Story of the Day:
The Industrial Development Corporation (IDC) has commended Marcopolo Tiles Company Limited (MTCL) on the completion of Phase IV of the Company’s’ expansion project, at a cost of $15million, which will make it the first Zambian manufacturer of sanitary ware. Read more
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British American Tobacco (BAT) Zambia Plc has invested an additional US$800,000 in its production line and assured support in contributing to Zambia’s economic development agenda. Read more: Zambia Daily Mail
The Zambia Export Development Fund (ZEDF) has set aside US$1.9 million to improve access of non-traditional exporters to low-cost finance. Read more: Zambia Daily Mail
Zambia’s High Commissioner to South Africa Major General Jackson Miti has called for increased innovation in Zambia’s tourism sector to keep it afloat amid challenges brought about by the Coronavirus pandemic. Read more: Zambia Reports
Wonderful Group of Companies has partnered with the Chikwanda Chiefdom Trust to set up a $35 million Silk Production farm in Mpika district. The project is set to take off following the issuance of a temporary certificate of operation. Read more: ZNBC
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UBS, the world’s largest wealth manager, has reported net income of $1.71 billion for the fourth quarter of 2020, a 137% jump on the year before. Read more: CNBC
Lawmakers confirmed Janet Yellen as Treasury secretary on Monday, making her the first woman in American history to hold the position. As head of the Treasury, she’ll be tasked with shepherding President Joe Biden’s $1.9 trillion American Rescue Plan through Congress and overseeing its execution. Read more: CNN
Hyundai Motor Co reported a 57% surge in quarterly profit on strong demand for its high-margin sports utility vehicles (SUVs) and premium Genesis cars, and forecast its sales this year will jump in top auto markets China and North America. Read more: Reuters
Asian stocks came under pressure on Tuesday as worries about U.S. stimulus and surging coronavirus infections led to a mixed Wall Street session, while the dollar consolidated overnight gains. Read more: Reuters
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In 17 trades recorded yesterday, 943,555 shares were transacted yielding a market turnover of K1,069,970. Trading activity was recorded in AEL Zambia, Copperbelt Energy Corporation, Lafarge, ZCCM and Zanaco. The LuSE All Share Index (LASI) maintained its close at 3,912.33 points, as there were no share price movements. The market closed on a capitalization of K57,358,966,682 including Shoprite Holdings and K23,119,760,702 excluding Shoprite Holdings.
Chart of the Day: