Story of the Day
With barely a week and half to go before Zambia’s Finance Minister presents the 2020 National Budget to parliament, Zambia Chamber of Mines has gone on the offensive and issued a strong signal against adoption of the General Sales Tax (GST). Read more
Local Business and Finance
Canada’s First Quantum Minerals Ltd on Monday confirmed it was in talks with China-based Jiangxi Copper Co Ltd for a potential sale of a minority interest in its Zambian copper assets. The company, however, said it had no knowledge of any potential takeover bids, sending its shares down 10% in morning trading. Read more: Reuters
Zambia’s fourth communication service provider, UZI Zambia Mobile Ltd, a subsidiary of the Dutch-headquartered and global Unitel International Holdings BV, has finalised various licensing formalities and looks set to begin operations in the country during the third quarter, 2019. Read more: Southern Times
The Energy Regulation Board (ERB) announced that the fuel pump price for petrol has been increased to 15.98 Zambian Kwacha from 15.20 Kwacha while the fuel pump price for diesel has gone up from 13.43 Kwacha to 14.23 Kwacha. Read more: News Ghana
The United Africa Blockchain Association (UABA) has officially formed Zambia’s first Blockchain Association. While this took place during a meeting held in Zambia’s capital, Lusaka on Tuesday, 17 September 2019, the official news was only announced a few days later. Read more: IT News Africa
Government, with the support from the World Bank, is assessing the possibility of converting debt from the rehabilitation and upgrading of international airports into the hands of the private sector through public-private partnerships (PPPs). Read more: Zambia Daily Mail
Local fruit processing company Chankwakwa requires about US$200,000 to increase volumes to penetrate the regional and continental markets. The company, which produces fruit jams, marmalade and dried fruits, tomato pickle, tomato chutney and hot chili sauce in Kabwe, currently sells its products locally and exports to Denmark. Read more: Zambia Daily Mail
International Business and Finance
Kenya’s central bank kept its benchmark interest rate unchanged for a seventh consecutive meeting as inflation is seen staying inside the target, and signaled that it may start cutting soon. Read more: MSN
The Federal Reserve Bank of New York added $49.7 billion to the financial system Monday, using the market for overnight repurchase agreements, or repo, to relieve funding pressure in money markets. Read more: Wall Street Journal
Germany’s economy is on the brink of recession, reflecting the deepening hit to its factories from the U.S.-China trade war, uncertainty around the U.K.’s departure from the European Union, and problems in its key automobile sector. Read more: Wall Street Journal
A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York. Read more: Reuters
Stocks have been grinding sideways, but once they breakout, the move to the upside could be powerful, technical analysts say. Read more: CNBC
Capital Markets Report
In 4 trades recorded yesterday, 4,144 shares were transacted, yielding a market turnover of K13,764. Trading activity was recorded in AEL Zambia and Copperbelt Energy Corporation. The LuSE All Share Index (LASI) maintained its previous close of 4,371.04 point as there were no price movements. The market remained on a capitalization of K56,998,673,690.57 including Shoprite Holdings and K22,759,467,710.57 excluding Shoprite Holdings.
Chart of the Day: