Story of the Day:
Bayport Financial Services has announced the appointment of Mwenzi Mibenge Mulenga as the new Chief Executive Officer. Ms Mulenga becomes the first female CEO in the history of the multi-billion kwacha Micro Finance, and joins a strong group of female CEOs in the Zambian Finance Industry. Read more
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Fitch Ratings has upgraded Zambia’s Long-term Local-Currency (LTLC) Issuer Default Rating (IDR) to ‘CCC’ from ‘CC’ and has affirmed Zambia’s Long-Term Foreign-Currency (LTFC) IDR at ‘RD’. Read more: Fitch Ratings
Bezant Resources PLC announced it has found a significant copper intercept in its first drill hole at the Minemba prospect within the Kalengwa exploration project area in Zambia. The exploration and development company has a 30% interest and acts as operator at the site. Read more: Proactive Investors
Public and private sector partnerships will be cardinal in accelerating enterprise development among micro, small and medium-scale entrepreneurs (MSMEs), smallholder farmers and cooperatives as Government aspires to integrate the segments into the mainstream economy, Zambia Development Agency (ZDA) director general Mukula Makasa has said. Read more: Zambia Daily Mail
Government has disbursed over K2 million for Social Cash Transfer beneficiaries in Petauke, Eastern province. Petauke District Commissioner, Velenasi Banda has confirmed, saying the funds are meant for March and April 2020 outstanding payments to K10,534 households. Read more: ZNBC
International Business and Finance
In a bold acquisition that could solidify Microsoft’s growing influence in the health care industry, the tech company agreed to buy artificial intelligence developer Nuance in a deal worth $16 billion, excluding debt. Read more: CNN
Oil slipped on Monday in thin trading as rising COVID-19 case numbers in some parts of the world kept a lid on prices, even as the Federal Reserve signalled the U.S. economy may soon rebound as vaccinations accelerate. Read more: CGTN
China on Tuesday reported March exports data that missed analyst forecasts while imports for the month rose more than expected. Chinese exports last month jumped 30.6% from a year ago in U.S. dollar terms, lagging the 35.5% increase that analysts polled by Reuters had expected. Read more: CNBC
Saudi oil giant Aramco on Friday entered into a $12.4 billion deal with a consortium of investors led by EIG Global Energy Partners that would give the investor group a 49% stake in Aramco’s pipeline assets, the two companies said. Read more: Reuters
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In 4 trades recorded yesterday, 25,618 shares were transacted resulting in a turnover of K32,298. A share price loss of K0,01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in British American Tobacco Zambia. The LuSE All Share Index (LASI) closed at 4,021.53 points, 0.09% down from its previous close of 4,025.25 points. The market closed on a capitalization of K57,840,838,379 including Shoprite Holdings and K23,596,197,605 excluding Shoprite Holdings.
Chart of the Day: