Story of the Day:
Shareholders in Zambia’s largest mining investment firm have been advised that the arbitration case involving one of its investee companies has continued to progress and is nearing an end, according to a statement from ZCCM IH. Read more
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Zambia’s central bank has continued to see strong interest for 5 year bonds which were the most sought in June 25 debt sale yielding 32.0%. The Bank of Zambia – BOZ raised a total of K1.1 billion at cost of the K1.5 billion worth of assets on offer. Appetite in bids was reported at K2.2 billion at face value of which K2.0 billion was allocated. Read more: The Business Telegraph
Zanaco Plc threw the Zambian health authorities a life line of K4.56million (circa $225k) worth of ventilators, oxygen, test kits and other medications required, the biggest contribution from the banking sector so far. Read more: The Business Telegraph
Despite high copper prices, production at Konkola Copper Mines (KCM) has plummeted by almost 70%, from 8,000 tonnes per month, to approximately 2,000 tonnes per month. Read more: News Diggers
Economist Professor Oliver Saasa says the rising inflation rate is forcing people to become vegetarians. And Professor Saasa says the current political instability is a major contributor to the rising inflation which has continued on the upward trajectory despite some stability being achieved with the kwacha. Read more: News Diggers
International Business and Finance
A US federal court has dismissed two separate anti-trust lawsuits filed against Facebook. Judge James Boasberg ruled that the Federal Trade Commission (FTC)’s anti-trust complaint against the social networking giant was too vague. This resulted in the social networking giant’s market value rising above $1 trillion for the first time ever. Read more: BBC News
Morgan Stanley is doubling its quarterly dividend from 35 cents a share to 70 cents a share, and buying back up to $12 billion of stock, the company announced Monday. The raised dividends are a sign of confidence after the banks last week passed so-called stress tests by the Federal Reserve. Read more: CNN
European stocks are heading for a muted open Tuesday as global investors monitor the spread of the delta Covid-19 variant and await key economic data out of the U.S. Britain’s FTSE 100 is seen around 4 points lower at 7,069, Germany’s DAX is set to inch around 8 points lower to 15,546 and France’s CAC 40 is set to shed a single point to 6,557, according to IG data. Read more: CNBC
The recent surge in producer prices in China will not likely to drive up costs for consumers, says JPMorgan Private Bank’s Alex Wolf. “We don’t see (producer inflation) really going into consumer prices. They’ve risen a bit, but we don’t see much of a further rise in consumer prices that would force the (People’s Bank of China) to act in any way,” said Wolf, who is head of investment strategy for Asia at the firm. Read more: CNBC
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In 5 trades recorded yesterday, 115 shares were transacted resulting in a turnover of K255. A share price gain was recorded in Zanaco of K0.15. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation and ZCCM. The LuSE All Share index (LASI) closed at 4,474.55 points, 1.11% up from its previous close of 4,424.95 points. The market closed on a capitalization of K59,731,102,396 including Shoprite Holdings and K25,486,461,621 excluding Shoprite Holdings.
Chart of the Day: