Story of the Day:
In its maiden 2022 sitting, the Monetary Policy Committee (MPC) of the Bank of Zambia kept the Monetary Policy Rate (MPR) unchanged at 9% according to a communique circulated on February 16, 2022. Read more
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Tourism Minister Rodney Sikumba says Zambia will participate at the African Meetings and Events Professionals Education Congress in South Africa from February 28 to March 2nd 2022. Mr. Sikumba says Zambia will host the same meeting on April 7 to 8 in Lusaka. He says the two events are part of the multi-billion dollar Meetings Incentives Conference and Exhibition -MICE- Industry, which at globe level was valued at One point Four billion Dollars in 2020 and expected to grow to 2point Three billion by 2027. Read more: ZNBC
Zambia is a landlocked country and depends on a strong and efficient transport system for the smooth transit of exports and imports and growth of its economy. However, economic conditions and poor maintenance of transport infrastructure mean that this industry faces significant challenges, and requires further investment. Read more: Yahoo Finance
INDO Zambia Bank has released K500 million credit finance for small and medium-sized entrepreneurs (SMEs). Minister of Small and Medium Enterprises Development Elias Mubanga said in an interview recently that his ministry has partnered with Indo Zambia Bank to provide cheap and affordable credit to SMEs. Read more: Zambia Daily Mail
Kalumbila Minerals Ltd in Zambia has changed its trading name to ‘FQM Trident Limited’ – a name that incorporates the mining firm’s identity as a 100% First Quantum Minerals-owned company and is inclusive of all the Trident Project operations. Read more: International Mining
International Business and Finance
Oil prices are climbing on fears that the Ukraine-Russia crisis will disrupt supply chains across the world. Futures of Brent crude, the international benchmark, reached a seven-year high of almost $98 on Tuesday after Russia recognised breakaway rebel regions in Ukraine’s east as independent states. The UK and several western allies have threatened sanctions on the country. Read more: BBC News
Gold prices have been buoyed in recent weeks as investors seek safe-havens amid fears of Russia invading Ukraine, but in the longer term, UBS Investment Bank’s Joni Teves predicts that recent strength in gold prices will be “short-lived.” In fact, UBS sees gold prices falling to $1,600 per ounce by the end of 2022. Read more: CNBC
Stock futures fell sharply on Monday night, as traders continue to monitor brewing tensions between Russia and Ukraine. Futures tied to the Dow Jones Industrial Average were down by 542 points, or 1.59%. S&P 500 futures slid 1.83%, and Nasdaq 100 futures were off by 2.46%. The U.S. stock market was closed Monday due to the President’s Day holiday. Read more: CNBC
HSBC brought forward its key profitability target by a year and more than doubled its annual profits as expected bad loans from the COVID-19 pandemic failed to materialise and it looked forward to rising interest rates lifting its income. The lender reported pretax profits of $18.9 billion last year, up from the previous year’s $8.8 billion but just below the $19.1 billion average of 17 analyst estimates compiled by HSBC itself. Asia contributed 65% of the profit. Read more: Reuters
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In 56 trades recorded yesterday, 62,572 shares were transacted resulting in a turnover of K242,990. Share price gains were recorded in Copperbelt Energy Corporation of K0.14, Zambeef of K0.01, Zambia Sugar of K2.86 and in CCAF on the quoted tier of K0.01. A share price loss was recorded in Zanaco of K0.02. Trading activity was also recorded in AECI, Airtel, British American Tobacco Zambia, Chilanga Cement, Madison Financial Services, and PUMA. The LuSE All Share Index (LASI) closed at 6,587.14 points, 3.85% up from its previous close of 6,333.44 points. The market closed on a capitalization of K69,484,400,657 including Shoprite Holdings and K34,701,715,217 excluding Shoprite Holdings.