Story of the Day
Three weeks into the month of January 2022 on the Lusaka Stock Exchange and there is no trading activity on the bond market as it has been three consecutive weeks of no trades being recorded. The equities market recorded a 100% to 0% on the bond market. In comparison to week three of January 2021 we see the complete opposite as it was the bond market that dominated the capital market. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Zambian government has projected a modest 3.5 percent rise in its Gross Domestic Product (GDP) for 2022, a small rise from the 3.3 expected to have been attained last year. This is contained in the 2022-2024 Medium Term Budget Plan released by the Ministry of Finance. Read more: Lusaka Times
The government says domestic debt increased from K53.3 billion in January, 2019 to K198 billion at the end of 2021. Government attributes the rise in domestic debt to increasing recourse to domestic financing; impeded by high debt levels and debt servicing requirements that resulted in the debt standstill from October 2020 amidst reduced fiscal space. This is according to the latest White paper published by the Ministry of Finance. Read more: Lusaka Times
Government has published the 2022-2024 Medium Term Budget Plan (MTBP) also known as the White Paper. The 2022-2024 White Paper firms up the fiscal position of the approved 2022 Budget and outlook for the 2023 and 2024 fiscal years. The 2022-2024 White Paper will also be the basis for the formulation of the 2023-2025 Medium Term Budget Plan. Read more: ZNBC
The Zambia Consumer Association (ZACA) has challenged the Zambia National Commercial Bank-ZANACO to plough back the reported K1 billion profit after tax, which it posted in its 2021 financial year into improving customer service as well as to support local businesses that need capital for growth. Read more: Zambian Business Times
International Business and Finance
Ahead of Davos 2022, the World Economic Forum (WEF) has published a brief report on its website detailing five priority areas for Africa. According to the leading international lobbying organisation, African countries will now need to work together with the rest of the world on these priorities. Note that these priorities are essential to the continent’s economic development. The priority areas are highlighted and discussed below. Read more: Business Insider
The US and Japan have agreed to remove Trump-era tariffs from around 1.25 million metric tonnes a year of Japanese steel imports. Under the deal, Japan says it will help to tackle excess steel supplies, which push down prices. The agreement is aimed to stamp out “unfair practices” in the global steel industry, which is dominated by China. Read more: BBC News
Meta has said it is considering shutting down Facebook and Instagram in Europe if it can’t keep transferring user data back to the U.S. The social media giant issued the warning in its annual report last Thursday. Regulators in Europe are currently drawing up new legislation that will dictate how EU citizens’ user data gets transferred across the Atlantic. Read more: CNBC
California’s civil rights agency has informed Tesla that it has grounds to file a civil complaint against the automaker following an investigation into “undisclosed allegations of race discrimination and harassment at unspecified Tesla locations” in the state. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 50 trades recorded yesterday, 12,554 shares were transacted resulting in a turnover of K40,410. A share price gain was recorded in Standard Chartered Zambia of K0.30. Trading activity was also recorded in Airtel, Bata, Copperbelt Energy Corporation, First Quantum Minerals, Investrust, Chilanga Cement, Madison Financial Services, National Breweries, Zambeef, Zanaco, Zambia and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,476.52 points, 1.77% up from its previous close of 6,361.91 points. The market closed on a capitalization of K69,001,739,410 including Shoprite Holdings and K34,219,053,970 excluding Shoprite Holdings.