Story of the Day
In accordance with the Lusaka Stock Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambia Sugar PLC (“the Company”) hereby advises the Shareholders of the Company that the Earnings per Share for the six-month period ended 28 February 2022 is expected to be approximately 138.08 ngwee per share compared to 183.01 ngwee for the six-month period ended 28 February 2021. The 24% change in earnings is attributable to an increase in costs, lower production and a reduction in export revenue following lower sales into the regional export markets. Read more
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Zambia and Zimbabwe plans to establish a Common Agro-Industrial Park. This is part of the Memorandum of Understanding that was signed virtually between the two countries in March this year. Ministry of Commerce, Trade and Industry, Permanent Secretary, CHAWE Chuulu says the agro-industrial park will prioritise farm produce grown in the two neighbouring countries. Ms Chuulu was speaking in Livingstone at a high-level meeting for Permanent Secretaries of Industry on the establishment of a Common Agro-Industrial Park under the joint industrialization cooperation programme between Zambia and Zimbabwe. Read more: ZNBC
MTN Zambia has rolled out 4G coverage on all its sites across the country to the tune of 39 million United States Dollars. MTN Zambia Acting Chief Executive Officer says the Company recognizes the need for digital inclusion for its customers. Mr. Hachandi made the remarks during the launch of the MTN Zambia Marketing ‘Gaga campaign’ in Lusaka today. Read more: ZNBC
Standing Committees of the SADC Parliamentary Forum and the Regional Women’s Parliamentary Caucus (RWPC) have unanimously endorsed a draft SADC Model Law on Public Financial Management (PFM) and will soon commend it to the highest decision body of the Forum, the Plenary Assembly, for adoption. The endorsement happened at the end of a two-day consultation over the draft Model Law on PFM that took place in Johannesburg, South Africa, recently. Read more: Zambia Daily Mail
The Zambia Revenue Authority (ZRA) has noted a continued low tax compliance among entities and individuals since the outbreak of COVID-19. In response to a press query, ZRA Acting Corporate Communications Manager Oliver Nzala said in order to enhance service delivery in view of physical limitations during COVID-19 pandemic, the Authority had continued to leverage on modernisation of its main tax administration systems through automation. Read more: News Diggers
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Zoom shares rose 16% in extended trading on Monday after the provider of video chat software reported better-than-expected first-quarter earnings and issued an upbeat forecast for the second period. As of Monday’s close, Zoom shares were down about 85% from their peak in October 2020, including a drop of more than 50% this year. Revenue growth in the period ended April 30, came in at 12%, down from close to 200% in the same quarter a year earlier. Read more: CNBC
Investors took a break from selling in May and going away, for one day at least. Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on Wall Street. The Dow gained nearly 620 points Monday, a gain of about 2%. Dow component JPMorgan Chase surged 6% after the Wall Street giant raised its outlook for interest income, a key measure of profitability. Fellow financials Goldman Sachs, American Express and Visa were among the other big winners in the Dow Monday. Read more: CNN
The global economy is being brought to the edge of a precipice by crisis upon crisis. As the first World Economic Forum to be held in person since 2020 opened in Davos, Switzerland on Monday, the International Monetary Fund said the economy faces “perhaps its biggest test since the Second World War.” “We face a potential confluence of calamities,” IMF Managing Director Kristalina Georgieva said in a statement. Read more: CNN
Airbnb is shutting down its domestic rentals in China, where a “zero-Covid” policy has meant lockdowns are ongoing. All listings for homes and experiences in the country will be removed from the company’s website by summer, a source familiar with the matter told the BBC. Stays within China made up only 1% of Airbnb’s revenue over the last few years. The company is expected to instead focus on Chinese residents travelling abroad to other destinations. Read more: BBC News
Capital Markets Report
In 110 trades recorded yesterday, 1,707,871 shares were transacted resulting in a turnover of K3,891,076. Share price gains were recorded in AECI of K0.73, in Zambia Reinsurance of K0.01 and in CEC Africa on the quoted tier of K0.01. Share price losses were recorded in Zambeef of K0.01 and in Zanaco of K0.01. Trading activity was also recorded in Bata, British American Tobacco Zambia, Copperbelt Energy Corporation, Chilanga Cement, PUMA, Standard Chartered Zambia, ZCCM, Zambia Sugar and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,786.34 points, 0.01% down from its previous close of 6,786.85 points. The market closed on a capitalization of K70,471,406,219 including Shoprite Holdings and K35,688,720,779 excluding Shoprite Holdings.