Story of the Day:
Shareholders of ZCCM Investments Holdings Plc (“ZCCM-IH”) are referred to the announcement dated 23 May 2019 concerning the following; ZCCM-IH filing a petition in the High Court of Zambia for the winding up of Konkola Copper Mines PLC on 21 May 2019 and the appointment by the Court of Mr Milingo Lungu as provisional liquidator of KCM. Read more
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Canadian copper miner First Quantum Minerals has shelved plans to sell a stake in its Zambian copper mines, COO Tristan Pascall said on Wednesday. China’s Jiangxi Copper Co had been speculated as a potential suitor for minority interests in First Quantum’s Kansanshi and Sentinel mines. Read more: Mining Weekly
Amidst market hype after an aggressive winning trajectory for 24 consecutive sessions, the copper currency, the Kwacha on July 28 showed technical signs of resistance and potential reversal as it unroiled some of its gains seen in the last few weeks. From all time lows of 22.6/22.8 a fortnight earlier, the Kwacha rallied to slightly under 18.9/19.1 after which the local unit has started to marginally lose bullish momentum closing yesterdays trading at 19.1/19.5. Read more: The Business Telegraph
President Edgar Lungu says government is willing to revisit some taxes in order to support the Agriculture sector. The Head of State says government will consider waving taxes on agriculture equipment such as onion driers. President Lungu says his government does not want the country to be importing crops which can be grown locally. Read more: ZNBC
First Quantum Minerals – FQM’s Kalumbila – Sentinel mine half year revenues have risen to US$1.1 billion, up by 117% in 2021 compared to the same period in 2020. The open pit mine posted quarter two – Q2 earnings of US$525 million for the quarter ended 30 June 2021 compared to US$252 million for the same period last year 2020. Read more: Zambian Business Times
First Quantum Minerals – FQM’s Solwezi based Kansanshi mine and Smelter half year revenues have risen to US$876 (about US$900 million) has posted a 30% second quarter revenue growth in 2021 compared to the same period in 2020, signaling the mine reaping from surging international copper prices. Read more: Zambian Business Times
International Business and Finance
The Federal Reserve on Wednesday held its benchmark interest rate near zero and said the economy continues to progress despite concerns over the pandemic spread. As expected, the Federal Open Market Committee concluded its two-day meeting by keeping interest rates in a target range between zero and 0.25%. Read more: CNBC
Facebook has warned that it expects revenue growth to slow down “significantly” in the second half of 2021. The tech giant saw revenue rise to $29bn in the three months to 30 June, up from $18.69bn last year. But it said that sales would slow “as we lap periods of increasingly strong growth”. Read more: BBC News
Boeing returned to profitability in the second quarter, posting net income for the first time since the start of the Covid-19 pandemic last year, a recovery that will save 10,000 jobs at the company. Boeing earned $567 million in the quarter, compared to a $2.4 billion loss a year earlier. Analysts had forecast another loss of $161 million, and had not expected Boeing to return to profitability until later this year. Read more: CNN
The Bank of England looks set to keep its stimulus running at full speed next week despite two policymakers breaking ranks to suggest that its nearly 900 billion pound ($1.2 trillion) bond-buying scheme might have to end early as inflation speeds up. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 14 trades recorded yesterday, 564 shares were transacted resulting in a turnover of K5,213. Trading activity was recorded in INVST, Lafarge and Pamodzi. The LuSE All Share index (LASI) maintained its close of 4,634.01 points, as there were no share price movements. The market closed on a capitalization of K60,964,993,775 including Shoprite Holdings and K26,182,308,335 excluding Shoprite Holdings.
Chart of the Day:
