Story of the Day:
In the fourth week of July 2021 trading on the Lusaka Stock Exchange, twelve companies’ securities recorded trades of which Shoprite Holdings was the highest priced security in comparison to week four of July 2020 with nine companies and Zambeef as the highest priced security. Fridays’ equities trading was the best performance of the week. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Zambia Revenue Authority (ZRA) has announced that taxpayers using iPhone can now download the ZRA TaxOnApp from App Store. ZRA commissioner General Kingsley Chanda says taxpayers can conveniently use the App on their mobile phones to make registrations, filing of returns, making payments and getting latest updates both on domestic and customs related taxes. Read more: ZNBC
Government has suspended the issuance of export permits for stock-feed, its ingredients and day old-chicks with immediate effect. Ministry of Livestock and Fisheries Permanent Secretary Benson Mwenya however says firms with valid export permits will not be affected by the suspension. Read more: ZNBC
OIL marketing companies (OMCs) with service stations in Eastern Province have received their Christmas gifts early following the completion of the US$40 million Chipata fuel depot. The depot, whose building started in September 2019, will be managed by TAZAMA Pipelines Limited. The project has been done by Dalbit International Limited. Read more: Zambia Daily Mail
The Millers Association of Zambia (MAZ) has revealed that the exportation of mealie meal which is ground from millers’ own maize is going on well. Early this year, government gave MAZ a 20 percent produce exporting rights, which authorized millers to export 20 percent of their produce. Read more: Lusaka Times
International Business and Finance
Shares of Chinese companies listed in the US have seen their biggest two-day fall since the 2008 financial crisis. The Nasdaq Golden Dragon China Index, which follows the 98 biggest US-listed Chinese stocks, has fallen by almost 15% in the last two trading sessions. The index has now plummeted by more than 45% since hitting a record high in February. Read more: BBC News
Tesla has reported surging profits, despite shortages of semiconductor chips and congestion at ports hampering production. Sales rose to $12bn in the three months to the end of June, up from $6bn a year ago, when its US factory was shut down. The electric carmaker said it delivered a record 200,000 cars to customers in the same period. Read more: BBC News
Goldman Sachs slashed its forecast for US economic activity in the second half of the year, pointing to sluggish consumer spending on services as well as the threats posed by the Covid-19 Delta variant. Between July and September, the Wall Street bank expected 8.5% annualized growth, before dropping to 5% in the last three months of the year. For the full year, Goldman predicts 6.6% GDP growth. Read more: CNN
Chinese companies listed on U.S. stock exchanges must disclose the risks of the Chinese government interfering in their businesses as part of their regular reporting obligations, a top U.S. Securities and Exchange Commission official said on Monday. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 18 trades recorded yesterday, 6,706 shares were transacted resulting in a turnover of K34,924. A share price loss was recorded in Lafarge of K0.01. Trading activity was also recorded in CEC, Investrust, Pamodzi, Zambeef and Zanaco. The LuSE All Share index (LASI) closed at 4,637.83 points, 0.01% down from its previous close of 4,638.29 points. The market closed on a capitalization of K60,981,663,575 including Shoprite Holdings and K26,198,978,135 excluding Shoprite Holdings.
Chart of the Day: