Story of the Day
Zambeef, the country’s leading vertically integrated cold chain food products and agribusiness has continued in its expansion programme with the opening of a self-service macro and stockfeed outlet in Lusaka’s Makeni Bonaventure area. Lusaka Mayor Chilando Chitangala hailed Zambia’s leading food processor and retailer for the expansion drive progress in the provision of quality products through the improved food quality and safety programmes the company undertakes. Read more
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Bankers Association of Zambia Chairperson Mizinga Melu says the association sees positive sentiments in the medium to long term fuelled by the upcoming IMF programme. Responding to a press query on Zambia’s economic outlook with an IMF programme in place, Melu said the upcoming IMF programme also showed a strong drive towards economic transformation and growth as well as job creation. Read more: News Diggers
British American Tobacco (BAT) has recorded K64 million profit after tax for the financial year ended June 2022 on the backdrop of reduced inflation rate and the stable exchange rate. This represents a 60 percent increase from the K39.9 million that was recorded for the financial year ended June 2021. This is according to a financial statement issued on Friday by company secretary Zoe Chiliboyi. Read more: Zambia Daily Mail
The Jesuit Centre for Theological Reflection (JCTR) has proposed that the Government through various ministries implements some measures aimed at reducing the high cost of living in the country. The JCTR Basic Needs and Nutrition Basket (BNNB) for the month of July 2022 in Lusaka stood at K9, 332.82 showing an increase of K31.36 increase from the K9, 301.46 recorded in June, 2022. The center says the upward movement in the food basket is attributed to price movements in items such as charcoal, fruits but acknowledged notable reductions in items such as 6kg tomatoes which went down by K39.00 from K111.36. Read more: Lusaka Times
Transport Minister Frank Tayali says Zambia has made strides in improving regional connectivity through its existing transport infrastructure. Mr. Tayali says Zambia has over Six key corridors cutting across the country, and needs financial help to address constraints in transport connectivity. The Minister says there is also need to Finance transport and storage infrastructure and enhance the use of ICTs in the country’s logistics system. Read more: ZNBC
International Business and Finance
The UK has launched a scheme to cut tariffs on hundreds of products from some of the world’s poorest countries to try to boost trade links. The preferential terms, which come into effect early next year, will affect products ranging from food to textiles. Under the Developing Countries Trading Scheme, 99% of goods imported from Africa will be duty free. Read more: ZNBC
Nigeria’s inflation rate blasted to a 17-year high in July at 19.64%, up from 18.60% in June, according to the latest Consumer Price Index report by the National Bureau of Statistics (NBS). The report, seen by Business Insider Africa, showed that the inflation rate increased by 1.82% on a month-on-month. This is the highest level Nigeria’s inflation has accelerated to since September 2005. And it was driven by food inflation which rose to 22% during the month under review, up from 20.6% in June 2022. The jump in food inflation was due mainly to increases in the prices of different staples like bread and cereals, potatoes, yam, meat, fish, oil, etc. Read more: Business Insider
Russia’s economy contracted in the second quarter – the first full three months since the country’s invasion of Ukraine – and economists are divided over whether it can continue to weather the onslaught of international sanctions in the long term. The Russian economy shrunk by 4% year-on-year over the second quarter, although this was less sharp than the 5% expected by analysts. The Central Bank of Russia expects the downturn to deepen in the quarters ahead, reaching its lowest point in the first half of 2023. Read more: CNBC
U.S. stock futures were flat Tuesday morning after all three major averages gained during the daily trading session. Dow Jones Industrial Average futures were unchanged. On Monday, the 30-stock index closed above its 200-day moving average for the first time since late April. S&P 500 and Nasdaq 100 futures dipped 0.15% and 0.21%, respectively. Read more: CNBC
Capital Markets Report
In 111 trades recorded yesterday, 26,513 shares were transacted resulting in a turnover of K76,143. Share price gains were recorded in Copperbelt Energy Corporation of K0.10. Share price losses were recorded in Standard Chartered Zambia of K0.03 and in Zanaco of K0.01. Trading activity was also recorded in Chilanga, PUMA, Zambia Breweries and Zambeef. The LuSE All Share Index (LASI) closed at 6,982.98 points, 0.32% up from its previous close of 6,960.46 points. The market closed on a capitalization of K71,327,369,906 including Shoprite Holdings and K36,544,683,466 excluding Shoprite Holdings.