Story of the Day:
The only listed sugar cane growing and processing company on the Lusaka Securities and Exchange has announced the retirement of its first ever woman Chief Executive Officer of the Zambia outfit, according to a statement from the company. Read more
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The newly elected President of Zambia, H.E. Hakainde Hichilema, will address over 1000 global businesses and investors at Invest Africa’s flagship event, The Africa Debate, on 15th September. The virtual broadcast will see President Hichilema outline his plans to restore macro-economic stability to Zambia in conversation with the Chairman of Invest Africa, Rob Hersov. Read more: Africa News
The Africa Minigrid Developers Association (AMDA) and the Rural Electrification Authority of Zambia have signed a memorandum of understanding around promoting minigrids and decentralised utilities for rural electrification. Read more: ESI Africa
Zamtel is pondering growing its customer base to seven million subscribers by 2023 from the current 3.7 million in an effort to provide digital solutions in the country. Read more: Zambia Daily Mail
The Bank of Zambia (BOZ) says it cannot state at which exchange rate the Kwacha will stabilize and settle at against the US dollar. This follows a period of rapid appreciation of about 30% within four weeks that has caused mayhem for both importers and exporters as far as planning is concerned. Read more: Zambian Business Times
International Business and Finance
The chip shortage that is disrupting global car production could continue into 2022 and even 2023, a leading German car industry figure has said. Covid had been a stress test for the industry, which needed a thorough review of its supply chains, Daimler chairman Ola Källenius said. Read more: BBC News
El Salvador is about to become the first country in the world to adopt bitcoin as legal tender. President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels. Read more: CNN
Longtime market bull Tom Lee is predicting a profitable period for investors in September. According to Lee, the S&P 500 is positioned to surge more than 100 points this month. However, he warns the positive momentum has an expiration date. Read more: CNBC
Shares in Asia-Pacific were mixed in Tuesday morning trade. China’s exports jumped 25.6% year-over-year in August, customs data showed Tuesday, above expectations for a 17.1% rise by analysts in a Reuters poll. The Reserve Bank of Australia announced Tuesday its decision to hold steady on the cash rate target. Read more: CNBC
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In 29 trades recorded yesterday, 68,742 shares were transacted resulting in a turnover of K80,592. Trading was recorded in Airtel, Lafarge, Zambia Breweries, ZCCM, Zanaco, Zambia Sugar, ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 4,802.81 points, as there were no share price movements. The market closed on a capitalization of K61,699,936,456 including Shoprite Holdings and K26,917,251,016 excluding Shoprite Holdings.
Chart of the Day: