Story of the Day:
The issuance of financial statements by investment house ZCCM IH has been impacted by various challenges that have in part been attributed to COVID 19 and internal group restructuring, according to an issued statement. Read more
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The Energy Regulation Board (ERB) has increased the pump prices of petroleum products by K2.12 per litre for petrol and K2.61 per litre for diesel. Read more: News Diggers
Stanbic Bank Zambia Plc is committed to financing the economic transformation drive as evidenced by the over K2.5 billion invested in structured financing for the construction of 10 shopping malls across the country. Giving an update on the bank’s real estate financing portfolio last week, Stanbic board chairman Abraham Mwenda said the institution has aligned its strategy to support Zambia’s key business sectors and contribute to Government’s inclusive and sustainable economic growth and development agenda. Read more: Zambia Daily Mail
Government, through Bank of Zambia (BoZ), has continued to maintain its borrowing limit of K2 billion from the domestic market through treasury bills despite strong appetite by investors who offered over K3 billion. And prices of international commodities such as copper and crude oil have risen due to fear of supply disruption following Russia’s invasion of Ukraine while the Kwacha is poised to depreciate further owing to inconsistent supply of United States (US) dollars on the Zambian financial market. Read more: Zambia Daily Mail
The International Drug Company in Kabwe has embarked on the construction of a modern multi-million dollar plant which is expected to create 700 jobs. The company which has plants based in Kabwe and Lusaka is a major supplier and manufacturer of sterile products and Intravenous drugs. Read more: ZNBC
International Business and Finance
Africa’s largest mobile network provider, MTN Group, has emerged as the first company on the continent to buy some plots of digital land on the virtual reality world — metaverse. Read more: Business Insider
Nigeria’s much anticipated Nigeria Air will finally launch in 2023, according to the West African country’s Infrastructure Concession Regulatory Commission (ICRC). Read more: Business Insider
Red-hot inflation in the United States may not cool off this year as much as many hoped, Goldman Sachs cautioned in a new report. “The inflation picture has worsened this winter as we expected, and how much it will improve later this year is now in question,” Goldman Sachs economists wrote in a client report Sunday night. Given that uncertainty, Goldman Sachs is raising its inflation outlook. It expects that core PCE inflation, the Federal Reserve’s preferred price metric, will decelerate to 3.7% at the end of this year. Read more: CNN
Canadian Prime Minister Justin Trudeau has announced a ban on Russian oil imports following the country’s invasion of Ukraine. Mr Trudeau said oil revenues have helped to prop up President Vladimir Putin and Russian oligarchs. Read more: BBC News
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In 187 trades recorded today, 42,951 shares were transacted resulting in a turnover of K107,646. Share price gains were recorded in First Quantum Minerals of K1.75, in PUMA of K0.11 and in Zanaco of K0.03. Trading activity was also recorded in Copperbelt Energy Corporation, Chilanga Cement, Pamodzi, Standard Chartered Zambia, Zambia Sugar and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,473.63 points, 0.60% up from its previous close of 6,435.06 points. The market closed on a capitalization of K68,989,106,498 including Shoprite Holdings and K34,206,421,058 excluding Shoprite Holdings.