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected. Apple stock rose over 4% at one point in extended trading. Revenue was $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-year. Read more: CNBC
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In 16 trades recorded yesterday, 46,703 shares were transacted resulting in a turnover of K160,851. Share price losses were recorded in Copperbelt Energy Corporation of K0.08, Pamodzi of K0.02 and in Standard Chartered Zambia of K0.01. Trading activity was also recorded in BATA, British American Tobacco Zambia, First Quantum Minerals and National Breweries. The LuSE All Share Index (LASI) closed at 4,079.47 points, 0.84% down from its previous close of 4,113.54 points. The market closed on a capitalization of K58,093,694,101 including Shoprite Holdings and K23,849,053,326 excluding Shoprite Holdings.
Chart of the Day: