Story of the Day
FNB Zambia releases monthly reports which illuminate key factors affecting players within the agriculture sector. The report monitors the price movements of three key commodities: maize (+45%) , soya (+59%) and wheat (+29%). Over the course of the last year there have been significant price increases to commodities as a result of the global supply chain instability caused by Russia’s invasion of Ukraine. Soya and Wheat are the crops with the most international exposure and farmers are expected to benefit from the international speculation. The general food price indexes showed an overall increase of an average +8% in the price of key consumer foods. In this article we break down some of the key market analysis within the contents of the report. Read more
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The Ministry of Foreign Affairs and International Cooperation has announced that President Hakainde Hichilema has accepted what the Ministry described as a rare invitation to address the European Union (EU) Parliament in Brussels, Belgium on Thursday, 23rd June, 2022. The President will immediately after his Address, travel to Kigali, Rwanda to participate in the 26th Commonwealth Heads of Government Meeting (CHOGM) scheduled for 23rd to 25th June, 2022. Read more: Lusaka Times
President Hakainde Hichilema says government will amend the law to ensure all bottlenecks hampering the utilization of the Constituency Development Funds-CDF- are removed. President Hichilema says CDF was aimed at changing the scenario of resource allocation so that local people can decide for themselves. President Hichilema says CDF should serve the purpose for which it was set up. And President Hichilema has invited Traditional leaders to be part of the economic transformation that his government has embarked on. Read more: ZNBC
President Mutale Nalumango says government is confident that the cost of living will gradually reduce following consistent reduction in the inflation rate. Mrs. Nalumango says the drop in inflation is an indicator that the cost of living will also go down. Meanwhile the Vice President says government does not determine the cost of petroleum products but follows the price on the international market. Read more: ZNBC
Agriculture Permanent Secretary Green Mbozi says the K7.2 billion (about $420 million) agriculture budget deficit will be financed by the supplementary budget. The new dawn government had set aside K3.6 billion (about $212 million) for the procurement of fertilizer for the 2022/2023 Farmer Input Support Programme (FISP) but the increase in prices of fertilizer between the time of budgeting and now has meant that the funds are now inadequate. Read more: Zambian Business Times
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Africa must act quickly to profit from its vast reserves of natural gas that the world will only want until it can shift towards lower carbon technology, the International Energy Agency said on Monday. In its Africa Energy outlook for 2022 published on Monday, the IEA said Africa could be in a position by the end of the decade to export some 30 billion cubic metres (bcm) to Europe, which is currently hungry for gas because it is trying to reduce its reliance on Russia. Read more: CGTN
European countries have triggered emergency plans that could lead to rationing of natural gas and signaled a shift back to coal-fired power as the continent’s largest buyers of Russian fuel seek to secure their energy supplies. Read more: Business Insider
With barely 10 days till the end of the first half of the year, we can all agree that 2022 has been quite eventful. Across Africa’s 29 stock markets, millions of dollars worth of shares were traded during this period. And while many investors have been counting their gains following these transactions, others haven’t quite been as fortunate. Zambia was the third best performing stock market in Africa, down from being first place. Read more: Business Insider
Stock futures rose in early morning trading Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession. Futures on the Dow Jones Industrial Average jumped 394 points, or 1.32%. S&P 500 futures climbed 1.58% and Nasdaq 100 futures also rose 1.71%. U.S. stock markets were closed earlier Monday for Juneteenth. Read more: CNBC
Capital Markets Report
In 276 trades recorded yesterday, 12,317,622 shares were transacted resulting in a turnover of K164,809,752. A share price gain of K0.01 was recorded in Chilanga Cement. The LuSE All Share Index (LASI) closed at 6,843.11 points, 0.01% up from its previous close of 6,842.65 points. The market closed on a capitalization of K70,718,532,598 including Shoprite Holdings and K35,935,847,158 excluding Shoprite Holdings.