Story of the Day:
Zambia owned electricity distribution company, Northwestern Energy has signed a financing agreement with Zambia National Commercial Bank that will see the company expand on its electricity distribution network in the North-Western Province. Read more
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Rio Tinto has completed the initial work program on Midnight Sun Mining’s Solwezi licenses in Zambia, part of an earn-in and joint venture agreement the companies signed in April 2020. After incurring project expenditures in excess of $3 million during the initial work phase, Rio will now proceed to the next stage of the agreement. Read more: Mining
Zamtel has been named the Most Improved and Innovative enterprise by the Industrial Development Corporation – IDC. IDC Chief Executive Officer Mateyo Kaluba attributed the win to Zamtel’s determination and success in rebuilding its business and its focus in driving innovation. Read more: ZNBC
Standard Chartered Bank Zambia says the US$40 million investment in the new head office is an indication that the organisation will be in the market permanently. Head of corporate affairs, brand and marketing Christine Matambo said the bank is not closing despite plans to close six branches as it concentrates on digital banking. Read more: Zambia Daily Mail
In a bid to plug off abuse of Tax Payer Identification Numbers (TPINs) by some clearing agents, Zambia Revenue Authority (ZRA) has tightened screws by implementing the Clearing Agents’ Management Module (CAMM) on the Customs Electronic Licensing System on the Automated System for Customs Data (ASYCUDA) World system. Read more: Zambia Daily Mail
International Business and Finance
The sector outlook for African banks is stable for 2021 as they see a gradual normalisation with business volumes and revenues picking up, Fitch Ratings says. However, Fitch Ratings does not expect a return to pre-pandemic performance levels for at least another two years. Read more: Fitch Ratings
Airbnb Inc said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the U.S. home rental firm’s business was heavily damaged by the COVID-19 pandemic earlier this year. Read more: Reuters
Stocks marched higher on Tuesday, following details of a new bipartisan fiscal stimulus proposal and the latest dose of manufacturing data from the U.S. and China, which showed a continuing global economic recovery. Covid-19 vaccine optimism underpins it all, and continues to buoy markets. Read more: Market Watch
Zimbabwe’s 2021 U.S.$421 billion national budget presented by Finance Minister Mthuli Ncube under the theme, “Building Resilience and Sustainable Economic Recovery”, has been well received by govt officials. The budget will help stimulate growth and consolidate production. Read more: All Africa
Capital Markets Report Sponsored By ZCCM-IH
In 20 trades recorded yesterday, 283,705 shares were transacted yielding a market turnover of K254,332. A share price loss of K0.02 was recorded in Lafarge. Trading activity was also recorded in Copperbelt Energy Corporation and SHOP. The LuSE All Share Index (LASI) closed at 3,779.72 points, 0.02% down from its previous close of 3,780.64 points. The market closed on a capitalization of K56,929,420,453 including Shoprite Holdings and K22,690,214,473 excluding Shoprite Holdings.
Chart of the Day: