Story of the Day:
Explosives mining Company, AECI Mining Plc has announced the departure of Financial Director and his immediate replacement, according to an issued statement from the company. In the same statement they announced Ms Esther Johnson as the incoming director who will replace Niekerk in the same capacity on the Board of Directors of the company. Read more
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Zambia recorded an increase in export earning of refined copper in July this year to K13.4 billion from K12.9 billion in June. The rise is attributed to an increase in the volume of the commodity exported. The country exported 62,900 metric tonnes of copper in July from 60,200 metric tonnes the previous month. Read more: Zambia Daily Mail
The Bankers Association of Zambia (BAZ) says there is need to allow businesses to absorb the impact of the gains made by the Kwacha because its sudden and steep appreciation may end up hurting some entities. Read more: Zambia Daily Mail
The Democratic Republic of Congo (DRC) has remained Zambia’s largest export market in Africa with exports from Zambia to DRC standing at over K10.7 billion for the six months ended June 2021. Read more: Zambian Business Times
The Energy Ministry has exclusively disclosed to the Zambian Business Times – ZBT that the feasibility studies for the establishment of the Angola-Zambia Oil Pipeline (AZOP) that will be used to transport refined multi product petroleum and natural gas from Angola to Zambia is scheduled to commence in September 2021. Read more: Zambian Business Times
International Business and Finance
China’s factory activity grew at a slower pace in August as compared with the previous month, data released Tuesday showed. The official manufacturing Purchasing Managers’ Index for August came in at 50.1, against July’s reading of 50.4. Read more: CNBC
Stock futures rose slightly in overnight trading on Monday as the S&P 500 looks to wrap up its seventh straight month of gains at a record high. Futures on the Dow Jones Industrial Average gained 40 points. S&P 500 futures edged up 0.1% and Nasdaq 100 futures were flat. Read more: CNBC
German inflation has risen to its highest level since 2008, driven by rebounding economic activity, higher energy prices and disruption to global supply chains. Germany’s harmonised index of consumer prices rose to 3.4 per cent in August from a year earlier, up from 3.1 per cent in July. Read more: Financial Times
Porsche will open its first factory outside of Europe next year, in a marked departure from the 90-year-old luxury brand’s practice of building its cars close to its storied Stuttgart home. The assembly line will be set up in Malaysia. Read more: Financial Times
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In 27 trades recorded yesterday, 8,972 shares were transacted resulting in a turnover of K15,099. Trading activity was recorded in Airtel, Copperbelt Energy Corporation, Investrust, Lafarge, Pamodzi, Zambia Breweries, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 4,647.11 points, as there were no share price movements. The market closed on a capitalization of K61,020,561,159 including Shoprite Holdings and K26,237,875,719 excluding Shoprite Holdings.
Chart of the Day: