Story of the Day:
The Lusaka Securities and Exchange Commission’s six-year wait for another Initial Public Offering (IPO) has finally ended with the publication of the Zambia Forestry and Forest Industries Corporation Limited prospectus in which the company has indicated that it seeks to list 40% of the forestry company. Read more
Local Business and Finance
Zambia has legalized the production and export of cannabis for economic and medicinal purposes, the government’s chief spokeswoman said on Monday, becoming the latest country to shift its position on the drug to give its finances a boost. Read more: Reuters
Vice President Inonge Wina has called for the development of a phased import substitution programme by the end of January 2020. Read more: ZNBC
Government has noted that a sizable proportion of the Zambian adult population remains financially excluded. Finance Minister Bwalya Ng’andu says recent studies show that only 59.4% of the adult population is financially included. Read more: ZNBC
Zambia Development Agency (ZDA) has confirmed its participation in the Southern Africa Development Community (SADC) Men’s entrepreneurship Conference slated for 16th and 17th December 2019 at Mulungushi International Conference Centre. Read more: Zambian Business Times
Introducing services and products has potential to unlock rural development currently hampered by limited access to finance, Minister of Finance Bwalya Ng’andu said. Dr Ng’andu said financial service providers should develop innovative lending products that will meet the needs of the rural small-scale farmers. Read more: Zambia Daily Mail
A Chinese Company, China Jiangsu International Economic and Technical Corporation Group, has been selected to construct the state of the art multi-facility international conference center in Lusaka. Read more: Lusaka Times
International Business and Finance
The global economy is regaining some of its footing, with recent economic and trade developments in the U.S. and China offering some comfort that the slowdown is easing. Read more: Wall Street Journal
Prime Minister Abiy Ahmed said on Friday that Ethiopia will receive $3 billion from the World Bank to help strengthen reforms in its traditionally state-controlled economy. Read more: Reuters
Boeing will temporarily halt production of its troubled 737 Max airliner in January, the manufacturer said. Read more: BBC News
The U.S. wants to soon start work on a trade deal with the U.K. after recently closing agreements with Mexico and Canada and with China, President Donald Trump’s top economic adviser, Larry Kudlow, said Monday. Read more: Bloomberg
SpaceX has launched a satellite that will bring internet to isolated island nations. Read more: CNN
Goldman Sachs is the first big US bank to say it won’t finance new oil projects in the Arctic. The bank announced a raft of changes to its environmental policies, including a pledge not to finance drilling in the Arctic. The restrictions also rule out projects in Alaska’s Arctic National Wildlife Refuge, which President Donald Trump has sought to open to development. Read more: CNN
Financial markets are set for a “risk asset melt-up” in the first quarter of the new decade, according to Bank of America Corp. Read more: Investment News
The US-China trade deal leaves a large American deficit and a permanent collision course. Read more: CNBC
Capital Markets Report
In 18 trades recorded yesterday, 2,392,517 shares were transacted, resulting in a market turnover of K1,104,081. A share price gain of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Zanaco. The LuSE All Share Index (LASI) closed at 4,255.01 points, 0.09% up from its previous close of 4,251.10 points. The market closed on a capitalization of K56,516,055,827 including Shoprite Holdings and K22,276,849,847 excluding Shoprite Holdings.
Chart of the Day: